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Forward Industries Raises $1.65 Billion to Begin Solana Crypto Treasury

Provided by Dow Jones Sep 8, 2025, 10:39:00 AM

By Nicholas G. Miller

Forward Industries is receiving $1.65 billion in a private placement from three cryptocurrency firms to begin its digital-asset treasury strategy focused on Solana.

The investment is led by Galaxy Digital, Jump Crypto and Multicoin Capital, said the Hauppauge, N.Y.-based company on Monday.

Kyle Samani, co-founder of Multicoin, is expected to become chairman of the board of directors upon closing of the private placement.

"Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth," said Michael Pruitt, chief executive of Forward Industries.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

September 08, 2025 06:39 ET (10:39 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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