Key takeaways

Forward Industries just made a massive $1.65 billion move to anchor its treasury in Solana, backed by major crypto players. With Solana’s price climbing, the market appears to be backing the bet.

Forward Industries just made one of the boldest bets on crypto we’ve seen from a public company. The Nasdaq-listed firm closed a $1.65 billion private investment in a public equity (PIPE) deal to load up its corporate treasury with Solana [SOL].

Backed by heavyweights, the move puts Forward squarely in the spotlight now.

Forward bets big on Solana

Led by Galaxy Digital, Jump Crypto, and Multicoin Capital, the round saw over $300 million committed by the trio. This, alongside support from Bitwise, Borderless Capital, SkyBridge, and a slate of crypto founders and angels.

The move will reshape Forward’s balance sheet, putting SOL at its core. To cement the strategy, Multicoin’s Kyle Samani is stepping in as Board Chairman, with Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma joining in as observers.

As expected, the market reaction was instant. In fact, the stock price spiked by 15% in pre-market trading before cooling down.

Is it in elite company?

A look at Solana’s biggest corporate holders highlighted the scale of Forward’s latest move.

Sharps Technology leads with 2.14M SOL, followed closely by DeFi Development Corp. and Upexi with around 2M SOL each. Galaxy Digital sits on 1.35M SOL worth $320.9M, while smaller players like Mercurity Fintech and iSpecimen round out the list.

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Author: Samyukhtha L KM