Forward Industries Secures $1.65B for Largest Corporate Solana Treasury

Core Insights - Forward Industries has successfully closed a $1.65 billion private placement to establish the largest corporate treasury focused on Solana, marking a significant strategic shift for the company [1][2] - The financing round attracted a diverse mix of investment firms, with lead investors including Galaxy Digital, Jump Crypto, and Multicoin Capital, indicating strong institutional interest in the Solana ecosystem [2][4] - The company plans to use the proceeds primarily to purchase SOL for its balance sheet, adopting a strategy similar to MicroStrategy's Bitcoin treasury approach [3] Company Strategy - Forward Industries aims to leverage its Solana treasury through active management and innovative strategies, reflecting a commitment to maximizing on-chain returns [3] - The company's board has been restructured to align with its new focus, appointing Kyle Samani as Chairman and including representatives from Galaxy and Jump Crypto as board observers [4] Market Performance - The decision to focus on Solana is supported by the network's strong performance metrics, including nearly 9 billion transactions processed in Q2 2025 and over 7,500 new developers attracted in 2024 [5] - The strategic pivot has been positively received in the market, contributing to a trend of large institutional investments in the Solana ecosystem, as evidenced by a significant increase in Forward Industries' stock (FORD) during pre-market trading [6]