Forward Industries provides product design services to medical and technology companies and has been developing products for over 60 years. The company completed a $1.65 billion private investment in public equity (PIPE) specifically to fund purchases of SOL, the native token of the Solana blockchain. Forward plans to use net proceeds primarily to buy SOL for its treasury and for working capital, a Solana treasury strategy it established in September 2025. Galaxy Digital, Jump Crypto and Multicoin Capital will provide strategic guidance to Forward on structuring and executing that treasury strategy beyond their financial investment. Cantor Fitzgerald acted as lead placement agent and Galaxy Investment Banking served as co-agent of placement and financial advisor on the transaction. The company also appointed Kyle Samani of Multicoin Capital as chairman of the board and added interim CEO Michael Pruitt to the board.

Total raised

$1.6B

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2025