Forward Industries Closes $1.65B Deal to Advance Solana Treasury Plans

Highlights:

• Forward Industries closes $1.65B fundraiser as part of funding for its Solana-based treasury.
• The PIPE financing round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with a contribution exceeding $300 billion.
• Forward Industries also appointed new individuals to its board of directors.

Forward Industries, a company building a Solana-based treasury, has completed a $1.65 billion private investment in public equity (PIPE) round. The company announced the massive fundraising in a press release on September 11, eliciting widespread reactions as one of the largest capital raises in the crypto industry.

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Galaxy Digital, Jump Crypto, and Multicoin Capital led the fundraising, collectively contributing over $300 million. Forward Industries noted that it plans to invest capital in a brand-new Solana-based treasury. For context, Forward Industries disclosed its intention for the $1.65 billion PIPE round on September 8. It closed the deal within a few days, underscoring strong conviction and faith in SOL’s long-term potential as a treasury asset.

Nasdaq-listed Forward Industries has completed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana. Galaxy, Jump Crypto, and Multicoin Capital leading over $300 million in funding. https://t.co/UHPpGyWVKv

— Wu Blockchain (@WuBlockchain) September 11, 2025

Firms and Individuals that Aided the Deal Closure

Aside from Galaxy Digital, Jump Crypto, and Multicoin Capital, other companies and individual investors facilitated Forward Industries’ massive fundraising program. Some of them included Bitwise Asset Management, FalconX, L1 Digital, SkyBridge Capital, Big Brain Holdings, CyberFund, and Borderless Capital.

Some of the individual investors were Superstate’s Robert Leshner, io.net’s Troy Green, Jito’s Lucas Bruder, Ethena’s Guy Young, Pudgy Penguins’ Lucas Netz, Stockwits’ Howard London, and Drift’s Cindy Leow. Together with the listed companies, they contributed over $1 billion to the PIPE financing round. The fundraising also received strong legal and advisory support. Cantor Fitzgerald & Co. served as the lead placement agent, while Galaxy Digital’s subsidiary, Galaxy Investment Banking, acted as a co-placement agent and financial advisor.

Galaxy Asset Management, another division of Galaxy Digital, reached an agreement with Forward Industries to continue providing treasury strategy support. Other legal advisors who supported the deal were Galaxy Digital’s Skadden Arps, Jump Crypto’s Cooley LLP, Cantor Fitzgerald’s DLA Piper, and Multicoin’s White & Case. Forward Industries’ internal legal team, including Funero, Mason, Yeagar, Harris, and Gerson, also played key roles.

New Board of Directors Appointees

Forward Industries also named its new board of directors, who will work alongside the existing management team to direct the company’s affairs. Kyle Samani, Multicoin Capital’s co-founder, will become the board’s chairman. Notably, Forward Industries’ interim Chief Executive Officer (CEO), Michael Pruitt, will also join the board.

The Solana treasury-focused company also appointed Chris Ferrari, Galaxy Digital’s President, and Saurabh Sharma, Jump Crypto’s Chief Legal Officer, as board observers. Reacting to his appointment, the new board chairman expressed confidence in Solana’s potential as a treasury asset.

Samani stated:

“Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the centre of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future.”

Pruitt also spoke on the newly achieved milestone. He emphasised Forward Industries’ mission, citing that it is rooted in operational and innovative excellence. He also thanked partners and supported the PIPE financing round.

🚨BREAKING: Forward Industries (NASDAQ: FORD) has closed a $1.65B private placement in cash and stables, led by @galaxyhq, @jump_, and @multicoincap. Proceeds will fund a Solana treasury strategy centered on $SOL accumulation. pic.twitter.com/mK3dCgD8YB

— SolanaFloor (@SolanaFloor) September 11, 2025

Solana Market Metrics Hit New Heights as Forward Industries Closes $1.65B Deal

In 2025 Q2, Solana processed 8.9 billion transactions, with $4 billion in daily Decentralised Exchange (DEX) trading volume. Solana also recorded $1.2 billion in real economic value generated year-to-date, with over 7,500 new developers joining Solana’s ecosystem last year. Meanwhile, SOL, the sixth-largest cryptocurrency by market cap, worth $123.14 billion, is changing hands at about $227.06 following a 1.86% upswing in the past 24 hours.

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