Galaxy Digital Drives $1.6B Solana Treasury Raise for Forward Industries Led by Multicoin and Jump Crypto
Key Takeaways
- Forward Industries announced a $1.6 billion PIPE financing spearheaded by Galaxy Digital, Jump Crypto and Multicoin Capital to establish a Solana‑centric treasury strategy.
- Following closure of the deal, prominent industry figures will join Forward’s board and advisory bodies.
Galaxy Digital, Multicoin, and Jump Crypto lead $1.6B Solana treasury raise for Forward Industries
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Forward Industries announced today a $1.6 billion PIPE financing, guided by Galaxy Digital, Jump Crypto and Multicoin Capital, to launch a high‑profile Solana treasury strategy.
In a bold move that spotlights Solana’s expanding influence within the digital‑asset arena, the company will deploy the capital to acquire SOL tokens and build an active treasury that could become the largest of its kind on the network.
The transaction, backed by the Solana Foundation and structured through a private placement of public equity, is slated to close in early September, positioning Forward Industries at the forefront of the burgeoning crypto‑treasury trend alongside peers such as Upexi.
As part of the deal, Co‑Founder and Managing Partner Kyle Samani of Multicoin Capital will assume the role of Chairman on Forward’s Board of Directors. Meanwhile, Chris Ferraro of Galaxy’s investment arm and Saurabh Sharma of Jump Crypto will join as observers, bringing a wealth of experience in institutional crypto strategy.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world. Our strategy to build an active Solana treasury program underscores our conviction in the long‑term potential of SOL and our commitment to building shareholder value by directly participating in its growth,” said Forward Industries CEO Michael Pruitt.
“I have been one of the earliest and loudest champions of Solana since Multicoin first led the seed round in 2018,” remarked Samani. “Solana’s resilience through market cycles and its high‑performance capabilities make it a compelling long‑term asset for institutional investors.”
Mike Novogratz, CEO of Galaxy, added: “Kyle, Chris, and Saurabh are pillars of the crypto ecosystem. With their guidance, Forward Industries is poised to distinguish itself as the leading publicly‑traded company leveraging Solana’s growth trajectory.”
Cantor Fitzgerald will act as the lead placement agent, with Galaxy Investment Banking as co‑placement agent and financial adviser. Forward Industries will continue to provide updates on the PIPE financing and treasury initiatives in the near future.
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