Solana (SOL) moved above $227 as of press time, after Forward Industries, a Nasdaq-listed firm, confirmed a $1.65 billion financing round. Data from Coingecko showed the token closing at $227.31, up 1% on the day. Over the past week, SOL gained 8%, nearly 30% in the past month, and more than 70% in six months.
Forward Industries said the funds will be used to purchase SOL, build its treasury, and cover digital asset and working capital needs. The raise added momentum to Solana’s recent rally, which has been supported by institutional interest.
The deal was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which together committed more than $300 million. Other investors included Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital.
Forward described the outcome as broad-based support across investor groups. Angel investors also joined the raise. They included Cindy Leow of Drift, Guy Young of Ethena, Howard Lindzon of Stocktwits, Lucas Bruder of Jito, Lucas Netz of Pudgy Penguins, Robert Leshner of Superstate, Tarun Chitra of Gauntlet, and Tory Green of io.net.
Growing Role of Public Listings
The raise comes after another Solana treasury firm, SOL Strategies, received approval to list on Nasdaq. Public listings are seen as adding liquidity and visibility to Solana-linked vehicles.
Forward’s market value is currently close to $50 million, far below the size of the $1.65 billion financing. The firm said the funds will strengthen Solana’s long-term position. Network upgrades, such as the Alpenglow proposal, are also aimed at improving transaction speed and efficiency.
Changes in the Boardroom
Completion of the deal brought new board appointments at Forward. Kyle Samani, co-founder of Multicoin Capital, has been named Chairman. Chris Ferraro, President of Galaxy Digital, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, also joined the board.
Interim Chief Executive Officer Michael Prutti will remain in his position. In a statement, the company noted that current management will continue to handle operations while working with new board members. The appointments increase the influence of digital asset firms in shaping Forward’s strategy.
