Forward Raises $1.65B PIPE on Solana Digital Asset Treasury
Forward Industries has secured a $1.65 billion PIPE on Solana to launch a Solana-based digital asset treasury (DAT). Co-led by Multicoin Capital, Jump Crypto and Galaxy Financial, the round includes a $25 million personal investment from Multicoin co-founder Kyle Samani. Forward’s DAT strategy focuses on growing “SOL per share” through three pillars: staking SOL at around 8% yield (with 1.86% real yield from MEV), forging DeFi partnerships for yield boosts and engaging in yield arbitrage between on-chain finance and traditional markets. The company will deploy low-cost USD loans into Solana yield strategies targeting 15% returns and pursue M&A arbitrage to expand its on-chain SOL holdings. Forward prefers at-the-market issuance and perpetual preferred shares for financing, with all SOL acquired on secondary markets to avoid conflicts. The firm plans to tokenize equity, fundraising, dividends and governance on Solana. Kyle Samani will chair the board, with observers from Jump Crypto and Galaxy joining. Ultimately, Forward aims to build a 24/7 Solana capital market infrastructure capable of 10 billion daily transactions, reflecting growing institutional confidence in Solana.
Bullish
Forward’s $1.65 billion PIPE and Solana-based digital asset treasury plan signal strong institutional backing for SOL. In the short term, the treasury’s secondary-market SOL purchases and staking activities will create upward buying pressure, potentially driving SOL’s price higher. Over the long term, the rollout of tokenized equity, dividends and a 24/7 Solana capital market infrastructure could deepen on-chain liquidity and attract further institutional and retail investors. This comprehensive strategy underlines rising confidence in Solana’s scalability and yield potential, supporting a bullish market outlook.