Forward Industries (NASDAQ:FORD) has completed a $1.65 billion private placement, including both cash and stablecoin commitments, through a private investment in public equity (PIPE) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital. Existing investor C/M Capital Partners also took part in the transaction, marking one of the largest capital raises focused on the Solana blockchain to date.
Partnerships with Leading Crypto Firms
Under the agreement, Galaxy Digital will contribute institutional infrastructure, encompassing trading, lending, and staking capabilities. Jump Crypto will provide technical guidance, particularly through projects like Firedancer, a new validator client aimed at enhancing Solana’s performance. Forward Industries plans to leverage these partnerships to generate differentiated returns through staking, lending, and trading within the Solana ecosystem, positioning itself as a key publicly traded participant in Solana’s growth trajectory.
Board Leadership Updates
Following the close of the financing, Kyle Samani, co-Founder and Managing Partner of Multicoin Capital, will assume the role of Chairman of Forward Industries’ Board of Directors. Samani, an early supporter of Solana since leading its seed investment in 2018, believes the network remains undervalued, presenting an opportunity for Forward Industries to build an institutional-scale treasury capable of delivering outsized returns compared to passive holding.
Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, will join the board as observers, bringing extensive experience in building and investing in Solana-based initiatives, further strengthening governance and strategic oversight.
Advisors and Next Steps
Cantor Fitzgerald & Co. served as lead placement agent, with Galaxy Investment Banking acting as co-placement agent and financial advisor. Forward Industries also plans to enter a services agreement with Galaxy Asset Management to support ongoing treasury operations. Legal counsel included Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP for Cantor Fitzgerald.
Forward Industries intends to provide further updates on its Solana treasury strategy in the near term. With backing from Galaxy, Jump, and Multicoin, the company aims to deliver long-term shareholder value and establish itself as an institutional leader within the expanding Solana ecosystem.
Forward Industries stock price
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