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Forward Industries, Inc. (FORD) announced a $1.65 billion private placement in cash and stablecoin commitments led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital to initiate a Solana-focused digital asset treasury strategy.
The private investment in public equity offering will position Forward Industries as a publicly traded participant in the Solana blockchain ecosystem. C/M Capital Partners, one of the company’s largest existing shareholders, is also participating in the transaction.
Upon closing of the private placement, Kyle Samani, co-founder and managing partner of Multicoin Capital, is expected to become chairman of Forward Industries’ board of directors. Samani co-founded Multicoin in 2017 and led Solana’s seed funding round in 2018.
Galaxy Digital will provide trading, lending, structuring, staking, and blockchain infrastructure services to Forward Industries. Galaxy Asset Management will manage the company’s treasury strategy through advisory and risk management services.
Jump Crypto is developing Firedancer, a validator client for Solana designed to increase networking throughput and efficiency. The firm contributes to infrastructure projects including DoubleZero and Shelby.
Multicoin Capital was Solana’s seed investor, leading the first three funding rounds before the network’s 2018 launch. The firm has invested in over 25 projects within the Solana ecosystem since its founding.
Chris Ferraro, president and chief investment officer of Galaxy, and Saurabh Sharma, chief investment officer at Jump Crypto, are expected to join as board observers.
Cantor Fitzgerald & Co. serves as lead placement agent, with Galaxy Investment Banking as co-placement agent and financial advisor. Forward Industries and Galaxy Asset Management intend to enter into a services agreement for treasury strategy management support.
Forward Industries is a global design company that has served medical and technology companies for over 60 years, developing products for leading brands worldwide.