Forward Industries Secures $1.65 Billion to Establish Largest Solana Treasury
Forward Industries, a Nasdaq-listed design and manufacturing firm, announced a $1.65 billion cash and stablecoin funding round to launch a Solana-focused corporate treasury strategy. This initiative aims to create the largest Solana (SOL) treasury ever assembled, led by prominent crypto-native firms Galaxy Digital, Jump Crypto, and Multicoin Capital.
The funding round also included participation from C/M Capital Partners, an existing shareholder in Forward Industries. This development follows Bloomberg’s August report indicating that the three crypto giants intended to raise approximately $1 billion to acquire a publicly traded company and establish a major crypto treasury dedicated to Solana.
Strategic Roles for Galaxy, Jump, and Multicoin
Forward Industries outlined the strategic roles of its key partners: Galaxy Digital will oversee treasury management, trading, lending, and staking services; Jump Crypto will contribute infrastructure support through projects like Firedancer and DoubleZero; and Multicoin Capital will provide strategic guidance and governance.
Kyle Samani, Multicoin’s co-founder and managing partner, is set to chair Forward Industries’ board. Samani highlighted the company’s conviction in Solana’s resilience and growth prospects, stating that an institutional-scale treasury could enhance SOL per share more effectively than passive holding strategies. He further emphasized that Solana remains undervalued and misunderstood by the broader market, presenting significant investment opportunities.
Forward Industries to Outsize Existing Solana Treasuries
The newly raised $1.6 billion Solana reserve will nearly triple the size of the largest existing SOL treasury. Currently, supply chain management firm Upexi holds the largest Solana reserve with approximately 2 million SOL tokens, valued at around $430 million at current market prices.
Other notable Solana holders include the DeFi Development Corporation, which reported 1.29 million SOL tokens worth about $280 million as of early August, and Bitcoin mining company Bit Mining, which announced intentions to raise $200–300 million to build a Solana treasury in July.
Forward Industries intends to position itself as a publicly traded institutional vehicle that generates long-term value and on-chain returns by actively engaging with the Solana ecosystem.
FinOracleAI — Market View
Forward Industries’ substantial $1.65 billion treasury raise, backed by established crypto firms, signals strong institutional confidence in Solana’s ecosystem. This move is likely to enhance market perception of Solana’s viability and may drive increased demand for SOL tokens in the short term. However, execution risks remain, particularly regarding effective treasury management and the broader crypto market conditions. Investors should monitor Forward’s on-chain performance and governance outcomes as key indicators of the strategy’s success.
Impact: positive
