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NEW YORK - Forward Industries, Inc. (NASDAQ:FORD) announced Thursday it has closed its previously announced private investment in public equity (PIPE) financing, raising approximately $1.65 billion in gross proceeds. The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which collectively subscribed for more than $300 million. According to InvestingPro data, the company’s stock has surged over 68% in the past week, with technical indicators suggesting overbought conditions.
The company intends to use the net proceeds primarily to purchase SOL, the native digital asset of the Solana blockchain, for its cryptocurrency treasury operations and working capital. This strategic shift comes as the company, currently valued at $43.3 million, seeks to transform its business model. InvestingPro analysis reveals the company has maintained moderate debt levels while showing remarkable price momentum, with a 565% return over the past year.
In connection with the financing, Kyle Samani, co-Founder and Managing Partner of Multicoin Capital, has been appointed Chairman of Forward Industries’ Board of Directors. Michael Pruitt, the company’s Interim Chief Executive Officer, has also joined the Board. Chris Ferraro from Galaxy and Saurabh Sharma from Jump Crypto have been appointed as Board observers.
"Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets," said Samani in the press release statement.
The PIPE attracted participation from numerous investment firms including Bitwise Asset Management, Borderless Capital, ParaFi, Ribbit Capital, and SkyBridge Capital, along with several angel investors from the digital asset space.
Forward Industries, traditionally a design company serving medical and technology clients, is now positioning itself as a participant in the Solana ecosystem. The company cited Solana’s processing of over 8.9 billion transactions in Q2 2025 and approximately $4 billion in daily decentralized exchange trading volume as factors in its strategy. Financial metrics from InvestingPro highlight the company’s current challenges, including negative EBITDA of -$5.01M and gross profit margins under 10%, suggesting this strategic pivot could be crucial for its future performance.
Cantor Fitzgerald & Co. served as lead placement agent for the offering, with Galaxy Investment Banking as co-placement agent and financial advisor.
The information in this article is based on a press release statement from Forward Industries.
In other recent news, Forward Industries announced a significant financial development with the securing of $1.65 billion in commitments for a private investment in public equity offering. This funding is intended to establish a Solana-focused digital asset treasury strategy, marking the largest raise of its kind to date. The financing was led by notable firms, including Galaxy Digital, Jump Crypto, and Multicoin Capital. Additionally, Forward Industries reported a corporate update involving the conversion of Series A-1 Preferred Stock. Specifically, Forward Industries (Asia-Pacific) Corporation converted 610 shares of Series A-1 Preferred Stock into 81,333 shares of common stock. This conversion was executed at a price of $7.50 per share and is exempt from registration requirements under Section 3(a)(9) of the Securities Act of 1933. After this conversion, 4,315 shares of Series A-1 Preferred Stock remain outstanding. These developments reflect ongoing strategic and financial adjustments within the company.
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