Paul Johnson In a bold move that signals Wall Street-sized money meeting Solana’s blockchain momentum, Forward Industries, Inc. has announced a $1.65 billion private placement to spearhead a Solana-focused treasury strategy. The PIPE (private investment in public equity) round was led by three heavyweight firms: Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from C/M Capital Partners.
Why It Matters
A $1.65B Bet on Solana → The size of this deal underscores just how serious institutional players are about Solana’s future. This isn’t small VC money—it’s a long-term treasury play.
Strategic Heavyweights at the Table → Galaxy, Jump, and Multicoin bring capital, network power, and ecosystem know-how. Their involvement makes Forward Industries a publicly traded Solana proxy play for traditional investors.
Leadership Overhaul with Crypto Titans → Multicoin’s Kyle Samani is set to become Chairman, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will sit on the board in advisory roles. That’s a who’s-who of Solana-aligned leadership.
Wall Street Meets Web3 → Cantor Fitzgerald is acting as lead placement agent, with Galaxy Investment Banking co-advising—another sign that traditional finance is increasingly willing to run crypto strategies through established institutions.
The Bigger Picture
Solana has quietly transformed from being “the Ethereum alternative” to a serious contender in institutional portfolios. Forward Industries’ CEO, Michael Pruitt, summed it up best: the Solana ecosystem is one of the “most innovative and widely adopted” in blockchain, and this treasury strategy is about capturing long-term upside while adding shareholder value.
By positioning itself as the foremost publicly traded Solana treasury, Forward Industries is effectively creating a bridge for traditional investors who want exposure to SOL without diving into crypto exchanges or self-custody.
Key Takeaway
This deal isn’t just about capital—it’s about signaling confidence. When Galaxy, Jump, and Multicoin line up behind a blockchain, markets listen. For Solana, this $1.65 billion commitment could mark the beginning of a new phase: from crypto-native darling to institutional mainstay.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
