Forward Industries has closed a $1.65 billion funding round to build a Solana treasury, sending the token’s price above $227. The Nasdaq-listed company confirmed the private placement was led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
According to the press release, the proceeds will mainly be used to buy Solana’s native token SOL and support treasury operations. Forward also said funds will cover working capital and transaction expenses. The round brought in both institutional and angel investors who signaled growing confidence in the Solana ecosystem.
More than $300 million came from Galaxy, Jump, and Multicoin. Other backers included Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital.
Meanwhile, angel investors featured Cindy Leow of Drift, Guy Young of Ethena, Howard Lindzon of Stocktwits, Lucas Bruder of Jito, Lucas Netz of Pudgy Penguins, Robert Leshner of Superstate, Tarun Chitra of Gauntlet, and Tory Green of io.net.
The announcement lifted Solana’s price by 1.41% to $225.99. Data from CoinmarketCap shows the token has gained 10.89% over the week, nearly 30% in a month, and more than 70% in six months.
SOL Price action | Source: CoinMarketCap
The financing also reshaped Forward’s board. Kyle Samani, co-founder of Multicoin, was appointed Chairman. Chris Ferraro, President of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, joined as observers. Interim Chief Executive Michael Pruitt will stay in his role and also join the board.
Samani said, “Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets.” Pruitt added, “We aim to unlock Solana’s potential in the capital markets through diversified and innovative return generation strategies.”
Despite Forward’s market cap being around $50 million, the deal positions it at the center of Solana’s expansion.
Notably, Solana has processed over 8.9 billion transactions in the second quarter of 2025, with $4 billion in daily decentralized exchange trading volume. The blockchain has also added more than 7,500 developers in 2024, making it one of the fastest-growing networks in the industry.
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