Forward Industries Stock Surges After $1.65 Billion Solana Investment

📅 September 8, 2025 📚 4 min read 🏷️ News, DeFi

TL;DR

  • Forward Industries announces a $1.65 billion private equity placement.
  • Stock price surged 92% pre-market before stabilizing at a 40% increase.
  • The firm plans to accumulate Solana with support from Multicoin Capital and others.
  • If fully invested in Solana, Forward would become the largest Solana treasury firm.
  • Galaxy Digital and Jump Crypto will provide strategic support and infrastructure.

Forward Industries has made headlines with its announcement of a $1.65 billion private placement in public equity (PIPE) aimed at bolstering its treasury strategy centered on Solana. This move marks a significant pivot for the company, which has traditionally focused on designing products for medical and technology sectors. The announcement was made on Monday, and it has already had a notable impact on the company’s stock performance.

In the wake of the announcement, Forward Industries (ticker: FORD) experienced a dramatic surge in its stock price, soaring by 92% during pre-market trading to reach $31.50. However, as the market opened, the stock adjusted to around $28.61, still reflecting a 75% increase. As of the latest updates, FORD is trading at approximately $22.95, which represents a 40% increase on the day. This volatility highlights the market’s reaction to the company’s new direction.

The PIPE will be led by Kyle Samani, co-founder and managing partner of Multicoin Capital, who will assume the role of chair of Forward Industries’ board once the PIPE closes. Multicoin Capital has been an active investor in the Solana ecosystem since its inception in May 2018. In addition to Multicoin, Forward will receive strategic support from notable institutional crypto firms, including Galaxy Digital and Jump Crypto, which will assist with advisory and risk management services, as well as infrastructure for trading, lending, and staking.

If Forward Industries were to invest the entirety of its PIPE proceeds into Solana, it would position itself among the largest treasury firms dedicated to cryptocurrencies like Bitcoin and Ethereum. Currently, three publicly traded firms hold more than $1.65 billion worth of Ethereum, while eight firms hold similar amounts of Bitcoin. Among firms focusing on Solana, Forward would become the largest if it allocated roughly a quarter of its PIPE proceeds to the digital asset.

As of August 4, another Solana treasury firm, Upexi, held over 2 million Solana tokens, while DeFi Development Corp. owned over 2 million as well, valued at approximately $434 million based on current market prices. This trend of traditional firms pivoting towards cryptocurrency is becoming more prevalent, with some companies abandoning their previous business models to become proxies for their chosen digital assets.

Despite this shift, Forward Industries will continue to engage in its original focus on technology and medical products, according to sources familiar with the matter. The firm’s partnership with Galaxy Digital is particularly noteworthy, as Galaxy recently increased its exposure to Solana by swapping $100 million in Ethereum for Solana. Jump Crypto is also making strides in the Solana space, having begun development on a new validator client called Firedancer, with a prototype released last year.

On the same day as Forward’s announcement, Solana’s price was around $214, reflecting a 5.2% increase in the past 24 hours. This performance aligns with other altcoins, including XRP, which also saw a similar rise. Forward Industries will join a select group of firms focused on Solana treasury management, including SOL Strategies, Sharps Technology, DeFi Development Corp., and Upexi.

The PIPE financing route taken by Forward is reminiscent of Upexi’s earlier strategy, which saw its share price drop significantly after a registration-of-shares filing was approved by the U.S. Securities and Exchange Commission, allowing PIPE investors to sell their shares. This context underscores the risks and opportunities associated with such financial maneuvers in the evolving landscape of cryptocurrency.

In summary, Forward Industries’ strategic pivot towards Solana through a substantial PIPE investment highlights the growing intersection of traditional business models and the cryptocurrency market, potentially reshaping its future and that of its investors.

See also: How to store Bitcoin safely

See also: What is DeFi?

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This article is a summarized news brief for informational purposes only. Not financial advice.

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