Forward Industries Closes $1.65B PIPE to Launch Solana Treasury Strategy
Forward Industries, Inc. (NASDAQ: FORD) has introduced the profitable shut of its previously disclosed private investment in public equity (PIPE) financing, elevating $1.65 billion earlier than charges and bills.
In a press launch shared with CryptoInformation the agency mentioned the funding spherical was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which collectively invested greater than $300 million.
The firm mentioned it intends to use the proceeds to set up its cryptocurrency treasury operations, with a deal with buying SOL, the native token of the Solana blockchain.
Funds may even be allotted to working capital, future transactions, and associated bills as Forward Industries launches its Solana-focused technique.
Broad Investor Participation and Board Appointments
In addition to Galaxy, Jump, and Multicoin, the PIPE attracted commitments from a large community of world funding corporations, asset managers, and distinguished angel buyers throughout the digital asset ecosystem. The transaction reveals institutional curiosity in Solana and Forward Industries’ function as a publicly traded automobile for publicity to its progress.
Alongside the shut of the financing, Forward Industries introduced governance modifications. Multicoin co-founder Kyle Samani has been appointed Chairman of the Board, whereas Interim Chief Executive Officer Michael Pruitt has additionally joined the Board.
Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, have been named Board observers. The firm’s administration group will in any other case stay in place.
“Today’s milestone underscores our perception amongst main institutional buyers that Solana belongs on the heart of world capital markets. With the help of Galaxy, Jump Crypto, and Multicoin, I imagine Forward Industries is uniquely positioned to speed up this future,” mentioned Samani.
Solana’s Expanding Ecosystem
Forward Industries’ strategic focus displays Solana’s strong growth trajectory. In the second quarter of 2025, the blockchain processed greater than 8.9 billion transactions and supported roughly $4 billion of decentralized trade quantity per day. These actions generated about $1.2 billion in actual financial worth, with the community including greater than 7,500 builders in 2024 alone.
Interim CEO Michael Pruitt frames the brand new treasury technique as central to the corporate’s future. “Forward Industries’ mission has been centered round operational and revolutionary excellence, and we at the moment are extending that very same precept to our capital technique by constructing a stability sheet with SOL at its core,” he mentioned.
Advisors and Strategic Support
The financing was structured with help from monetary and authorized companions. Cantor Fitzgerald served as lead placement agent, whereas Galaxy Digital acted as co-placement agent and monetary advisor. A gaggle of prime legislation corporations, together with Skadden, White & Case, and Cooley, suggested the collaborating buyers.
Forward Industries mentioned it has additionally entered right into a companies settlement with Galaxy Asset Management to present administration help for the corporate’s Solana treasury technique.
The firm mentioned its purpose is to grow to be the main publicly traded institutional participant within the Solana ecosystem, leveraging each capital funding and strategic insights from its backers to execute its long-term imaginative and prescient.
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