Forward Industries has announced the raising of $1.65 billion through a private placement of shares (PIPE). The funds were received in the form of fiat currencies and stablecoins, with Galaxy Digital, Jump Crypto, and Multicoin Capital leading the investment round. C/M Capital Partners, a major shareholder of Forward Industries, also participated in the funding.
This is reported by Finway
Investments Aimed at Developing the Solana Strategy
The main goal of the new funding round is to launch a digital treasury strategy focused on the Solana ecosystem. The company plans to actively engage with the Solana network and generate revenue directly from the blockchain. It is expected that the new strategy will enable Forward Industries to become a key institutional player in this environment.
Strategic Support and Management Changes
Galaxy Digital, Jump Crypto, and Multicoin Capital are not only investing funds but also providing strategic support to Forward Industries to successfully implement the treasury strategy based on Solana. In particular, these companies aim to make Forward Industries a leading public participant in the Solana ecosystem.
“Solana has become one of the most promising blockchain ecosystems. We are confident in its long-term potential,” said Forward Industries CEO Michael Pritt.
As part of the new strategy, Multicoin Capital co-founder Kyle Samani will lead the board of directors of Forward Industries. Representatives from Galaxy Digital and Jump Crypto—Chris Ferraro and Surabh Sharma, respectively—will join the board as observers.
Financial advisory for the deal was provided by Cantor Fitzgerald & Co. and Galaxy Investment Banking. Additionally, Forward Industries plans to enter into a management support agreement with Galaxy Asset Management’s division.
It was previously reported that Pantera Capital intends to raise $1.25 billion to acquire Solana assets.