Forward Industries has secured $1.65 billion in commitments from Galaxy Digital, Jump Crypto, and Multicoin Capital for the largest Solana-focused corporate treasury strategy. The manufacturing company's pivot could create nearly triple the size of its existing Solana reserves.
Multicoin co-founder Kyle Samani will chair Forward's board following the private placement closing. Galaxy will provide treasury management and trading services while Jump Crypto supports infrastructure through projects like Firedancer and DoubleZero.
Forward's planned Solana accumulation would dwarf current leaders in the space. Supply chain firm Upexi currently holds the largest position with 2 million Solana tokens worth approximately $430 million at current market prices.
The strategy reflects institutional conviction in Solana's growth potential despite market skepticism. Samani argued that an institutional-scale treasury can increase Solana per share faster than passive holding strategies.
Galaxy previously demonstrated confidence by swapping $100 million in Ethereum for Solana in April. Jump Crypto has been developing the Firedancer validator client since 2022, releasing a prototype version last year.
Forward Industries' stock surged 40% on the announcement as investors responded to the blockchain treasury pivot. The company will continue its technology and medical product operations alongside the new digital asset strategy.
Other Solana treasury firms include SOL Strategies, which recently gained Nasdaq approval, and DeFi Development Corp with 1.29 million Solana. Mining firm Bit Mining previously announced plans to raise $200-300 million for Solana accumulation.
The institutional backing positions Forward as a key publicly traded vehicle for Solana ecosystem participation. C/M Capital Partners, an existing shareholder, also participated in the private placement.
Solana traded around $214 with 5.2% daily gains as the announcement drove broader altcoin momentum. The strategy launch comes amid growing institutional interest in alternative blockchain platforms beyond Bitcoin and Ethereum.
