Forward Industries Makes $1.65 Billion Leap Into Solana Future

Quick Highlights Forward Industries shifts from device maker to Solana powerhouse $1.65B PIPE draws Galaxy Jump Crypto Multicoin support Stock jumps 6.5% as investors bet on Solana’s future Forward Industries Raises $1.65 Billion For Solana Push Forward Industries has announced a $1.65 billion private placement offering (PIPE) aimed at building a significant position in Solana (SOL) signaling one of the largest corporate moves into the blockchain ecosystem to ￰0￱ Backers Join The Deal Leading the investment round were Galaxy Digital

Jump Crypto and Multicoin Capital which together committed $300 million in equity ￰1￱ other firms and angel investors participated including Pudgy Penguins CEO Luca ￰2￱ the PIPE

Multicoin co-founder Kyle Samani was named chairman of Forward Industries’ board of directors with additional representatives from participating firms joining the company’s leadership ￰3￱ a statement Samani said: ”This is just the beginning of Solana’s role in global ￰4￱ Galaxy Jump

and Multicoin behind us Forward Industries has the platform to accelerate adoption on a massive scale.” Stock Reaction And Strategic Shift News of the offering pushed Forward Industries’ shares up 6.5% though gains eased as trading ￰5￱ company once known for producing protective cases and accessories for medical and tech devices

formally shifted to a crypto asset treasury strategy earlier this ￰6￱ PIPE positions Forward Industries to become a leading enterprise player in the Solana ecosystem although it has not yet detailed whether its holdings will be leveraged for revenue generation beyond balance sheet ￰7￱ to Blockworks data total Solana under corporate management as of September 10 stands at $1.4 billion with the majority controlled by DeFi Development (DFDV)

Upexi (UPXI) and Sol ￰8￱ Industries is expected to soon join this list as Sol Strategies also prepares for a public ￰9￱ listing.