Key facts
- Forward Industries has pivoted to a crypto-focused treasury vehicle, deploying capital into Solana.
- The company raised $1.65 billion through a PIPE deal involving major crypto investors.
- Forward Industries acquired over 6.8 million SOL tokens, becoming the largest publicly traded Solana treasury.
- The stock is now seen as a proxy for Solana exposure, with an 8% jump reported.
- Future plans include a $4 billion ATM offering to expand the treasury.
Forward Industries (FORD), a company historically known for designing and manufacturing cases for medical and tech devices, has undergone a significant strategic pivot, transforming into a crypto-focused treasury vehicle. In September 2025, the company raised $1.65 billion through a private investment in public equity (PIPE) deal, with major participants including Galaxy Digital, Jump Crypto, and Multicoin Capital.
This capital infusion was primarily deployed to acquire over 6.8 million Solana (SOL) tokens, valued at approximately $1.58 billion. This move instantly established Forward Industries as the largest publicly traded Solana treasury, effectively making its stock a proxy for Solana's performance. The company's strategy now centers on staking, participating in decentralized finance (DeFi), and aiming for SOL-per-share growth, guided by prominent Solana advocate Kyle Samani.
Following this pivot, Forward Industries' stock saw a notable increase, jumping 8%. The company has further plans to expand its treasury and deepen its integration with the Solana ecosystem through a proposed $4 billion at-the-market (ATM) offering.