Forward Industries, Inc. (Nasdaq: Ford) has announced the successful closure of its private private investment financing previously disclosed in public capital (PIPA), raising $ 1.65 billion before rates and expenses.
In a press release shared with Cryptonews, the firm said the fund round was directed by Galaxy Digital, Jump Crypto and Mulicoin Capital, which together invested more than $ 300 million.
The company said it intends to use income to establish its cryptocurrency treasury operations, with an focus on the purchase of sun, the native token of the Solana block chain.
The funds will also be assigned to working capital, future transactions and related expenses as Forward Industries set their strategy focused on Solana.
Broad of the participation of investors and appointments of the Board
In addition to Galaxy, Jump and Multicoin, the pipe attracted commitments of a wide network of global investment signatures, prominent asset and investor administrators throughout the digital asset ecosystem. The transaction shows the institutional interest in the role of Solana and Industries Forward as a vehicle that is publicly negotiated for exposure to its growth.
Together with the closure of financing, Forward Industries announced governance changes. The Multicoin co -founder, Kyle Samani, was appointed president of the Board, while the interim executive director Michael Pruitt has also joined the Board.
Chris Ferraro, president and investment director of Galaxy, and Saurabh Sharma, Investment Director of Jump Crypto, have been appointed observers of the Board. The company’s management team will remain in place.
“Today’s milestone underlines our belief among the main institutional investors that Solana belongs to the center of the world capital markets. With the support of the galaxy, the cryptography of Salto and the multicains, I believe that the industries forward are uniquely positioned to accelerate this future,” Samani said.
Solana’s expansion ecosystem
The strategic approach of Forward Industries reflects the strong growth trajectory of Solana. In the second quarter of 2025, the block chain processed more than 8.9 billion transactions and supported approximately $ 4 billion in volume of decentralized exchange per day. These activities generated around $ 1.2 billion in real economic value, with the network adding more than 7,500 developers only in 2024.
The interim CEO Michael Pruitt frames the new treasure strategy as a central one for the company’s future. “The Mission of Forward Industries has focused on operational and innovative excellence, and now we are extending that same principle to our capital strategy by building a balance with sun in its nucleus,” he said.
Advisors and strategic support
The financing was structured with the support of financial and legal partners. Cantor Fitzgerald served as a lead placement agent, while Galaxy Digital acted as an agent of placement and financial advisor. A group of law firms, including Skadden, White & Case, and Cooley, advised participating investors.
Forward Industries said it has also signed a services agreement with Galaxy Asset Management to provide management support for the company’s Solana Treasury strategy.
The company said that its objective is to become the main institutional participant that quotes in the stock market in the Solana ecosystem, taking advantage of both capital investment and strategic ideas of its sponsors to execute their long -term vision.
Post Forward Industries closes the $ 1.65B pipe to launch the Solana Treasury strategy first appeared in Cryptonews.
