Forward Industries Inc. (FORD) completed a private investment round totaling $1.65 billion to acquire #SOL, the native token of the Solana blockchain.
The funding was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which together invested over $300 million. Other participants included Bitwise Asset Management, Ribbit Capital, SkyBridge Capital, and several private investors from the cryptocurrency sector.
Kyle Samani, co-founder and managing partner of Multicoin Capital, has been appointed chairman of the board of Forward Industries. The company's interim CEO Michael Pruitt has also been appointed to the board.
Forward Industries plans to use net revenue primarily to acquire SOL tokens for its treasury operations and working capital. The company approved this Solana treasury strategy in September 2025.
Cantor Fitzgerald acted as the lead placement agent, while Galaxy Investment Banking served as co-placement agent and financial advisor for the deal.
Forward Industries operates as a global design company serving medical and technology companies. The company has been in business for over 60 years, developing products for various brands and companies.
Galaxy Digital, Jump Crypto, and Multicoin Capital will provide strategic advice to Forward Industries on structuring and implementing its Solana treasury strategy in addition to their financial investments.
The press release provides metrics for the Solana blockchain, including over 8.9 billion transactions processed in the second quarter of 2025, and approximately $4 billion in daily trading volume on decentralized exchanges.
