Forward Industries, Inc. (NASDAQ: FORD) recently announced the successful completion of its private investment in public equity (PIPE) financing, raising a total of $1.65 billion before fees and expenses. This funding round was led by prominent investors Galaxy Digital, Jump Crypto, and Multicoin Capital, who collectively invested over $300 million in the company.
The primary objective behind this financing is to establish Forward Industries’ cryptocurrency treasury operations, with a specific focus on acquiring SOL, the native token of the Solana blockchain. Additionally, the funds raised will be utilized for working capital, future transactions, and other related expenses as the company embarks on its Solana-focused strategy.
Notably, the PIPE financing attracted a broad range of investors from various global investment firms, asset managers, and angel investors within the digital asset ecosystem. This diverse participation highlights institutional interest in Solana and positions Forward Industries as a publicly traded entity for exposure to the blockchain’s growth.
Following the completion of the financing, Forward Industries announced significant governance changes. Kyle Samani, co-founder of Multicoin, has been appointed as the Chairman of the Board, while Michael Pruitt, the Interim CEO, has joined the Board as well. Additionally, Chris Ferraro from Galaxy and Saurabh Sharma from Jump Crypto have been named as Board observers. The existing management team will continue to lead the company.
In a statement, Kyle Samani expressed confidence in Solana’s potential, stating, “Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future.”
The strategic focus on Solana aligns with the blockchain’s impressive growth trajectory. In the second quarter of 2025, Solana processed over 8.9 billion transactions and facilitated approximately $4 billion in decentralized exchange volume daily, generating $1.2 billion in real economic value. The network also onboarded more than 7,500 developers in 2024 alone.
Interim CEO Michael Pruitt emphasized the significance of the new treasury strategy, stating, “Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core.”
The financing was executed with the support of financial and legal partners, with Cantor Fitzgerald serving as the lead placement agent and Galaxy Digital acting as the co-placement agent and financial advisor. Additionally, top law firms such as Skadden, White & Case, and Cooley provided legal counsel to the participating investors.
Forward Industries has also entered into a services agreement with Galaxy Asset Management to receive management support for its Solana treasury strategy. The company aims to become a leading publicly traded institutional participant in the Solana ecosystem, leveraging capital investment and strategic insights from its backers to realize its long-term vision.
In conclusion, Forward Industries’ successful PIPE financing marks a significant milestone in its journey towards establishing a strong presence in the Solana ecosystem. With robust investor support and a strategic focus on Solana, the company is well-positioned to capitalize on the blockchain’s growth opportunities and drive innovation in the digital asset space.