Key Takeaways
- Forward Industries secured a $1.65 billion investment led by Galaxy Digital, Jump Crypto, and Multicoin Capital for a Solana-focused treasury strategy.
- Key industry leaders will join Forward Industries’ board and advisory positions following the PIPE financing.
Forward Industries announced today a $1.65 billion private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a Solana-focused digital asset treasury strategy.
The announcement follows an earlier report that the three companies plan to raise $1 billion to acquire Solana tokens. The initiative reflects a growing trend of building crypto treasuries around major crypto assets like Bitcoin, Ethereum, and Solana.
The Galaxy-backed reserve could become the largest Solana-focused treasury, surpassing peers such as Upexi. The deal, backed by the Solana Foundation, is expected to close in early September.
Kyle Samani, Co-Founder and Managing Partner of Multicoin Capital, will become Chairman of the Board of Directors upon PIPE’s closing. Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, will join as Board observers.
Mike Novogratz, Founder and Chief Executive Officer of Galaxy, said:
Cantor Fitzgerald will serve as the lead placement agent, with Galaxy Investment Banking acting as co-placement agent and financial advisor. Forward Industries anticipates releasing additional updates regarding its PIPE financing and treasury activities in the near future.
Source: https://cryptobriefing.com/solana-treasury-raise-forward-industries/
