Forward Industries announced that it raised $1.65 billion in the form of a private investment in public equity (PIPE) in cash and stablecoins. The funds are allocated for the creation of a digital treasury that will allow Forward Industries to secure a leading position among public institutional participants in the Solana ecosystem.The transaction became the largest in the history of Solana-oriented public companies. Leading investors included Galaxy Digital, Jump Crypto, and Multicoin Capital. One of the company’s largest shareholders, C/M Capital Partners, LP, also participated in the round.
The treasury will use blockchain capabilities to manage capital and generate yield through participation in Solana infrastructure. The partners will provide not only financing but also strategic support.
CEO Michael Pruitt noted that the decision is directly tied to confidence in the long-term potential of Solana and is focused on creating value growth for shareholders.
Multicoin, Galaxy, and Jump Crypto in Project Governance
Multicoin Capital, which was the first to invest in Solana even before the network launched in 2018, will lead the initiative. Managing partner Kyle Samani will become chairman of the board after the deal closes.
Jump Crypto continues to develop the ecosystem, including through the Firedancer project, the second validator client for Solana. The team is also involved in DoubleZero and Shelby.
Galaxy Digital, one of the largest Solana validators, will contribute infrastructure, trading, staking, and risk management tools.
Joining the board of directors of Forward Industries as observers will be Galaxy president Chris Ferraro and Jump Crypto investment director Saurabh Sharma.
Mike Novogratz, founder and CEO of Galaxy, said that with the participation of Samani, Ferraro, and Sharma, the company will be able to solidify its position as a leading public player in the Solana ecosystem.
Advisors and Legal Support
Cantor Fitzgerald & Co. will act as lead placement agent, with Galaxy Investment Banking as co-agent and financial advisor.
Legal support is being provided by Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper LLP (US).
Forward Industries and Galaxy Asset Management will enter into an agreement on management and support of the treasury strategy.
About the Deal Participants
Forward Industries is a public company focused on the design and supply of products for medtech and technology brands. Galaxy Digital is a major infrastructure player in digital assets and AI, with offices in the US, Europe, Asia, and the Middle East. Jump Crypto is the infrastructure arm of Jump Trading Group, while Multicoin Capital manages several billion dollars on behalf of institutional investors.
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