Forward Industries Bags $1.65B to Build Solana Treasury

Forward Industries has completed a massive $1.65 billion raise to build a Solana-focused treasury. The Nasdaq-listed company said it got the funding with support from major crypto firms and well-known individual investors.

This development has pushed SOL prices up sharply, signaling growing trust in the Solana ecosystem and its long-term potential.

Forward Industries Sees Support From Angel Investors

The latest financing round for Solana was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, who together contributed more than $300 million. They were joined by major firms such as Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital. 

Alongside these firms, several well-known angel investors also joined the round. Notable backers include Cindy Leow of Drift, Guy Young of Ethena, and Howard Lindzon of Stocktwits. Others include Lucas Bruder of Jito, Lucas Netz of Pudgy Penguins, Robert Leshner of Superstate, Tarun Chitra of Gauntlet, and Tory Green of io.net.

This wide mix of investors highlight Solana’s ability to draw strong interest from both large institutions and retail-focused leaders in the crypto industry. Their support highlights strong belief in Solana’s growth and its role as a major player in the blockchain space.

Forward Industries Invests $1.65B in Solana

Forward Industries confirmed that the proceeds will be directed toward purchasing Solana’s native token (SOL). It will also be used to fund working capital, and covering digital asset-related expenses. 

The completion of the $1.65 billion PIPE deal also brought governance changes at Forward Industries. Kyle Samani, co-founder of Multicoin Capital, has been appointed Chairman of the Board. Chris Ferraro, President of Galaxy Digital, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, also joined the board.

Interim CEO Michael Prutti will continue to lead daily operations, but the presence of leading digital asset executives signals a new phase in the company’s strategy and direction.

Solana Treasuries Expand as Rising Prices Boost Momentum

The growth of Solana treasuries goes beyond Forward Industries. Another Solana-focused company, SOL Strategies, recently got approval to list on Nasdaq. This shows that more big institutions are starting to adopt Solana. 

According to TradingView data, SOL rose 1.41% on Wednesday to $227.31, marking a 7.75% gain over the past week. This rise extended a rally that has now lifted the token nearly 8% in a week, 30% in a month, and more than 70% over six months. 

Many experts, including Bitwise Chief Investment Officer Matt Hougan, believe that Solana will end 2025 on a high note. The treasury could increase demand and liquidity for SOL. The proposed Alpenglow upgrade is also poised to make the network faster and draw more big investors.