Nasdaq-listed Forward Industries (FORD) announced Thursday that it has closed its previously revealed $1.65 billion private placement to establish what it says will be the largest corporate treasury centered on Solana (SOL).
The funding round was structured as a private investment in public equity (PIPE) and included commitments in cash and stablecoins.
The company plans to anchor its balance sheet in Solana’s native token as part of the strategy.
Lead investors and board changes
The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which together contributed over $300 million. Additional participants included Bitwise Asset Management, Borderless Capital, and SkyBridge Capital, alongside several crypto founders and angel investors.
As part of the deal, Multicoin co-founder Kyle Samani has been appointed chairman of the board. Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as board observers.
Forward Industries’ shares surged as much as 15 percent in pre-market trading following the announcement before trimming some of the gains.
The move reflects a growing trend of public companies building digital asset treasuries, adding crypto directly to their balance sheets. The strategy mirrors early adopters such as Michael Saylor’s MicroStrategy (MSTR), which has become the largest corporate holder of bitcoin.
Data from Blockworks shows that Solana-focused treasury firms including DeFi Development (DFDV), Upexi (UPXI), and Sol Strategies (STSS) collectively hold over $1.4 billion in SOL. Forward’s new treasury plan positions it as one of the most significant players in this growing sector.
