Solana (SOL) price climbed above $227 after Nasdaq-listed Forward Industries secured $1.65 billion to build a Solana treasury. The move is a signal of growing institutional confidence in the Solana ecosystem.
Solana Gains Momentum With $1.65 Billion Treasury Investment
The value of SOL extended its rally on Wednesday, climbing 1.41% to $227.31. The token has now gained 7.75% in a week, almost 30% in a month, and over 70% across six months, according to TradingView data. The latest surge followed confirmation that Nasdaq-listed Forward Industries, Inc. (NASDAQ: FORD) had secured $1.65 billion to build a Solana treasury.
According to the official statement, the financing round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The company confirmed that proceeds will be directed toward purchasing Solana’s native token, SOL. It would also cover working capital needs and digital asset-related expenses.
Galaxy, Jump, and Multicoin together contributed more than $300 million. Other institutional participants included Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital.
The support from all categories of investors shows that Solana continues to attract interest from institutions and retail leaders in the crypto space. Recently, another Solana treasury firm SOL Strategies secured approval to list on Nasdaq. The move further underscores how public market exposure is becoming a key component of the Solana treasury landscape.
Angel investors also participated in the raise. Their move indicate confidence in the long term growth of the Solana ecosystem. These backers include Cindy Leow of Drift, Guy Young of Ethena, Howard Lindzon of Stocktwits, Lucas Bruder of Jito, Lucas Netz of Pudgy Penguins, Robert Leshner of Superstate, Tarun Chitra of Gauntlet and Tory Green of io.net.
Boardroom Shakeup Sees Galaxy, Jump Crypto Execs Take Helm After Landmark Deal
Forward Industries’ market capitalization currently sits near $50 million, far below the scale of its $1.65 billion raise. Still such a significant financing directed at Solana could accelerate institutional adoption and expand liquidity for SOL. This is especially true as the network continues to advance with upgrades like the Alpenglow proposal aimed at boosting speed and efficiency.
The completion of the PIPE deal also triggered board-level changes. Kyle Samani, co-founder of Multicoin, has been appointed Chairman of Forward Industries’ Board. Chris Ferraro, President of Galaxy, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, also joined the board.
Interim Chief Executive Officer Michael Prutti will remain in his role. The appointments signal the growing influence of top digital asset firms over Forward’s strategy. Existing management will continue to oversee the company’s operations.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
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Source: https://coingape.com/sol-rises-as-forward-raises-1-65b-for-solana-treasury/