Forward Industries, a Nasdaq-listed company traditionally known for its design and manufacturing expertise, has made a bold pivot into the digital asset space.

Forward Industries said it has secured $1.65 billion in cash and stablecoin commitments through a private placement backed by major crypto investment firms.

According to a press release, the company intends to use the fresh capital to cement its position as a leading publicly traded participant in the fast-growing Solana blockchain ecosystem.

Forward Industries’ partnership and entrance into the Solana blockchain ecosystem mark a significant departure from its historical focus on design and manufacturing, particularly in diabetic products.

The $1.65 billion private investment in public equity offering is the largest Solana-focused treasury raise to date, reflecting strong investor confidence in Solana’s high-performance blockchain, known for its scalability and low transaction costs.

The company aims to leverage Solana’s innovative ecosystem to generate on-chain returns and enhance long-term shareholder value. 

“Our commitment to Solana underscores our belief in its transformative potential and our dedication to building value through active participation in its growth.” Michael Pruitt, chief executive officer of Forward Industries, emphasized.

The placement, which is led by Galaxy Digital, Jump Crypto, and Multicoin Capital, will provide not only capital but also strategic expertise to guide the company’s treasury strategy.

Galaxy Digital will offer trading, lending, and risk management services through its asset management arm.

Meanwhile, Jump Crypto will contribute its engineering prowess. This will include work on Solana’s Firedancer validator for enhanced network efficiency.

Multicoin Capital, on the other hand, brings deep ecosystem knowledge.

Kyle Samani, co-founder and managing partner of Multicoin Capital, will assume the role of Chairman of the Board upon the deal’s closure.

Chris Ferraro of Galaxy and Saurabh Sharma of Jump Crypto will also join as board members.

“I have been one of the earliest and loudest champions of Solana since Multicoin first led the seed round back in 2018. Solana is still widely misunderstood and discounted by market participants, despite the fact that it has been resilient through adversarial cycles and continues to be one of the most performant general-purpose blockchains. I believe this asymmetry creates tremendous opportunity for a Solana treasury strategy,” said Samani.

Cantor Fitzgerald & Co. Serves as the lead placement agent for this landmark transaction, which is poised to reshape Forward Industries’ market identity and financial trajectory.

By integrating Solana’s ecosystem, the company aims to capitalise on the blockchain’s growing adoption in decentralised finance (DeFi), non-fungible tokens (NFTs), and other innovative applications.

Support from its high-profile investors, combined with Solana’s robust infrastructure, will drive differentiated returns for investors.

More importantly, Forward Industries adds to the many public companies making a foray into crypto with SOL as a treasury asset.

Forward joins the likes of DeFi Dev, Upexi and SOL Strategies to boost Solana adoption.

The price of SOL could benefit massively from these initiatives.

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