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Forward Industries, a 60-year-old manufacturing company specializing in medical device and technology products, has raised $1.65 billion through a private placement to pivot toward a Solana-focused digital asset treasury strategy, the company announced in a statement.
The NASDAQ-listed firm (FORD) secured commitments in cash and stablecoins from Galaxy Digital, Jump Crypto, and Multicoin Capital, marking one of the largest funding rounds for a Solana-oriented public company strategy. The investment represents a major shift from Forward's traditional business of designing products for medical and technology clients.
The company currently has a market capitalization of $44.59 million, following a stock price surge of 72.84% since its close on Friday.
The pivot reflects growing institutional interest in blockchain treasury strategies, though Forward's transition from traditional manufacturing to crypto represents an unusual corporate transformation. The company has operated for six decades serving medical device and technology companies before announcing this strategic shift.
Kyle Samani, co-founder of Multicoin Capital, will become chairman of Forward's board upon closing the transaction. Samani led Multicoin's original seed investment in Solana in 2018 and has backed over 25 projects within the ecosystem since the blockchain's launch.
The three lead investors will provide strategic support beyond capital, with Galaxy offering trading, lending, staking, and infrastructure services through its institutional platform. Jump Crypto brings engineering expertise, including development of Firedancer, a high-performance Solana validator client designed to increase network throughput and resilience.
Forward Industries CEO Michael Pruitt said the company aims to generate "differentiated onchain returns" through active participation in Solana's decentralized finance ecosystem rather than passive token holding. The strategy targets opportunities in staking, lending, and trading within Solana's infrastructure.
Galaxy's Mike Novogratz highlighted the expertise of the three firms' leadership, with Galaxy's Chris Ferraro and Jump Crypto's Saurabh Sharma expected to join Forward's board as observers. The collaboration aims to establish Forward as a leading publicly traded participant in Solana's ecosystem.
Multicoin's early backing of Solana and continued ecosystem investment provides Forward access to deal flow and strategic opportunities within the blockchain's expanding application landscape. The firm's thesis-driven approach focuses on long-term, high-conviction investments in blockchain protocols.
The private placement structure allows Forward to raise significant capital while maintaining its public listing, providing retail investors exposure to Solana-focused institutional strategies previously available only to large investors or crypto-native firms.
Forward expects to announce additional details about its treasury activities and PIPE financing in the near term as it executes the transition from traditional manufacturing to digital asset management.
