Étienne Girard
Forward Industries, Inc. has unveiled a $1.65 billion private investment in public equity (PIPE) to roll out a Solana-focused digital asset treasury initiative. The investment includes cash and stablecoin commitments led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from C/M Capital Partners, LP, according to the company’s press release.
The collaboration will provide capital and strategic backing to establish Forward Industries as a leading institutional participant within the Solana ecosystem.
“Solana has proven to be one of the most innovative and widely adopted blockchains globally,” said Forward Industries CEO Michael Pruitt. “By building an active treasury strategy around Solana, we are reinforcing our belief in the long-term strength of SOL and our mission to create shareholder value by aligning directly with its growth.”
Pruitt added that teaming up with Galaxy, Jump Crypto, and Multicoin—firms with deep Solana expertise—positions the company to execute its plan effectively.
Key Leadership Appointments
The new initiative also brings leadership changes:
-
Kyle Samani, Multicoin co-founder and managing partner, will become Chairman of the Board of Directors.
-
Chris Gerraro, Galaxy President and CIO, will join the board as an observer.
-
Saurabh Sharma, CIO at Jump Crypto, will also serve as an observer.
Strategic Partners and Advisors
Forward Industries has appointed Cantor Fitzgerald & Co. as the lead placement agent, while Galaxy Investment Banking—a division of Galaxy Digital—will act as co-placement agent and financial advisor for the transaction.
