Forward Industries (FORD) has raised $1.65 billion through a private investment in public equity (PIPE), led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This funding is touted as the largest Solana-focused treasury financing to date.
The surge in funding resulted in a 128% jump in the firm’s shares during pre-market trading, while SOL, Solana’s token, rose by 2.3% following the announcement.
Key Points:
- Forward Industries secured substantial backing to move aggressively into the Solana ecosystem, aiming to become a publicly traded institutional participant.
- The funding will aid in generating on-chain returns and enhance long-term shareholder value by active participation in Solana’s decentralized finance markets.
- As part of the investment deal, Kyle Samani of Multicoin Capital is poised to be appointed chairman of the board.
Samani commented, “An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value.”
Founded over sixty years ago as a design firm, Forward Industries is transitioning into a digital asset treasury operator focused on Solana.
