Forward Industries Closes $1.65B Deal to Build Solana Treasury, Shares Jump 15% Pre-Market

Core Viewpoint - Forward Industries has successfully closed a $1.65 billion PIPE deal to establish a corporate crypto treasury focused on Solana (SOL) [1] Group 1: Investment Details - The investment was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with over $300 million contributed by these three lead investors [2] - Additional participation came from firms such as Bitwise Asset Management, Borderless Capital, and SkyBridge Capital, along with several crypto founders and angel investors [2] - The company plans to anchor its balance sheet in Solana's native token, SOL, using the funds raised [1] Group 2: Corporate Governance - Multicoin co-founder Kyle Samani has been appointed as chairman of the board, while Galaxy's Chris Ferraro and Jump Crypto's Saurabh Sharma will serve as observers [2] Group 3: Market Context - The move aligns with a trend among public companies exploring digital asset treasuries, aiming to hold cryptocurrencies directly on their balance sheets [3] - Companies like MicroStrategy, led by Michael Saylor, have set a precedent as significant corporate owners of Bitcoin (BTC) [3] - Solana-focused treasury firms, including DeFi Development, Upexi, and Sol Strategies, collectively hold over $1.4 billion in SOL [3] Group 4: Market Reaction - Following the announcement, Forward Industries' stock surged as much as 15% in pre-market trading before paring some gains [2]