Galaxy, Jump, Multicoin lead Forward Industry’s $1.65B Solana treasury raise

Forward Industry’s $1.6 billion SOL corporate treasury would be nearly triple the size of the largest existing Solana reserve.

Nasdaq-listed design and manufacturing company Forward Industries secured $1.65 billion in cash and stablecoin commitments to launch a Solana-focused crypto treasury strategy. 

The company said Monday that it raised the largest Solana (SOL) treasury to date, led by crypto-native companies Galaxy Digital, Jump Crypto and Multicoin Capital. Other participants included C/M Capital Partners, which is one of Forward Industries’ existing shareholders. 

This follows a Bloomberg report in late August saying the three crypto giants were planning to raise $1 billion and take over a publicly-traded company to create the biggest crypto treasury dedicated to Solana.

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