COINOTAG reported on September 8 that, according to market sources, Forward Industries, Inc. has announced a $1.65 billion private placement earmarked for the Solana Treasury Strategic initiative.

Sources indicate the placement is being subscribed in a combination of cash and stablecoin, underscoring the transaction’s hybrid funding profile while remaining consistent with institutional settlement practices.

No official filing or closing timeline has been disclosed; market participants await formal documentation for confirmation and regulatory detail before incorporating the development into investment analyses.