Forward Industries Secures Massive $1.65B for Revolutionary Solana Treasury Strategy

Forward Industries just dropped a bombshell—$1.65 billion secured to turbocharge their Solana treasury play.

Why Solana? Blazing speed, rock-bottom fees.

The strategy? Diversify corporate reserves into digital assets—skipping traditional finance's sluggish pipelines.

Wall Street analysts are scrambling—some call it visionary, others whisper 'typical crypto gamble.'

One thing's clear: while banks count their paperwork, Forward counts its SOL.

Leadership Changes

As part of the deal, Kyle Samani, Co-Founder of Multicoin Capital and an early backer of Solana, will become Chairman of the Board once the transaction closes. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, are also expected to join as board observers. 

Samani said, “Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.”

Support from Key Investors

• Galaxy Digital will provide trading, staking, and risk management support to manage Forward Industries’ Solana treasury.
• Jump Crypto, which is developing Solana’s new Firedancer validator client, will provide technical and strategic support.
• Multicoin Capital, an early Solana backer, makes long-term, high-conviction investments in category-defining companies and protocols.

Mike Novogratz, CEO of Galaxy, said, “Kyle, Chris, and Saurabh are three of the most established names within the broader digital asset ecosystem.” Saurabh Sharma added that Jump crypto is excited to support Forward Industries as it takes a bold step with Solana at the core of its strategy.

Cantor Fitzgerald & Co. is serving as the lead placement agent, while Galaxy Investment Banking is the co-placement agent and advisor. Skadden, Arps, and DLA Piper are providing legal counsel.

Also Read: Solana Approves Alpenglow Upgrade to Boost Network Speed