Forward Industries, Inc. announced a $1.65 billion private placement, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, to develop a Solana-focused digital asset treasury strategy, marking a significant institutional move into the ecosystem.

The funding aims to support the launch of this large-scale Solana treasury, which is expected to surpass current holdings and attract more institutional interest.

Kyle Samani, co-founder of Multicoin Capital, will become Chairman of the Board, highlighting Solana's undervalued potential and the opportunity for outsized returns.

Key executives from Galaxy Digital and Jump Crypto will serve as board observers, emphasizing strategic support and governance for the initiative.

This move is part of a broader trend where multiple firms are building substantial Solana treasuries, with companies like Upexi and SOL Strategies also holding significant SOL tokens.

The funds will be used to deploy an institutional-scale treasury, enabling activities such as staking, lending, and trading within the Solana ecosystem to generate on-chain returns.

The announcement has already led to a strong market reaction, with Forward's shares surging 128% in pre-market trading and Solana's SOL token increasing by 2.3%, reflecting investor confidence.

Galaxy Digital and Jump Crypto will provide infrastructure support, including trading, lending, staking, and technical infrastructure like Jump's Firedancer validator client, to enhance Solana's scalability.

The deal structure involves Cantor Fitzgerald as lead placement agent, with Galaxy Digital’s investment banking division acting as co-placement agent and financial advisor, underscoring the institutionalization of digital asset treasuries.

Key figures such as Chris Ferraro from Galaxy and Saurabh Sharma from Jump Crypto will join as board observers, bringing extensive experience to strengthen governance and strategy.

This strategic move underscores the growing institutional interest in Solana, as more companies recognize its potential to bridge traditional finance with decentralized networks.

Overall, the initiative reflects a broader industry trend of legacy firms shifting towards digital assets and blockchain technology to tap into new markets and capitalize on DeFi growth.