Forward Industries raises $1.65b to fuel Solana treasury push

Galaxy, Jump Crypto, and Multicoin are among the companies that backed Forward Industries’ pivot to Solana.

Altcoins are increasingly capturing interest among Wall Street investors. On Monday, September 8, Nasdaq-listed Forward Industries announced that it raised $1.65 billion through a private placement to build its Solana treasury. Galaxy Digital, Jump Crypto, and Multicoin Capital led the funding round, which would make Forward Industries the largest corporate holder of Solana.

In addition to providing funding, executives from the three companies will also advise Forward Industries. Specifically, Kyle Samani of Multicoin will become Board Chair, while executives from Galaxy and Jump will serve as board observers.

“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world. Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth,” Michael Pruitt, CEO of Forward Industries.

Solana treasuries represent a significant pivot from the company’s core business of selling protective cases for electronic and medical equipment. However, the markets reacted positively. Following the announcement, the company’s shares more than doubled in premarket trading, rising 102%.

More companies pivot to Solana treasuries

The company’s announcement came as an increasing number of companies pivot to Solana treasuries. As of September 8, there were 13 corporate Solana treasury firms, with total reserves at $1.8 billion. Upexi, DeFi Development Corp, and Sol Strategies are currently the biggest holders.

Just a week earlier, Sol Strategies received approval for its Nasdaq listing, with trading set to begin on September 9. The company will also continue trading on the Canadian Securities Exchange.