Forward Industries (FORD) Stock: Soaring 64% on $1.65B Solana Treasury Bet

TLDR

Forward Industries pivots to Solana with $1.65B PIPE, stock surges 65%. FORD jumps after $1.65B Solana treasury backed by Galaxy, Jump, Multicoin. Forward’s $1.65B Solana bet sparks 65% stock rally and institutional shift. Solana push: Forward raises $1.65B, shares soar as Galaxy, Jump back plan. FORD stock rockets on $1.65B PIPE and bold Solana blockchain treasury pivot.

Forward Industries (NASDAQ: FORD) surged 64.71% to $26.98 following the announcement of a $1.65 billion PIPE deal.

Forward Industries (FORD) 

The company revealed plans to build a digital asset treasury strategy focused on the Solana blockchain. This sharp rise came after early morning trading pushed the stock up 128% before a partial retreat.

Solana Strategy Triggers Institutional Backing

Forward Industries secured commitments from Galaxy Digital, Jump Crypto, and Multicoin Capital to fund its Solana-focused treasury. The funds include both cash and stablecoins, intended for deployment into Solana’s DeFi ecosystem. The move signals a significant shift in Forward’s corporate direction toward blockchain-based finance.

The PIPE round places Forward among the largest institutional Solana participants alongside firms like Upexi and SOL Strategies. Existing major shareholder C/M Capital Partners also joined the financing, reaffirming its confidence in the company’s new direction. As part of this strategy, Forward will actively stake, lend, and trade Solana assets to drive returns.

To oversee the initiative, Forward will enter into a service agreement with Galaxy Asset Management. The company will provide trading, risk management, and structuring services to support execution. Galaxy’s infrastructure will enable Forward to operate within Solana’s high-performance blockchain network.

Galaxy, Jump, and Multicoin Drive Governance and Growth

Galaxy Digital Jump Crypto and Multicoin Capital will inject capital and strategic expertise into Forward’s operations. Galaxy brings one of the largest validator presences on Solana and will provide lending, trading, and staking capabilities. It will also serve as a co-placement agent via its investment banking division.

Jump Crypto will lend technical support, notably through its work on Firedancer, a high-performance Solana validator client. Jump also contributes to infrastructure projects like Shelby and DoubleZero, deepening Solana’s network resilience. Multicoin, a seed investor in Solana, will offer governance guidance and lead ecosystem integration.

Kyle Samani of Multicoin will assume the role of Chairman of the Board at Forward. Chris Ferraro of Galaxy and Saurabh Sharma of Jump will serve as board observers. Their involvement is expected to enhance Forward’s governance structure and long-term strategic roadmap.

Competitive Landscape Shifts in Solana Treasury Space

Forward’s $1.65 billion raise represents the largest Solana-specific capital commitment by a public company to date. The company is now positioned to challenge Upexi, which holds over 2 million SOL, and SOL Strategies, which recently announced a Nasdaq uplisting. This increasing institutional focus reflects growing demand for blockchain-native treasury diversification.

The broader digital asset market responded positively, with Solana (SOL) gaining 5.44% following the announcement. Other key participants also saw boosts, including Galaxy Digital (+3.21%). This reinforces market sentiment favoring Solana’s continued expansion within institutional finance.

Cantor Fitzgerald acted as lead placement agent in the PIPE deal, with Galaxy’s banking unit advising. Legal support came from Skadden, Arps for Galaxy and DLA Piper for Cantor. Forward Industries, founded over 60 years ago in the design sector, has now fully pivoted into blockchain-based asset management.

 

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