Forward Industries has closed a $1.65 billion private investment in public equity (PIPE) deal to establish a corporate treasury focused on Solana (SOL).
The move positions the company as one of the largest publicly traded holders of SOL, reflecting a growing trend among firms to integrate digital assets into their balance sheets.
Sponsored
The PIPE is led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from Bitwise Asset Management, Borderless Capital, SkyBridge Capital, and other investors.
The funds will be used to acquire SOL, develop crypto treasury operations, and support future transactions.
As part of the deal, Multicoin co-founder Kyle Samani was appointed Chairman of the Board of Directors. Chris Ferraro of Galaxy Digital and Saurabh Sharma of Jump Crypto will serve as board observers, providing strategic guidance in the digital asset space.
Forward Industries’ stock surged as much as 15% in pre-market trading, reflecting investor optimism about its new direction. Meanwhile, SOL’s price has risen just over 1.5% to $228.50 since the announcement..
The news comes on the same day as the announcement that the Avalanche Foundation is seeking to raise up to $1 billion through two U.S. investment vehicles that would purchase AVAX tokens from the foundation at a discounted price.
Why This Matters
This deal highlights growing institutional confidence in Solana and corporate crypto treasuries, signaling broader adoption.
Solana (SOL) is a high-performance blockchain known for fast transaction speeds and low fees, making it a popular choice for decentralized finance (DeFi) and corporate crypto treasuries.
The funding was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from Bitwise, Borderless Capital, SkyBridge Capital, and other investors.
The company plans to acquire SOL tokens, develop treasury operations, and explore staking, lending, and other blockchain-based financial strategies.
With this deal, Forward Industries joins other major Solana-focused corporate treasuries, including Upexi and Sol Strategies, becoming one of the largest publicly traded holders of SOL.
