Nasdaq-listed Forward Industries has closed a $1.65 billion private investment in public equity (PIPE) deal to establish a corporate treasury centered on Solana’s native token, SOL. The financing was led by Galaxy Digital, Jump Crypto and Multicoin Capital, with aggregate anchor commitments exceeding $300 million. Other participants included Bitwise Asset Management, Borderless Capital and SkyBridge Capital, alongside industry founders and angel investors.
Transaction Structure and Leadership Updates
The securities purchase agreement executed on September 6, 2025 allocates proceeds to on-chain acquisition of SOL tokens and stablecoins. Kyle Samani, co-founder of Multicoin Capital, will assume the role of board chairman. Galaxy president Chris Ferraro and Jump Crypto CIO Saurabh Sharma will serve as board observers. Placement agents include Cantor Fitzgerald as lead and Galaxy as co-placement agent and financial advisor.
Strategic Objectives and Market Positioning
Forward aims to allocate up to 20 percent of its balance sheet to SOL, participating in staking, decentralized finance protocols and validator partnerships. Emphasis is placed on active token management and liquidity provision via integration with Solana developer initiatives such as Firedancer, distinguishing the treasury model from passive token holding approaches.
Competitive Landscape and Outlook
Corporate crypto treasuries have gained visibility in 2025, with Upexi Inc. and Sol Strategies collectively holding over $1.4 billion in SOL tokens. Forward’s share price surged 15 percent in pre-market trading following the announcement, reflecting investor confidence in the strategy amid growing institutional interest in decentralized asset allocations.
Risk Factors and Considerations
Market volatility, regulatory uncertainty and technical risks associated with staking and validator operations present potential headwinds. Forward has engaged legal and compliance advisers to navigate emerging digital asset regulations. Ongoing monitoring of on-chain performance metrics and network upgrades will inform treasury management decisions.
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