Forward Closes $1.65B PIPE to Fund Solana Treasury Strategy
Forward Industries has closed a $1.65 billion PIPE financing led by Galaxy Digital, Jump Crypto and Multicoin Capital. The deal, funded in cash and stablecoins, seeds what sponsors call the world’s largest Solana Treasury strategy. Multicoin’s Kyle Samani will chair the board. Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma join as observers.
Net proceeds will buy SOL tokens. The Solana Treasury will be actively managed across staking, lending and market-making. Galaxy targets alpha generation to compound SOL-per-share faster than passive holding. Execution depends on purchase pace and venue (OTC vs exchange) and the mix of strategies.
On-chain data shows Galaxy withdrew over 2.15 million SOL from exchanges in 24 hours. SOL price jumped about 6% after the announcement. The Solana Treasury fund underlines rising institutional demand. It is likely to boost SOL liquidity and market stability over the long term.
Bullish
The news is bullish for SOL. In the short term, the on-chain withdrawal of 2.15 million SOL and the immediate 6% price surge indicate strong buying pressure. The active management of the Solana Treasury across staking, lending and market-making, backed by public-company governance, is likely to provide a consistent bid for SOL. Over the long term, this large-scale, incentive-driven strategy should improve liquidity, reduce volatility and attract further institutional inflows, supporting sustained price growth.