Forward Industries, Inc. (NASDAQ: FORD) said Monday it has secured $1.65 billion in cash and stablecoin commitments for a private investment in public equity (PIPE) offering aimed at creating a Solana-focused digital asset treasury program.
The funding round is led by Galaxy Digital, Jump Crypto and Multicoin Capital, with participation from existing shareholder C/M Capital Partners. The company said the initiative is designed to position Forward Industries as a publicly traded institutional participant in the Solana blockchain ecosystem, one of the fastest-growing in the digital asset sector.
Partnership With Crypto Investment Firms
Forward Industries said the three lead investors will provide both funding and strategic support. Galaxy Digital, which operates one of the largest Solana validator nodes, will offer trading, lending, staking, and risk management services. Jump Crypto, a core developer of Solana infrastructure projects including Firedancer and DoubleZero, is expected to provide technical and engineering expertise.
Multicoin Capital, an early backer of Solana, will contribute its investment experience and ecosystem knowledge. Michael Pruitt, chief executive officer of Forward Industries, said the company intends to generate on-chain returns and shareholder value through active participation in the Solana network rather than passive asset holding.
Board Changes and Oversight
Upon the transaction’s completion, Kyle Samani, co-founder and managing partner of Multicoin Capital, is expected to be appointed chairman of the Forward Industries board of directors. Samani has been a longtime investor in Solana, leading its initial funding rounds before the blockchain launched in 2018.
Chris Ferraro, president and chief investment officer of Galaxy Digital, and Saurabh Sharma, chief investment officer of Jump Crypto, are expected to join as board observers. Both firms have been active contributors to the Solana ecosystem through trading, infrastructure development, and research.
Strategic Outlook
Forward Industries said it views Solana as a high-performance blockchain capable of supporting large-scale decentralised finance applications. Samani noted that the network has remained resilient despite industry downturns, and he said the company’s treasury program aims to deploy capital in ways that enhance returns beyond traditional staking.
Mike Novogratz, chief executive of Galaxy Digital, said he expects the collaboration between Galaxy, Jump Crypto and Multicoin to help establish Forward Industries as a prominent Solana-linked public company. The PIPE financing remains subject to closing conditions.
