Quick Highlights
- Forward Industries shifts from device maker to Solana powerhouse
- $1.65B PIPE draws Galaxy, Jump Crypto, Multicoin support
- Stock jumps 6.5% as investors bet on Solana’s future
Forward Industries Raises $1.65 Billion For Solana Push
Forward Industries has announced a $1.65 billion private placement offering (PIPE) aimed at building a significant position in Solana (SOL), signaling one of the largest corporate moves into the blockchain ecosystem to date.
Major Backers Join The Deal
Leading the investment round were Galaxy Digital, Jump Crypto, and Multicoin Capital, which together committed $300 million in equity capital. Several other firms and angel investors participated, including Pudgy Penguins CEO Luca Netz.
Following the PIPE, Multicoin co-founder Kyle Samani was named chairman of Forward Industries’ board of directors, with additional representatives from participating firms joining the company’s leadership ranks.
In a statement, Samani said:"This is just the beginning of Solana’s role in global markets. With Galaxy, Jump, and Multicoin behind us, Forward Industries has the platform to accelerate adoption on a massive scale."
Stock Reaction And Strategic Shift
News of the offering pushed Forward Industries’ shares up 6.5%, though gains eased as trading progressed. The company, once known for producing protective cases and accessories for medical and tech devices, formally shifted to a crypto asset treasury strategy earlier this month.
The PIPE positions Forward Industries to become a leading enterprise player in the Solana ecosystem, although it has not yet detailed whether its holdings will be leveraged for revenue generation beyond balance sheet management.
According to Blockworks data, total Solana under corporate management as of September 10 stands at $1.4 billion, with the majority controlled by DeFi Development (DFDV), Upexi (UPXI), and Sol Strategies. Forward Industries is expected to soon join this list, as Sol Strategies also prepares for a public U.S. stock listing.
