Forward Industries, Inc. has announced it has secured $1.65 billion in cash and stablecoin commitments through a PIPE offering.
Funding Announcement
According to the official press release, the funding led by Galaxy Digital, Jump Crypto, and Multicoin Capital will be utilized to launch a Solana-focused digital asset treasury strategy. One of its major shareholders, C/M Capital Partners, has also joined the investment.
This positions Forward Industries as one of the first publicly traded companies to create such a large institutional position within the Solana ecosystem for long-term shareholder value.
Leadership Changes
As part of the deal, Kyle Samani, Co-Founder of Multicoin Capital and an early backer of Solana, will become Chairman of the Board once the transaction closes. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, are also expected to join as board observers.
Samani stated, “Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.”
Support from Key Investors
Galaxy Digital will provide trading, staking, and risk management support to manage Forward Industries’ Solana treasury. Jump Crypto, which is developing Solana’s new Firedancer validator client, will provide technical and strategic support. Multicoin Capital, an early Solana backer, makes long-term, high-conviction investments in category-defining companies and protocols.
Mike Novogratz, CEO of Galaxy, stated, “Kyle, Chris, and Saurabh are three of the most established names within the broader digital asset ecosystem.” Saurabh Sharma added that Jump Crypto is excited to support Forward Industries as it takes a bold step with Solana at the core of its strategy.
Thus, this funding and leadership changes underscore Forward Industries' strategic focus on developing within the Solana ecosystem, which could significantly impact the digital asset market.
