Forward Industries, Inc. announced a $1.65 billion private investment, in cash and stablecoin commitments, in a public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to start a Solana-centered digital asset treasury strategy.
According to a press release, C/M Capital Partners, LP is also a participant.
Galaxy, Jump Crypto, and Multicoin will provide Forward Industries with capital and strategic support, with the overall goal of positioning the Solana treasury strategy as the foremost publicly traded institutional participant in the Solana ecosystem, generating differentiated onchain returns, and creating long-term shareholder value.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” Forward Industries CEO Michael Pruitt said in the release. “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”
“Working with Galaxy, Jump Crypto, and Multicoin – firms with deep expertise and proven track records of investing and building in the Solana ecosystem – gives us a strong foundation to execute this strategy and position the Company as a key player within the digital assets space,” they added.
Multicoin co-founder and managing partner Kyle Samani is expected to become Chairman of the Board of Directors, according to the release. Galaxy President and Chief Investment Officer Chris Gerraro is also expected to join the board as an observer, as is Jump Crypto CIO Saurabh Sharma.
Cantor Fitzgerland & Co. has been selected as the lead placement agent, while Galaxy Investment Banking — a division of Galaxy Digital — has been selected as co-placement agent and financial advisor.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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