Solana Treasury: Forward Industries (FORD) Closes $1.65B PIPE Deal in Cash and Stablecoin Commitments
Forward Industries (NASDAQ: FORD) on Thursday the completion of a treasury-focused $1.65 billion private investment in public equity (PIPE) financing, representing one of the largest blockchain-focused deals in 2025. , the funding accelerates Forward’s Solana treasury strategy.
According to the press statement, new capital will be used to purchase SOL, fund working capital, and launch bespoke digital asset management answers that target active capital market participation.
Galaxy, Jump Crypto, and Multicoin together contributed over $300 million, signalling growing institutional confidence in Solana. More than 10 global investment firms and notable angel investors, including , FalconX, Ribbit Capital, and Cindy Leow (Drift), joined the round, solidifying Forward’s institutional support.
The Board gains influence from Multicoin’s Kyle Samani (Chair), Galaxy’s Chris Ferraro, and Jump Crypto’s Saurabh Sharma. With the likes of Michael Pruitt, Forward’s CEO, also joining the board as a director, the company’s leadership shows deep expertise in crypto and capital markets.
“Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that identical principle to our capital strategy by building a balance sheet with SOL at its core,” said Mr. Pruitt, Interim Chief Executive Officer of Forward Industries.
Mr. Pruitt also highlighted Forward Industries’ aim to leverage ’s potential in the capital markets, exploring diversified and innovative strategies to generate returns while reinforcing the company’s forward-looking financial approach.
Investor Takeaway
Forward Joins Growing List of Solana Treasury Companies
The development comes amid a broader trend of public companies adding digital assets to their treasuries, following the lead of ahead adopters like ‘s , now the largest corporate holder of BTC. Solana-focused treasury firms such as , Upexi, and collectively manage over $1.4 billion in SOL, according to data.
Solana processed over 8.9 billion transactions in Q2 2025, recording $4 billion daily decentralized platform volumes. With $1.2 billion in year-to-date real economic value and a developer base adding over 7,500 new contributors in 2024 alone, Solana leads in throughput, profitability, and market adoption.
Forward’s treasury strategy viewks to leverage Solana’s blockchain network and solicit on-chain returns from , lending, and algorithmic treasury management. By capitalizing on price appreciation and on-chain yield, Forward could become a benchmark for publicly traded Solana-focused capital management.
Investor Takeaway
Market Reaction and Outlook
Shares of Forward Industries (FORD) surged 15% in pre-market trading later than the PIPE announcement. The wave of capital follows similar institutional allocations toward blockchain treasuries, mirroring ’s and ’s investments in tokenized funds.
Market analysts view Forward’s structure as a hedge against volatility as the company plans to actively manage its SOL holdings, using strategies like staking, lending, and active market making to optimize returns and maintain shareholder value. Global advisors, including legal partners from Cantor Fitzgerald and Galaxy Digital, remain involved, supporting diversified and risk-managed investment strategies, as well as regulatory and operational execution.
