Forward Industries’ $1.65B PIPE May Make It Largest Solana Treasury Firm

• Forward announced a $1.65B PIPE to back a Solana treasury strategy.

• Multicoin Capital’s Kyle Samani will chair Forward’s board once the PIPE closes.

• If fully deployed, the PIPE could place Forward among the largest single-asset treasuries; comparable public firms hold >$1.65B in Bitcoin or Ethereum.

Meta description: Forward Industries Solana treasury: Forward unveils a $1.65B PIPE to anchor a Solana treasury—read how this could reshape institutional Solana holdings. Learn more.

What is Forward Industries’ Solana treasury plan?

Forward Industries’ Solana treasury plan centers on a $1.65 billion private placement in public equity (PIPE) intended to anchor a significant holding of Solana (SOL). The firm will retain technology and medical product operations while pursuing crypto treasury allocations supported by Multicoin, Galaxy, and Jump Crypto.

How will the $1.65 billion PIPE fund a Solana treasury?

Forward raised the $1.65 billion PIPE to provide capital flexibility, with the company indicating strategic shifts toward building a dedicated Solana treasury. Multicoin Capital co-founder Kyle Samani is expected to chair the board after closing, adding institutional crypto expertise to treasury decisions.

When could Forward become one of the largest Solana treasury holders?

Forward would rank among the largest Solana treasury holders if it allocates a meaningful portion—roughly 25% of the PIPE—into SOL. Comparable public firms reportedly hold more than $1.65B in single assets like Bitcoin or Ethereum, illustrating how concentrated allocations can create headline-sized treasuries.

How does this compare with existing public crypto treasuries?

Public firms that are treasury-focused show precedent: several hold in excess of $1.65B in Bitcoin or Ethereum. If Forward deploys even a portion of its PIPE into Solana, it would join a small group of companies with multi-hundred-million-dollar SOL exposures.

Frequently Asked Questions

Will Forward Industries remain a technology and medical product firm?

Yes. Forward will continue working on technology and medical products while pursuing a Solana treasury strategy, according to persons familiar with the matter cited in industry reporting.

Who are the institutional supporters of Forward’s plan?

Forward is expected to receive strategic and advisory support from Multicoin Capital, Galaxy, and Jump Crypto, providing trading, risk management, staking, and validator-client development expertise.

How did markets react to the PIPE announcement?

Forward (FORD) stock spiked in pre-market trading and rose as markets opened, reflecting investor interest; prices later pulled back but closed higher on the day of the announcement, per market data reported in financial summaries.

Key Takeaways

• Large PIPE announced: Forward unveiled a $1.65B PIPE to anchor a Solana treasury strategy.
• Institutional backing: Multicoin, Galaxy, and Jump Crypto are set to provide governance and technical support.
• Potential scale: Even a partial allocation of the PIPE to SOL would rank Forward among prominent single-asset treasuries.

Conclusion

The Forward Industries Solana treasury initiative represents a significant institutional bet on Solana, backed by recognized crypto firms and led by institutional leadership. If Forward deploys a substantial portion of its $1.65B PIPE into SOL, it could materially alter the landscape of public Solana treasuries. Watch for formal filings and treasury disclosures for precise allocations.

Published by COINOTAG on 2025-09-08. Updated 2025-09-08.