Forward Industries, Inc. (NASDAQ: FORD) has stunned both Wall Street and the crypto industry by unveiling plans to raise $1.65 billion for a Solana-focused treasury program.
The Nasdaq-listed company has filed an 8-K with the US Securities and Exchange Commission (SEC) disclosing a private investment in public equity offering, a move that has already reshaped its stock price and placed it at the centre of Solana’s growing institutional adoption story.
A record funding round with big backers
The funding round is structured as a private placement of cash and stablecoin commitments led by three heavyweight names in the digital asset sector: Galaxy Digital, Jump Crypto, and Multicoin Capital.
Forward Industries also secured participation from C/M Capital Partners, one of its largest existing shareholders.
The $1.65 billion funding is not only the largest in the company’s history but also the single biggest treasury commitment ever tied to Solana.
The scale of the raised funds means Forward Industries will hold more than 7.7 million SOL tokens at current prices, making it the largest publicly traded Solana treasury holder.
That position overtakes Upexi, which previously held around two million SOL, and marks a decisive corporate pivot for Forward, which was traditionally a design and manufacturing company.
Building Solana’s largest treasury
Forward Industries has made clear that its Solana strategy will not be passive.
The company’s management has stated that the treasury will be actively deployed into staking, lending, and decentralised finance opportunities on Solana, to generate on-chain returns and enhance shareholder value.
The approach mirrors Michael Saylor’s Bitcoin-focused treasury model at MicroStrategy but adapts it to Solana’s high-performance blockchain.
To execute its plan, the company has entered into a service agreement with Galaxy Asset Management, which will provide trading, risk management, and structuring support.
In addition, Jump Crypto will contribute technical expertise through projects such as its Firedancer validator client, while Multicoin will guide governance and ecosystem integration.
Furthermore, as part of the transaction, Multicoin’s managing partner, Kyle Samani, will become chairman of Forward’s board of directors.
Galaxy’s president, Chris Ferraro, and Jump Crypto’s chief investment officer, Saurabh Sharma, will join as board observers, giving the company a leadership team deeply embedded in the Solana ecosystem.
The wider race for Solana treasuries
Forward’s move comes as other companies are also building Solana-focused treasuries.
Upexi and DeFi Development each hold more than two million SOL, while Canadian firm Sol Strategies, with over 400,000 SOL, is preparing to uplist to Nasdaq under the ticker STKE.
Sharps Technology, a medical device firm, also recently disclosed it had acquired more than two million SOL.
Altogether, Solana treasury companies now control more than 4.6 million tokens, according to industry data.
At the same time, Solana itself continues to strengthen its narrative as a leading Layer 1 blockchain, with the upcoming Alpenglow upgrade expected to boost transaction speeds even further.
This performance edge could prove critical in attracting more institutional capital into Solana-based assets.
Forward Industries stock soars as investors take notice
The market reaction was swift. Forward’s shares more than doubled in pre-market trading after the announcement, touching $33 before paring gains.
By Monday’s session, the FORD stock was still up more than 50% to around $25.
The dramatic surge highlights how investors have embraced the company’s strategic turn toward blockchain-based finance.
The news also lifted Solana’s native token, SOL, which climbed above $214, gaining more than 5% in 24 hours.
Analysts now say the momentum could support a longer-term rally, with some even projecting that Solana (SOL) could test $4,000 in the future if adoption trends continue.
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