Forward Industries, Inc., listed on Nasdaq with the ticker $FORD, has announced the close of a $1.65 billion private investment in public equity (PIPE) financing. The raise, settled in cash and stablecoins, positions the company to build what it describes as a “Solana-focused treasury strategy” anchored by the accumulation of Solana’s native token, $SOL. The PIPE was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with each contributing to a combined total of more than $300 million.
In total, Forward Industries raised approximately $1.65 billion in gross proceeds before accounting for placement fees and offering expenses. The company plans to deploy the majority of these funds toward $SOL purchases, to establish Solana treasury operations, supporting working capital needs, and covering related transaction costs.
Broad Investor Participation
The PIPE drew investment from a wide array of institutional firms and individual backers. Among the institutional participants were Big Brain Holdings, Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, Jupiter, and RockawayX.
Notable angel investors also joined the financing, including Cindy Leow (Drift), Guy Young (Ethena), Lucas Bruder (Jito), Lucas Netz (Pudgy Penguins), and Tory Green (io.net).
Cantor Fitzgerald acted as the lead placement agent for the transaction. The scale of the raise makes it one of the largest publicly disclosed Solana-focused treasury deals to date.
“Conviction in Solana Has Never Been Stronger”
Taking to social media earlier today, Galaxy CEO Mike Novogratz voiced pride in the push to establish “a publicly traded company with the world’s largest Solana treasury strategy,” while affirming that his conviction in Solana and onchain markets “has never been stronger.”
Questions circulated in the days leading up to the announcement about whether the PIPE included locked or liquid $SOL contributions. Michael Marcantonio, Head of DeFi at Galaxy Digital, clarified that the $1.65 billion raise consisted entirely of cash and stablecoins, with no $SOL included. This confirmation indicates that Forward Industries will acquire its Solana holdings directly.
At the same time, Galaxy seems to be actively acquiring $SOL on its own account. In the hours surrounding the PIPE closing, Galaxy withdrew 920,000 $SOL (valued at roughly $205 million) from Binance. Shortly thereafter, it purchased an additional 430,000 $SOL, bringing its total accumulation for the day to 1.35 million tokens at the time of writing, worth approximately $302 million.
Market Impact and Stock Performance
News of the raise has sent Forward Industries’ stock up as much as 87.5 percent, from $16 to its current trading price of $30, according to TradingView data. Market commentators have drawn parallels to MicroStrategy’s Bitcoin treasury strategy, which reshaped corporate approaches to digital asset balance sheets. Some suggest Forward Industries could assume a similar role for Solana, especially given the participation of high-profile backers.
With $1.65 billion earmarked for Solana purchases, investors are watching closely to see how aggressively Forward Industries enters the market. According to Strategic Solana Reserve data, existing public companies with Solana treasuries, including Sharps Technology, Inc., DeFi Development Corp., and Upexi, currently hold an estimated $2 billion in $SOL. Forward Industries has the potential to surpass them cumulatively if it deploys funds quickly.
Solana’s MicroStrategy?
Forward Industries’ $1.65 billion PIPE marks one of the most significant corporate commitments to Solana to date. With Galaxy, Jump Crypto, and Multicoin providing strategic guidance, the company has signaled its intent to become a leading public participant in the Solana ecosystem.
The decision to focus on Solana aligns with recent data highlighting the blockchain’s growth. According to Solana Beach data, Solana has processed over 400 billion transactions, averaging more than $2.5 billion in decentralized exchange volume daily. The chain also added more than 7,500 new developers in 2024, becoming the leading chain for new founders and builders.
Whether Forward Industries becomes to Solana what MicroStrategy became to Bitcoin remains uncertain, but the financing represents a milestone in integrating traditional corporate structures with blockchain treasury strategies.
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