Forward Industries has raised 1.65 billion dollars from Galaxy Digital, Jump Crypto, and Multicoin Capital to launch the first publicly listed treasury strategy dedicated to Solana.
This move marks a significant shift in institutional adoption towards Solana compared to Bitcoin and Ethereum.
A Massive Bet on Solana
Forward Industries has just raised 1.65 billion dollars through a private investment in public equity (PIPE), funded in cash and stablecoins. The operation, announced on September 8, is led by three industry heavyweights: Galaxy Digital, Jump Crypto, and Multicoin Capital. Their aim: to build the first publicly listed treasury strategy dedicated to Solana.
With the market already buzzing, this figure makes a strong statement. Few institutional initiatives reach such a level of commitment.
A Clear Vision: Creating Solana’s Institutional Leader
The stated ambition by Forward Industries is to become the leading institutional player in the Solana ecosystem. In practical terms, this strategy aims to generate differentiated onchain returns while enhancing long-term shareholder value.
Solana stands as one of the most innovative and widely adopted blockchain ecosystems globally. Our active treasury strategy on Solana reflects our conviction in the potential of SOL and our willingness to directly contribute to its growth.
Michael Pruitt, CEO of Forward Industries
Galaxy, Jump, Multicoin: A Strategic Trio at the Helm
Galaxy, Jump, and Multicoin not only bring in capital but also leverage their expertise for the initiative. These three firms have already demonstrated their proficiency in investments and development around Solana.
The move also includes governance changes. Kyle Samani, co-founder of Multicoin, is set to become Chairman of the Board of Forward Industries. Chris Gerraro, President and CIO of Galaxy, will join the board as an observer, alongside Saurabh Sharma, CIO of Jump Crypto.
An Operation Overseen by Wall Street
Cantor Fitzgerald & Co. has been appointed as the lead placement agent. Galaxy Investment Banking, a division of Galaxy Digital, serves as co-agent and financial advisor. This dual presence underscores the intention to provide the operation with a robust institutional framework while maintaining a strong crypto-native essence.
Impacts for Solana
This substantial fundraising for a strategy focused on a single network sends a powerful signal: Solana is emerging as an essential infrastructure for digital finance. For traditional investors, the arrival of a publicly listed vehicle dedicated to active SOL management paves the way for massive institutional exposure.
In a market where Bitcoin and Ethereum historically dominate attention, seeing 1.65 billion dollars focused on Solana changes the game. It solidifies the network’s position as a credible alternative for payments, DeFi, and stablecoins.
Kyle Samani wasted no time after the announcement, expressing readiness to debate with Tom Lee, head of the largest Ethereum treasury, on the topic of ETH vs SOL.
