A notable new development has occurred in the cryptocurrency market. Forward Industries announced that it has raised a total of $1.65 billion in private investment in a PIPE (private investment in public equity) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This investment, secured with both cash and stablecoin commitments, marked one of the largest financing initiatives focused on the Solana ecosystem.
Solana-centric treasury strategy
The company stated in a statement that this massive funding will be used for a digital asset treasury strategy built around the Solana blockchain. C/M Capital Partners, an existing shareholder, also participated as an investor in this round.
Galaxy Digital will integrate its own enterprise infrastructure into the project, including trading, lending, and staking services. Jump Crypto will support the project with technical initiatives such as Firedancer, a new validator client aimed at scaling Solana's performance. Thus, Forward Industries aims to generate differentiated returns from its staking, lending, and trading activities.
Management and Strategic Collaboration
This strategic partnership isn't limited to financing. Kyle Samani, co-founder and managing partner of Multicoin Capital, will become chairman of Forward Industries' board of directors upon completion of the transaction. Samani has been among the most prominent investors supporting Solana's development since 2018 and emphasizes that Solana remains undervalued by the market.
Galaxy's President and Chief Investment Officer, Chris Ferraro, and Jump Crypto's CIO, Saurabh Sharma, will also join the board as observer members. Their experience with Solana-based projects is expected to further strengthen Forward Industries' governance structure.
Advisors and Next Steps
Cantor Fitzgerald & Co. served as financial advisor during the investment process, while Galaxy Investment Banking served as co-placement agent and advisor. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor for Galaxy, and DLA Piper LLP served as legal advisor for Cantor Fitzgerald. The company announced that it will share further updates on its treasury strategy, centered around Solana, in the coming period. Forward Industries CEO Michael Pruitt emphasized his belief in Solana's long-term potential, saying this move represents a decisive move to enhance the company's shareholder value.