Forward Industries (FORD), a company listed on the Nasdaq, announced Thursday the successful completion of a $1.65 billion private placement deal. This capital infusion will be used to establish a corporate cryptocurrency treasury with a focus on , the Solana blockchain’s token.
This substantial investment, comprising cash and stablecoin commitments, was spearheaded by Galaxy Digital, Jump Crypto, and Multicoin Capital. The funds will be strategically deployed to establish Solana’s SOL as a core holding within the company’s treasury reserves.
These leading investors contributed over $300 million in total. The round also saw participation from other key players, including Bitwise Asset Management, Borderless Capital, and SkyBridge Capital, along with various founders of crypto ventures and individual angel investors. In related news, Kyle Samani, co-founder of Multicoin, has been appointed as the chairman of Forward Industries’ board. Furthermore, Chris Ferraro from Galaxy, and Saurabh Sharma from Jump Crypto will serve as observers.
News of the investment spurred significant market activity, with the company’s stock initially experiencing a surge of up to 15% in pre-market trading before retracting slightly.
This initiative reflects a growing trend among publicly traded companies exploring the integration of digital assets into their treasury management strategies. These companies aim to directly hold crypto assets on their balance sheets, mirroring the approach of early adopters such as Michael Saylor’s MicroStrategy (MSTR), which has established itself as the largest corporate holder of .
According to data from Blockworks, companies specifically focused on Solana treasury management, such as DeFi Development (DFDV), Upexi (UPXI), and Sol Strategies (STSS), currently hold a combined total of over $1.4 billion in SOL.
Learn More: Forward Industries Secures $1.65B Investment to Launch Solana Treasury, Shares Rise Significantly Pre-Market