Key Highlights:
- Forward Industries (FORD) has successfully closed its previously announced $1.65 billion private placement aimed at establishing the largest corporate treasury focused on Solana.
- Significant investments were made by major players including Galaxy, Jump Crypto, and Multicoin Capital who contributed over $300 million.
- Following the announcement, Forward Industries’ shares witnessed a 15% surge in pre-market trading.
Forward Industries has declared that it completed its $1.65 billion investment in public equity (PIPE) deal to enhance its corporate crypto treasury centered around Solana SOL. This funding will support the company’s strategy to anchor its balance sheet in Solana’s native token, SOL.
The three lead investors significantly contributed more than $300 million, strengthening the firm’s financial standing. Other investors included Bitwise Asset Management, Borderless Capital, and SkyBridge Capital. Additionally, Kyle Samani, co-founder of Multicoin Capital, has been appointed as the chairman of the board, along with Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma, serving as observers.
Forward Industries shares surged as much as 15% before settling slightly lower in pre-market trading. This move aligns with the growing trend among public companies to explore direct cryptocurrency investments for their treasuries, mirroring early leaders like Micheal Saylor’s MicroStrategy, which has become a major corporate holder of Bitcoin BTC.
Financial firms focusing on Solana, such as DeFi Development, Upexi, and Sol Strategies, currently manage over $1.4 billion in Solana (SOL), demonstrating the rising importance of digital assets in corporate financial strategies.
