On September 11, Forward Industries (NASDAQ: FORD) announced the completion of a $1.65 billion PIPE financing round, sending shockwaves through the market. The funding was co-led by three industry giants—Multicoin Capital, Jump Crypto, and Galaxy—each committing over $100 million. Notably, Kyle Samani, a partner at Multicoin, personally added an extra $25 million investment and will assume the role of Chairman of the Board. This move signals Forward Industries' full commitment to building a Solana-focused treasury strategy.
Founded in 1961, Forward Industries has built its business around medical monitoring device accessories, electronic hardware design, and distribution, with operations spanning Europe, America, and Asia. While not overtly connected to the crypto industry, its cross-disciplinary capabilities in both hardware and software provide a solid foundation for venturing into the blockchain ecosystem. This massive financing round will completely reshape the company’s strategic direction—transitioning from a traditional manufacturer to a publicly traded digital asset investment platform.
According to the plan, Forward will use the $1.65 billion fund to build the largest Solana treasury in existence—nearly three times the size of any comparable reserve. Galaxy will provide fund management and staking services, Jump Crypto will support infrastructure development through projects like Firedancer, and Multicoin will oversee governance and strategic guidance. Beyond these three lead investors, the round also attracted participation from several other institutions and industry leaders, including Bitwise, ParaFi, and SkyBridge, forming an impressive lineup.
Why Solana? The answer lies in its high-speed, low-cost blockchain features, making it an ideal foundation for stablecoins, DeFi, and tokenized assets. Recently, Solana’s market cap has rebounded to $120 billion, and with ETF approvals underway, it is widely regarded as the protagonist of the "next crypto season." Galaxy CEO Mike Novogratz bluntly stated that the market is entering a "Solana season."
Kyle Samani emphasized that Solana has proven its resilience and strong performance despite being long undervalued, presenting a significant opportunity for Forward’s treasury strategy. Similarly, Forward CEO Michael Pruitt stated that the collaboration with the three giants will help the company deeply integrate into the Solana ecosystem and create long-term shareholder value.
With potential ETF approvals and massive capital inflows, Solana is seen as the blockchain with the most breakthrough potential after Bitcoin and Ethereum. Forward Industries’ bold bet may well become one of the most iconic strategic transformations in crypto history.
