Forward Industries, Inc. announced on September 7, 2025, a $1.65 billion private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This significant capital raise is intended to initiate a Solana-focused digital asset treasury strategy for Forward Industries, aligning it with the rapidly growing Solana ecosystem. Galaxy Digital's Investment Banking division acted as co-placement agent and financial advisor.
Galaxy, along with Jump Crypto and Multicoin, will provide both capital and strategic support to help Forward Industries structure and execute its Solana treasury strategy. The goal is to position Forward Industries as a leading publicly traded institutional participant in the Solana ecosystem, aiming to generate differentiated onchain returns and build long-term shareholder value through active participation. Galaxy Asset Management also intends to enter into a services agreement for management support related to the treasury strategy.
Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, are expected to join Forward Industries' Board as observers upon the closing of the PIPE. Mike Novogratz, Founder and CEO of Galaxy, expressed pride in supporting this effort to further Solana’s adoption and reinforce its role in the future of finance. This collaboration underscores Galaxy's expanding influence and strategic partnerships within the digital asset space.
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