Forward Industries (NASDAQ: FORD) has announced a $1.65 billion raise in cash and stablecoin commitments to launch the largest corporate treasury dedicated to Solana (SOL) to date. The move marks a landmark moment in institutional adoption of Solana, positioning Forward as a publicly traded Solana-focused vehicle for investors.
The treasury initiative was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional support from C/M Capital Partners—an existing Forward Industries shareholder.
- Galaxy Digital will oversee treasury management, trading, lending, and staking.
- Jump Crypto will contribute to infrastructure development through Firedancer and DoubleZero.
- Multicoin Capital will provide strategic guidance and governance, with co-founder Kyle Samani expected to chair Forward’s board of directors.
Samani emphasized that the move reflects a long-term conviction in Solana’s resilience and growth, stating that an institutional treasury can “increase SOL per share at a faster rate than simply being a passive holder.”
A New Institutional Vehicle for Solana
Forward Industries intends to leverage its public company structure to act as an institutional gateway into Solana’s ecosystem. The company aims to:
- Deploy capital on-chain for yield generation.
- Participate in governance and protocol development.
- Create long-term value for shareholders by building exposure to Solana’s growth.
This development follows reports in August that Galaxy, Jump, and Multicoin were planning to raise $1 billion to acquire a listed company and create a Solana-focused treasury. The finalized deal has now surpassed those expectations.
Record-Breaking Solana Treasury
Forward’s $1.65 billion Solana treasury nearly triples the size of the largest existing SOL corporate reserve:
- Upexi: Holds 2 million SOL (~$430 million).
- DeFi Development Corporation: Holds 1.29 million SOL (~$280 million).
- Bit Mining: Announced plans to build a $200–300 million SOL treasury earlier this year.
At current prices (~$215 per SOL), Forward’s raise gives it unprecedented firepower in the corporate Solana ecosystem.
The raise underscores growing institutional conviction in Solana (SOL) as a blockchain capable of scaling to mainstream finance and decentralized applications. It also mirrors the corporate bitcoin treasury wave spearheaded by firms like MicroStrategy—only this time, it’s centered around Solana.
With leading crypto firms backing the initiative, Forward’s strategy could transform it into the benchmark institutional vehicle for Solana exposure, driving demand and legitimizing SOL as a core treasury asset.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.