Multicoin, Jump, and Galaxy join forces to establish the largest SOL treasury in history with $1.65 billion in financing

Forward Industries (NASDAQ: FORD) has secured $1.65 billion in financing to establish the largest SOL treasury strategy to date. The funding round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from existing shareholder C/M Capital Partners.

The initiative aims to make Forward Industries a leading institutional participant in the Solana ecosystem, leveraging the expertise and infrastructure of its key investors.
Galaxy will provide trading, lending, staking, and risk management services; Jump Crypto is contributing core infrastructure like the Firedancer client; and Multicoin brings extensive investment experience within Solana.
Kyle Samani, Multicoin's co-founder, is set to become Chairman of the Board, drawing comparisons to Tom Lee’s role in Ethereum’s ecosystem.
The announcement has already positively impacted SOL's price, which rose nearly 6% following the news. Continued buying pressure is expected as the treasury strategy is executed.

Original | Odaily Planet Daily

Author: Azuma

On the afternoon of September 8th (Beijing time), Nasdaq-listed Forward Industries (NASDAQ: FORD) officially announced that it has secured $1.65 billion in cash and stablecoin commitments to launch its SOL-centric digital asset treasury strategy through a PIPE transaction (Private Equity Offering). The financing was led by Galaxy Digital (NASDAQ: GLXY), Jump Crypto, and Multicoin Capital, with participation from C/M Capital Partners, one of the company's largest existing shareholders.

Strategic SOL Reserve data shows that among the current SOL treasury companies, the largest holdings are Sharps Technology (STSS), DeFi Development Corp (DFDV), and Upexi (UPXI), with holdings of 2.14 million SOL (US$457 million), 2.03 million SOL (US$433 million), and 2 million SOL (US$427 million), respectively. Based on this calculation, if Forward Industries continues to buy quickly, it will quickly become the largest SOL treasury with a holding of US$1.65 billion.

In its funding announcement, Forward Industries stated that Galaxy, Jump Crypto, and Multicoin will provide both financial and strategic support to help Forward Industries design and execute its Solana treasury strategy, with the goal of becoming a leading, publicly listed institutional participant in the Solana ecosystem. Leveraging these investors' resources, Forward Industries will strive to achieve differentiated on-chain returns within the Solana ecosystem and create long-term value for shareholders through active participation in its development.

As the three leading investors in this round of financing, Galaxy, Jump Crypto and Multicoin all play a vital role in the Solana ecosystem, and can even be regarded as the institutions with the strongest voice in Solana at present.

Galaxy : Currently one of the largest validators in the Solana ecosystem, Galaxy operates a mature, institutional-grade digital asset service system. Galaxy will provide Forward Industries with trading, lending, structuring, staking, and blockchain infrastructure services. Galaxy will also actively manage Forward Industries' treasury strategy using its comprehensive suite of products and risk management systems.
Jump Crypto : We are committed to building and maintaining the core infrastructure that supports Solana's growth. We are currently developing Firedancer, Solana's next-generation, high-performance client, designed to improve the throughput, resilience, and efficiency of the Solana network. We are also a core engineering and network contributor to key infrastructure projects such as DoubleZero and Shelby.
Multicoin : Founded in 2017, Multicoin is a top-tier VC firm focused on long-term, high-conviction investments. An early seed investor in Solana, Multicoin led the first three funding rounds before Solana's 2018 launch and has invested in over 25 projects within the Solana ecosystem.

Following the completion of this financing, Multicoin co-founder and managing partner Kyle Samani is expected to assume the role of Chairman of Forward Industries' Board . Given Kyle Samani's years of frequent theoretical reflections and narrative visions on industry development, and his strong personal charisma and influence across the cryptocurrency landscape, he is expected to become a leading voice in the Solana ecosystem, similar to Tom Lee (Chairman of BitMine, the largest treasury company in Ethereum).

This positive news has significantly boosted the price of SOL in the short term, reaching 215.3 USDT at the time of writing, a 5.87% increase over the past 24 hours. Looking ahead, as Forward Industries officially begins purchasing reserves, the price of SOL is expected to continue to see strong buying support for a period of time.