 
 
Forward Industries has unveiled a $1.65 billion private investment, in cash and stablecoin commitments, in a public equity (PIPE) offering led by three crypto-native giants to start a Solana-focused digital asset treasury strategy.
Forward Industries’ SOL corporate treasury would be almost triple the size of the biggest existing Solana reserve.
Largest Solana Corporate Treasury
According to a Sept. 8 press release, Nasdaq-listed design and manufacturing company Forward Industries secured $1.65 billion in cash and stablecoin commitments to launch a Solana crypto treasury strategy.
Nasdaq-listed design and manufacturing company Forward Industries secured $1.65 billion in cash and stablecoin commitments to launch a crypto treasury strategy centered on the Solana cryptocurrency.
The company noted that it raised the largest Solana treasury to date, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. C/M Capital Partners is also a participant.
 
Galaxy, Jump Crypto will provide Forward Industries with infrastructure and advisory services, while Multicoin brings investment expertise, with the overall goal of positioning the Solana treasury strategy as the foremost publicly traded institutional participant in the Solana ecosystem.
SOL remains the industry’s sixth-largest cryptocurrency by market capitalization, according to CoinGecko data. It currently trades hands for around $214.21, up 17.9% over the past 30 days.
Per the announcement, Forward Industries seeks to generate on-chain returns and boost long-term shareholder value via active participation in Solana’s decentralized finance markets.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” Forward Industries CEO Michael Pruitt said in a statement. “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”
Multicoin co-founder and managing partner Kyle Samani is expected to become Chairman of the Board of Directors as part of the transaction. Galaxy President and Chief Investment Officer Chris Gerraro and Jump Crypto CIO Saurabh Sharma are also expected to join the board as observers.
Eyes On Solana
Digital asset treasuries have become all the rage recently, with many firms mimicking the strategy publicized by Michael Saylor’s Bitcoin-stacking firm Strategy.
Besides Bitcoin, Solana is also entering a defining moment. Forward Industries joins the likes of Upexi, which currently owns over 2 million SOL tokens, worth approximately $430 million. Defi Development, previously known as Janover, said last week that its Solana holdings had surpassed 2 million SOL after its latest purchase.
Another Solana treasury company, SOL Strategies, which holds roughly 435,064 SOL tokens, recently revealed that it will uplist from Toronto to Nasdaq on Sept 9 under the ticker STKE.