Forward Industries, a Nasdaq-listed design and manufacturing company, has announced the creation of a $1.65 billion crypto treasury, focused exclusively on Solana (SOL). This initiative represents the largest Solana treasury to date, nearly tripling the size of any existing corporate SOL reserve. The funding round was led by crypto-native firms Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from C/M Capital Partners, a current shareholder of Forward Industries.
The company stated that the treasury strategy aims to position Forward as a publicly traded institutional vehicle. Through this approach, Forward intends to generate on-chain returns and create long-term value by actively participating in the Solana ecosystem, rather than maintaining passive holdings.
Galaxy, Jump, and Multicoin provide institutional support
Forward Industries’ Solana strategy is supported by key players in the crypto ecosystem. Galaxy Digital will provide comprehensive treasury management, including trading, lending, and staking services. Jump Crypto will contribute infrastructure support through projects like Firedancer and DoubleZero, ensuring the treasury operates efficiently within the Solana network. Multicoin Capital will offer strategic guidance and governance expertise, with co-founder and managing partner Kyle Samani expected to serve as chair of Forward Industries’ board.
Company’s conviction in Solana’s resilience and growth potential. He argued that an institutional-scale treasury can accelerate SOL per share growth faster than passive investment strategies. He also noted that SOL remains misunderstood and undervalued by many market participants, creating what he described as a “tremendous opportunity” for a dedicated treasury approach.
Forward Industries set to become the largest Solana holder
Forward Industries’ $1.6 billion Solana reserve would nearly triple the size of the current largest corporate SOL holdings. At present, Upexi, a supply chain management company, holds approximately 2 million SOL tokens, valued at around $430 million. Other notable holders include the DeFi Development Corporation, with 1.29 million SOL ($280 million), and Bit Mining, which announced plans to raise $200–$300 million for a Solana treasury in July.
This move positions Forward Industries at the forefront of institutional Solana adoption, highlighting growing interest from large-scale investors in integrating crypto treasuries into corporate strategies. By establishing one of the largest SOL reserves, Forward aims to combine public market accessibility with active on-chain participation, potentially setting a new benchmark for Solana-focused corporate investment.