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Forward Industries Inc. (FORD) completed a $1.65 billion private investment in public equity financing to fund purchases of SOL, the native token of the Solana blockchain.
The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which collectively invested more than $300 million. Other participants included Bitwise Asset Management, Ribbit Capital, SkyBridge Capital, and several angel investors from the cryptocurrency sector.
Kyle Samani, co-founder and managing partner of Multicoin Capital, was appointed chairman of Forward Industries’ board of directors. The company’s interim chief executive officer Michael Pruitt was also appointed to the board.
Forward Industries plans to use the net proceeds primarily to purchase SOL tokens for its treasury operations and working capital. The company established this Solana treasury strategy in September 2025.
Cantor Fitzgerald served as lead placement agent while Galaxy Investment Banking acted as co-placement agent and financial advisor for the transaction.
Forward Industries operates as a global design company serving medical and technology companies. The company has been in business for over 60 years developing products for various brands and companies.
Galaxy Digital, Jump Crypto, and Multicoin Capital will provide strategic guidance to Forward Industries on structuring and executing its Solana treasury strategy beyond their financial investment.
The press release cited Solana blockchain metrics including over 8.9 billion transactions processed in the second quarter of 2025 and approximately $4 billion in daily decentralized exchange trading volume.