Forward Industries launches $1.65B Solana treasury plan with Galaxy, Jump, and Multicoin, boosting stock and blockchain presence.
Forward Industries, a Nasdaq-listed company, has announced a $1.65 billion private placement in cash and stablecoins to establish a Solana-focused digital asset treasury. The move marks the company’s transition toward blockchain-based finance and positions it among the largest public firms to commit capital directly to the Solana ecosystem.
Largest Solana Treasury to Date
The $1.65 billion capital raise will allow Forward Industries to create the biggest Solana treasury strategy to date. The company stated that the new treasury will be actively managed rather than passively held. This means assets will be deployed across staking, lending, and trading to generate onchain returns.
🚨BREAKING: Forward Industries Inc. announces a $1.65B private placement in cash and stablecoins to launch a $SOL treasury strategy, becoming the latest publicly traded firm to adopt Solana. pic.twitter.com/dGFJjDIe5S
— SolanaFloor (@SolanaFloor) September 8, 2025
Forward Industries has surpassed other corporate Solana reserves with this investment. Upexi, a supply chain management brand, previously held the largest Solana treasury with 2 million SOL tokens valued at approximately $430 million. The new allocation by Forward is nearly three times that amount, making it the largest institutional Solana treasury recorded.
This development comes after reports in August that major crypto firms were preparing to back a public company with Solana exposure. The announcement confirms Forward Industries as the chosen vehicle for this initiative.
Backing from Leading Crypto Firms
Galaxy Digital, Jump Crypto, and Multicoin Capital led the private investment round. These firms will also provide operational and strategic support to strengthen Forward Industries’ treasury plan. Galaxy Digital will oversee treasury management, lending, staking, and trading services through its asset management arm.
Jump Crypto will provide infrastructure support through its development of Solana validator clients, including Firedancer, as well as related projects such as DoubleZero. Multicoin Capital, which has been an early backer of Solana, will guide strategy, governance, and broader ecosystem integration.
Kyle Samani, co-founder and managing partner at Multicoin, has been appointed chairman of Forward Industries’ board. Chris Ferraro of Galaxy Digital and Saurabh Sharma of Jump Crypto will serve as board observers, strengthening oversight and governance of the company’s new digital asset strategy.
Market Reaction and Future Positioning
The announcement of the $1.65 billion private placement had an immediate effect on Forward Industries’ stock. Shares of the company rose by more than 64 percent, reaching $26.98 after the news was made public. Early morning trading had seen the stock briefly surge over 120 percent before stabilizing.
Solana’s price also experienced gains following the announcement, increasing by over 5 percent. Galaxy Digital’s stock rose by more than 3 percent, showing broader market confidence in the initiative. The investment signals growing institutional interest in Solana, which has recovered from earlier setbacks to become one of the most active blockchain networks.
Forward Industries intends to operate as a publicly traded institutional vehicle for blockchain-based asset management. By allocating its treasury to Solana, the company aims to generate long-term value while supporting the expansion of the ecosystem. The company confirmed that it will collaborate closely with Galaxy, Jump, and Multicoin to ensure the treasury is managed with both efficiency and security.
