Forward Industries Raises $1.65 Billion to Build Solana Treasury
Forward Industries (FORD), listed on Nasdaq, completed a $1.65 billion private investment in public equity (PIPE) deal. The funds will help the company create a treasury focused on Solana (SOL), the blockchain’s native token.
The deal includes a $300 million joint investment from Galaxy Digital, Jump Crypto, and Multicoin Capital. Other investors include Bitwise Asset Management, Borderless Capital, Coinlist Alpha, CyberFund, FalconX, Jupiter, and Big Brain Holdings.
Kyle Samani, co-founder and managing partner of Multicoin Capital, was named chairman of Forward Industries’ board. Interim CEO Michael Pruitt also joined the board as a director.
Forward Industries plans to use most of the raised funds to buy SOL tokens for its treasury. The rest will support the company’s working capital needs.
“Forward Industries’ mission has been centered around operational and innovative excellence,” said Michael Pruitt. “We are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core.”
Galaxy Digital, Jump Crypto, and Multicoin Capital will also help Forward Industries build and manage its Solana treasury strategy.
On-chain data shows Galaxy Digital may have started acquiring SOL for Forward Industries. On Thursday, Galaxy withdrew 1.45 million SOL, worth about $326 million, from Binance and other exchanges.
This move reflects growing interest in altcoin treasuries. Other firms like Sharps Technology, DeFi Development Corp, and Upexi have increased their SOL holdings. Together, they hold 8.9 million SOL, valued at over $2 billion, according to the Strategic Solana Reserves website.
With its $1.65 billion investment, Forward Industries could become the largest corporate holder of SOL, surpassing Sharps Technology.
Bitwise CIO Matt Hougan said in a recent note that rising corporate SOL reserves and hopes for US spot Solana ETFs could drive a year-end rally for SOL.
SOL Hits Seven-Month High, Breaks $224 Resistance
Solana’s price reached $228 on Thursday, its highest level in seven months. The token broke above the key resistance at $224.
If SOL holds above $224, it could rise further toward $246. On the downside, support levels are near $209 and the lower boundary of a rising wedge pattern.
Technical indicators show strong bullish momentum. The Relative Strength Index (RSI) is above neutral. The Stochastic Oscillator has entered the overbought zone, signaling possible short-term price corrections.
