Forward Industries raised $1.65 billion to launch a treasury strategy focused on Solana.

The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Investments will go towards the company's integration into the Solana ecosystem.

Forward Industries announced the raising of $1.65 billion in a private placement of shares (PIPE). The investments came in the form of fiat currencies and stablecoins. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, and one of the company's largest shareholders — C/M Capital Partners — also joined.

The goal of the initiative is to launch a digital treasury strategy focused on Solana, which involves active participation in the network and earning on-chain revenue.

The statement also mentions that Galaxy, Jump Crypto, and Multicoin Capital will provide both capital and strategic support "to help Forward Industries structure and execute its Solana treasury strategy." Furthermore, these three companies aim to make Forward Industries a leading public institutional player in the Solana ecosystem.

"Solana has become one of the most promising blockchain ecosystems. We are confident in its long-term potential," said Forward Industries CEO Michael Pritt.

It is expected that Multicoin Capital co-founder Kyle Samani will become the chairman of the board. Representatives from Galaxy and Jump Crypto — Chris Ferraro and Surabh Sharma — will join the board as observers.

The financial advisors for the transactions were Cantor Fitzgerald & Co. and Galaxy Investment Banking. The company also plans to sign a management support agreement with the Galaxy Asset Management division.