The Nasdaq-listed design and manufacturing company Forward Industries has secured $1.65 billion in cash and stablecoin commitments to launch a treasury strategy focused on Solana.
The company announced on Monday that it has raised the largest Solana (SOL) treasury to date, led by cryptocurrency-native firms Galaxy Digital, Jump Crypto, and Multicoin Capital. Other participants include C/M Capital Partners, one of Forward Industries' existing shareholders.
Earlier, Bloomberg reported at the end of August that these three cryptocurrency giants planned to raise $1 billion and acquire a publicly traded company to create the largest cryptocurrency treasury dedicated to Solana.
According to the announcement, Forward plans to position itself as a publicly traded institutional investment vehicle. The company aims to generate on-chain returns and long-term value by participating in the Solana ecosystem.
Forward stated that Galaxy Digital will provide treasury management, trading, lending, and staking services. Jump Crypto will support infrastructure through projects like Firedancer and DoubleZero, while Multicoin Capital will offer strategic guidance and governance.
Kyle Samani, co-founder and managing partner of Multicoin, is expected to serve as the chairman of the board for Forward Industries.
Samani noted that this move reflects confidence in Solana's resilience and growth potential, believing that an institution-sized treasury can "increase each SOL share faster than mere passive holders."
He also mentioned that while SOL is resilient, it is still misunderstood and undervalued by market participants. Samani added, "I believe this asymmetry creates a tremendous opportunity for the Solana treasury strategy."
Forward's $1.6 billion Solana reserve will be nearly three times the size of the existing largest Solana treasury. As of the time of writing, supply chain management brand Upexi holds the largest SOL position, with 2 million SOL tokens valued at approximately $430 million at current market prices.
Following closely, DeFi Development Corporation announced on August 4 that it holds 1.29 million SOL, valued at about $280 million. In July, Bitcoin mining company Bit Mining announced plans to raise $200 million to $300 million to establish a SOL token treasury.
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Original: “Forward Industry Secures $1.65 Billion for Solana Treasury, Led by Galaxy, Jump, Multicoin”
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