Forward Industries Closes $1.65B Deal to Build Solana Treasury, Shares Jump 15% Pre-Market
Forward Industries has made a bold pivot that positions the micro-cap manufacturer at the heart of a rapidly growing trend: public companies raising funds to accumulate digital assets. By shifting its strategy toward blockchain exposure, the company is tapping into investor demand for diversification beyond traditional operations and aligning itself with one of the fastest-expanding areas of finance.
The Forward Industries Solana treasury deal is structured to significantly increase its digital holdings, aiming to make FORD one of the largest publicly traded holders of SOL. This move not only highlights the company’s commitment to future-focused growth but also places it among a select group of firms using treasury strategies to build long-term value through crypto assets. It’s a defining step in reshaping Forward’s market identity.
Why the Forward Industries Solana treasury deal matters
The placement—structured as a PIPE and funded with cash and stablecoins was led by Galaxy Digital, Jump Crypto and Multicoin Capital. The company says proceeds will primarily purchase SOL for its balance sheet, a strategy echoing MicroStrategy’s high-profile bitcoin play, but focused on the Solana ecosystem.
Governance shake-up and investor roster
As part of the transaction, Multicoin co-founder Kyle Samani is set to become chairman of the board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as board observers—another signal that crypto-native investors will have a direct hand in oversight. Additional participants include Bitwise Asset Management, Borderless Capital and SkyBridge Capital.
Key details at a glance
Deal size: $1.65 billion (cash + stablecoin commitments)
Use of proceeds: Build a SOL-denominated corporate treasury
Lead investors: Galaxy Digital, Jump Crypto, Multicoin Capital
Board changes: Kyle Samani (chair, pending), Ferraro & Sharma (observers)
Market reaction and what’s next
FORD shares jumped in pre-market trading after the announcement, as traders priced in the potential balance-sheet exposure to SOL and the backing of marquee crypto investors. Management has framed the Forward Industries Solana treasury deal as a path to becoming the largest public corporate owner of SOL.
How this fits into a broader wave of “DATs”
Forward’s move lands amid a flurry of digital-asset-treasury (DAT) strategies across chains. Solana-focused firms such as SOL Strategies and others have been building positions for months, while Avalanche’s foundation is now seeking $1 billion to seed two AVAX treasury companies, underscoring how competitive the corporate-crypto balance-sheet race has become. The Forward Industries Solana treasury deal could set a new benchmark for size on Solana. Blockworks+2Financial Times+2
Outlook
If Forward executes on its bold strategy, the small-cap manufacturer could transform into a crypto-treasury heavyweight, with shareholder value increasingly linked to Solana’s growth, validator rewards, and token price movements. This shift would redefine how investors view the company, blending traditional equity with direct blockchain exposure.
In the near term, attention will center on treasury policies such as purchase ranges, custody solutions, staking strategies, and risk management. Clear disclosures will be key to showing how SOL exposure impacts earnings and NAV-style metrics, giving investors a transparent view of Forward’s evolving crypto-driven balance sheet.
FAQs
Q1 . What exactly is the Forward Industries Solana treasury deal?
A : It’s a $1.65B PIPE to buy SOL for Forward’s balance sheet, led by Galaxy, Jump and Multicoin, with governance roles for crypto investors.
Q2 . Why did FORD stock jump after announcing the deal?
A : Markets priced in the scale, investor pedigree, and potential upside from SOL exposure; shares rose pre-market after the close was disclosed.
Q3 . How will Forward manage risk around SOL volatility?
A : Details weren’t fully disclosed; investors should watch for treasury policies on purchase bands, custody, staking, and hedging in future filings. (Inference based on typical corporate-treasury practices.)
Q4 . Who’s joining Forward’s board as part of the transaction?
A : Multicoin’s Kyle Samani is set to become chair; Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma will be board observers.