Forward Industries Raises $1.65 Billion and Launches a Solana-Focused Corporate Treasury

Forward Industries has closed a $1.65 billion private placement including both cash and stablecoin commitments—and announced the creation of a corporate treasury strategy centered around Solana (SOL). The news propelled the company’s stock approximately 15% higher in pre-market trading.

Financing, Leadership, and Governance

The funding round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The capital—a mix of cash and stablecoins—is earmarked for on-chain activities like staking, lending, and trading. Governance changes were also revealed: Kyle Samani of Multicoin Capital will serve as board chairman, with representatives from Galaxy and Jump acting as board observers.

Treasury Strategy and Yield Generation

The corporate treasury will aim to generate yield through a combination of staking, lending, market-making, and trading within the Solana ecosystem. A portion of the funds will be held in stablecoins to manage liquidity and reduce immediate exposure to SOL’s volatility.

Institutional Backing and Reasons for Choosing Solana

The involvement of Galaxy, Jump, and Multicoin provides not just capital but also infrastructure, custody solutions, and market access. Solana was selected for its high transaction throughput and low fees—key features for frequent, yield-focused on-chain operations.

Risks and Practical Conclusions

The move exposes Forward Industries to several risks, including crypto market volatility, regulatory uncertainty, and potential misalignment with the company’s core business. Success will depend on strong custody controls, clear governance, and technical expertise to mitigate operational and counterparty risks.