The company has secured a $1.65 billion private placement, drawing commitments in both cash and stablecoins. Early on-chain flows tracked nearly $680 million moving into Galaxy Digital-controlled wallets, with a portion already used to purchase more than $300 million worth of SOL.

Forward’s reserves now stand at roughly $1.3 billion, split between stablecoins and close to a billion in cash — a treasury structure designed to sustain long-term bets on Solana while keeping substantial liquidity in reserve.

Leadership Reshuffle Signals Intent

Alongside the funding, the firm announced a new leadership slate. Kyle Samani, co-founder of Multicoin Capital, has taken over as chairman. Former interim CEO Michael Pruitt has joined the board, while Galaxy Digital’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will act as observers.

The appointments underscore that this is not just another capital raise but a coordinated institutional strategy to elevate Solana’s role in financial markets.

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Positioning Solana at the Core

Samani framed the initiative as proof of conviction that Solana can become a backbone for modern capital markets. With execution support from Galaxy, Jump, and Multicoin, he argued, Forward Industries is positioned to accelerate Solana’s climb into mainstream finance.

A $1.65 billion treasury commitment stands out even in crypto’s high-stakes environment. Beyond the sheer scale, it reflects how institutional investors are increasingly treating Solana as more than just a blockchain for experimentation — but as a serious contender to anchor tokenized capital markets.

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