Forward Industries Invests $1.65 Billion to Form a Solana-Based Treasury
Date: 2025-09-12 Author: Gabriel Deangelo Categories: BUSINESS
The American company Forward Industries, previously known as a manufacturer of protective cases and accessories for medical and technological devices, announced that it has raised $1.65 billion in a private placement (PIPE). All proceeds will be used to purchase Solana tokens (SOL) and create its own corporate treasury based on this blockchain network.
Leading institutional investors joined the deal. Thus, Galaxy Digital, Jump Crypto and Multicoin Capital invested about $300 million in Forward Industries shares. In addition, private investors and business angels took part, including the founder of Pudgy Penguins Luca Netz. Upon completion of the deal, Kyle Samani, co-founder of Multicoin Capital, was appointed chairman of the company's board of directors. The management also included representatives of other placement participants.
In his statement, Samani emphasized that this move strengthens Solana's position in the global capital markets. In his opinion, Forward Industries, having received such large-scale support, will be able to accelerate the integration of Solana into the corporate financial infrastructure.
Against the backdrop of the news, the company's shares, traded on Nasdaq under the ticker FORD, showed an increase of more than 6% in a day. However, shortly after the opening of trading, there was a partial rollback in quotes.
Forward Industries' transition to a new business model took place in September 2025. Having abandoned its core business in the accessories sector, the company relied on a strategy for managing cryptocurrency assets, focusing on Solana.
According to the analytical platform Blockworks, as of September 10, the total reserves of Solana among corporate players reached $1.4 billion. The bulk of these assets belong to three large companies - DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies. Forward Industries has not yet entered this list, but plans to take a significant place among the largest holders. Meanwhile, Sol Strategies is already preparing to enter the US stock market.
While the official release does not specify whether the created reserve will be used to generate income, the sheer scale of the investments attracted underscores Forward Industries' ambitions. The company aims to strengthen its role as one of the leading institutional participants in the Solana ecosystem and take a position that can influence the future of the entire industry.
