Forward Industries Raises $1.65B for Solana Treasury
Nasdaq-listed Forward Industries closed a $1.65B private placement led by Galaxy Digital, Jump Crypto and Multicoin Capital. The funding will be used to build one of the largest corporate treasuries for Solana. The company’s shares rose 6.5% following the announcement. As part of a strategic shift from device accessories to blockchain, Multicoin co-founder Kyle Samani was named board chairman, with observers from Galaxy Digital and Jump Crypto joining the board. Solana’s network growth—nearly 9 billion transactions in Q2 2025 and over 7,500 new developers in 2024—and corporate holdings now exceeding $1.4 billion underscore rising institutional confidence and a move toward active treasury management and staking strategies on SOL.
Bullish
The $1.65 billion private placement led by top crypto firms and the immediate 6.5% share price increase indicate robust institutional demand for SOL. In the short term, this influx of capital and on-chain treasury allocation are likely to put upward pressure on SOL’s price as investors anticipate staking rewards and network growth. Over the longer term, active treasury management and staking from corporate holders can reduce circulating supply, bolster network security, and solidify SOL’s position as a mature digital asset, further supporting a bullish market outlook.