Forward Industries Closes $1.65B Deal to Build Solana Treasury, Shares Jump 15% Pre-Market

News Back to menu News Markets Finance Tech Policy Focus Prices Back to menu Prices Data Back to menu Data Trade Data Derivatives Order Book Data On-Chain Data API Research & Insights Data Catalogue AI & Machine Learning Indices Back to menu Indices Multi-Asset Indices Reference Rates Strategies and Services API Insights & Announcements Documentation & Governance Research Back to menu Research Events Back to menu Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Sponsored Back to menu Sponsored Thought Leadership Press Releases CoinW MEXC Phemex Advertise Stellar Videos Back to menu Videos CoinDesk Daily Shorts Editor's Picks Podcasts Back to menu Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Newsletters Back to menu Newsletters CoinDesk Headlines Crypto Daybook Americas State of Crypto Crypto Long & Short Crypto for Advisors Webinars Back to menu Webinars English Select Language English en Filipino fil Français fr 中文 zh Deutsch de Italiano it Español es Português pt-br Українська uk Nederlands nl Русский ru 한국어 ko Search / News Prices Data Indices Research Events Sponsored Search / Sign In Sign Up BTC $ 113,953.53 1.47 % ETH $ 4,428.21 2.24 % XRP $ 3.0088 1.24 % USDT $ 1.0002 0.01 % BNB $ 900.47 1.80 % SOL $ 224.98 2.11 % USDC $ 0.9997 0.01 % DOGE $ 0.2505 4.26 % TRX $ 0.3468 2.98 % ADA $ 0.8860 1.26 % HYPE $ 53.64 1.51 % LINK $ 23.77 1.77 % USDE $ 1.0007 0.01 % SUI $ 3.6229 3.09 % XLM $ 0.3917 3.83 % AVAX $ 28.95 7.66 % BCH $ 599.22 2.27 % HBAR $ 0.2376 2.76 % WBT $ 43.12 1.45 % LTC $ 117.23 3.70 % BTC $ 113,953.53 1.47 % ETH $ 4,428.21 2.24 % XRP $ 3.0088 1.24 % USDT $ 1.0002 0.01 % BNB $ 900.47 1.80 % SOL $ 224.98 2.11 % USDC $ 0.9997 0.01 % DOGE $ 0.2505 4.26 % TRX $ 0.3468 2.98 % ADA $ 0.8860 1.26 % HYPE $ 53.64 1.51 % LINK $ 23.77 1.77 % USDE $ 1.0007 0.01 % SUI $ 3.6229 3.09 % XLM $ 0.3917 3.83 % AVAX $ 28.95 7.66 % BCH $ 599.22 2.27 % HBAR $ 0.2376 2.76 % WBT $ 43.12 1.45 % LTC $ 117.23 3.70 % Ad Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Forward Industries Closes $1.65B Deal to Build Solana Treasury, Shares Jump 15% Pre-Market With the funding, the Nasdaq-listed firm aims to be the largest public corporate owner of Solana's SOL. By Krisztian Sandor , AI Boost | Edited by Parikshit Mishra Sep 11, 2025, 10:40 a.m. Solana (CoinDesk) What to know : Forward Industries (FORD) closed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana. Lead investors Galaxy, Jump Crypto and Multicoin Capital contributed over $300 million. Shares initially jumped 15% in pre-market trading following the announcement Nasdaq-listed Forward Industries (FORD) said Thursday it has closed the $1.65 billion private investment in public equity (PIPE) deal to build out corporate crypto treasury centered on Solana SOL $ 224.92 . The cash and stablecoin commitments, led by Galaxy Digital, Jump Crypto and Multicoin Capital, will fund the company’s plan to anchor its balance sheet in Solana’s native token, SOL. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The three lead investors contributed more than $300 million, joined by firms including Bitwise Asset Management, Borderless Capital and SkyBridge Capital, as well as several crypto founders and angel investors. Multicoin co-founder Kyle Samani has been appointed chairman of the board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as observers. The company's stock surged as much as 15% before paring some of the gains in pre-market trading. The move comes as public companies explore digital asset treasuries, holding crypto directly on their balance sheets, seeking to mirror early adopters like Micheal Saylor's Strategy (MSTR) , which has become the largest corporate owner of bitcoin BTC $ 113,955.96 . Solana-focused treasury firms including DeFi Development (DFDV) , Upexi (UPXI) and Sol Strategies (STSS) collectively hold over $1.4 billion in SOL, Blockworks data shows. Read more: Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market Digital Asset Treasury Solana Galaxy Multicoin Capital Jump Crypto AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Avalanche Foundation Eyes $1B Raise to Fund Two Crypto Treasury Companies: FT By Jamie Crawley | Edited by Sheldon Reback 2 hours ago The AVAX tokens would be bought from the foundation at a discounted price. What to know : The Avalanche Foundation aims to raise $1 billion to create two crypto treasury companies holding millions of AVAX tokens, the FT reported on Thursday. The AVAX tokens would be bought from the foundation at a discounted price. There has been a plethora of publicly-listed companies pivoting to a crypto treasury strategy this year, though enthusiasm for the approach may have dimmed slightly over the last month or so. Read full story Latest Crypto News Bitcoin Tops $114K as Traders Eye U.S. CPI for Rate-Cut Clues: Crypto Daybook Americas 15 minutes ago Hong Kong's Central Bank Plans to Ease Rules on Banks' Crypto Holding: Report 32 minutes ago Bitcoin’s Choppiness Index Continues To Climb, Potential Breakout Looms 1 hour ago Avalanche Foundation Eyes $1B Raise to Fund Two Crypto Treasury Companies: FT 2 hours ago Blockchain-Based Lender Figure Prices IPO at $25 Per Share, Raising Nearly $788M 3 hours ago Scroll DAO to Pause Governance Structure Amid Leadership Shake-Up, Redesign Plans 3 hours ago Top Stories Dogecoin Leads Gain, Bitcoin Pops to $114K as M2 Setup Opens BTC Catchup Trade 5 hours ago Blockchain-Based Lender Figure Prices IPO at $25 Per Share, Raising Nearly $788M 3 hours ago Bull Trap Warning for Bitcoin, Dogecoin, XRP Emerges as S&P 500 Prints Rising Wedge; U.S. Inflation Eyed 4 hours ago Avalanche Foundation Eyes $1B Raise to Fund Two Crypto Treasury Companies: FT 2 hours ago Bitcoin’s Choppiness Index Continues To Climb, Potential Breakout Looms 1 hour ago Hong Kong's Central Bank Plans to Ease Rules on Banks' Crypto Holding: Report 32 minutes ago In this article SOL SOL $ 224.92 ◢ 2.11 % BTC BTC $ 113,955.96 ◢ 1.47 % About About Us Masthead Careers CoinDesk News Crypto API Documentation Blog Contact Contact Us Accessibility Advertise Sitemap System Status Disclosure & Polices CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation. Ethics Privacy Terms of Use Cookie Settings Do Not Sell My Info © 2025 CoinDesk, Inc. X icon