Forward Industries Completes $1.65 Billion Funding Round to Build Solana Treasury Strategy

Forward Industries Inc. (NASDAQ: FORD) completed a $1.65 billion private investment in public equity financing on September 11, marking one of the largest corporate crypto treasury raises to date. The NASDAQ-listed company plans to use the proceeds primarily to purchase SOL, Solana's native digital asset, for working capital and future transactions.

Galaxy Digital, Jump Crypto, and Multicoin Capital led the funding round, collectively subscribing for more than $300 million. The placement also attracted participation from notable firms including Bitwise Asset Management, Ribbit Capital, SkyBridge Capital, and angel investors such as Robert Leshner of Superstate and Lucas Netz of Pudgy Penguins.

Forward Industries, traditionally a 60-year-old design company serving medical and technology clients, has pivoted to establish what it calls a "Solana treasury strategy." Kyle Samani, co-founder and managing partner of Multicoin Capital, was appointed chairman of Forward Industries' board concurrent with the funding close. Michael Pruitt remains as interim chief executive officer and joined the board, while executives from Galaxy and Jump Crypto became board observers.

Left: Kyle Samani ; Right: Michael Pruitt. 

The market responded positively to the announcement, with Forward Industries stock surging approximately 128% in pre-market trading and closing up about 40% at $22.95 on the day of the initial announcement. Solana's SOL token also gained 2.3% following the news.

Cantor Fitzgerald served as lead placement agent, while Galaxy Investment Banking acted as co-placement agent and financial advisor. Forward Industries also entered a services agreement with Galaxy Asset Management for treasury strategy management support.

The company cited Solana's growth metrics to justify the strategy, noting the blockchain processed over 8.9 billion transactions in the second quarter of 2025 and generated approximately $1.2 billion in real economic value year-to-date. Solana added more than 7,500 new developers in 2024, making it one of the fastest-growing blockchain ecosystems.

Forward Industries plans to leverage Solana's decentralized finance ecosystem for staking, lending, and market-making strategies to generate returns. The move positions the company as what executives described as "the leading publicly traded institutional participant in the Solana ecosystem."

If Forward Industries deployed the entire $1.65 billion into Solana purchases, it would rank among the largest corporate crypto treasury holdings. The funding represents a significant pivot for the traditional manufacturing company into digital asset treasury management. 

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