Forward Industries Secures $1.65 Billion Private Placement to Pivot to Solana Treasury Strategy

New York – Nasdaq-listed Forward Industries (NASDAQ: FORD) has successfully closed a $1.65 billion private placement, marking a significant strategic pivot for the company towards a Solana-focused digital asset treasury strategy. The substantial funding, comprised of cash and stablecoin commitments, positions the traditionally design-oriented firm as a leading publicly traded entity embracing the Solana ecosystem for its corporate treasury.

The private investment in public equity (PIPE) offering was led by prominent digital asset firms Galaxy Digital, Jump Crypto, and Multicoin Capital. This collaboration underscores a growing institutional confidence in blockchain assets as strategic, yield-generating reserves. According to the announcement, the proceeds will be primarily used to acquire SOL, Solana’s native digital asset, for working capital and to establish the company’s cryptocurrency treasury operations.

A key development accompanying the announcement is the expected appointment of Kyle Samani, co-founder and managing partner of Multicoin Capital, as the new Chairman of Forward Industries’ Board of Directors. His extensive experience within the crypto markets, particularly the Solana ecosystem, is anticipated to provide crucial strategic direction for the company’s new venture. This move mirrors the treasury model pioneered by Bitcoin-focused firms like MicroStrategy.

Forward Industries, historically known for its design services for medical and technology companies, aims to generate "differentiated onchain returns" through active participation in Solana’s decentralized finance (DeFi) ecosystem. This strategy involves potential staking, lending, and on-chain trading activities. The company’s stock surged significantly following the initial announcement, reflecting strong market validation of its bold strategic shift.

The private placement, facilitated by Cantor Fitzgerald & Co. as lead placement agent and Galaxy Investment Banking as co-placement agent, represents one of the largest Solana-focused treasury commitments to date. This strategic move highlights a broader trend of traditional companies integrating digital assets into their balance sheets, leveraging the scalability and efficiency of blockchain technologies like Solana for long-term growth and shareholder value.