Original | Odaily Planet Daily (@OdailyChina)
Author | Azuma (@azuma_eth)
On the afternoon of September 8, Beijing time, NASDAQ-listed Forward Industries (NASDAQ: FORD) officially announced that it has secured a total of $1.65 billion in cash and stablecoin commitments to initiate a digital asset treasury strategy centered around SOL through a PIPE transaction (private investment in public equity). This financing is led by Galaxy Digital (NASDAQ:GLXY), Jump Crypto, and Multicoin Capital, with participation from one of the company's largest existing shareholders, C/M Capital Partners.
Data from Strategic SOL Reserve shows that among SOL treasury companies, the largest holdings are held by Sharps Technology (STSS), DeFi Development Corp (DFDV), and Upexi (UPXI), with holdings of 2.14 million (worth $457 million), 2.03 million (worth $433 million), and 2 million (worth $427 million) SOL respectively. Based on this calculation, if Forward Industries acts quickly in subsequent purchases, it will rapidly become the largest SOL treasury with its $1.65 billion stake.
In its financing announcement, Forward Industries pointed out that Galaxy, Jump Crypto, and Multicoin will provide both funding and strategic support to help Forward Industries design and execute its SOL treasury strategy, aiming to make it a leading publicly listed institutional participant in the SOL ecosystem. Forward Industries will leverage the resources of these investors to seek differentiated on-chain returns within the Solana ecosystem and create long-term value for shareholders through active participation in ecosystem development.
As the three leading investors in this financing, Galaxy, Jump Crypto, and Multicoin hold significant positions within the Solana ecosystem and can even be regarded as some of the most influential institutions in Solana today.
- Galaxy: Currently one of the largest validators in the Solana ecosystem, operating a mature institutional-level digital asset service system. Galaxy will provide Forward Industries with services such as trading, lending, structural design, staking, and blockchain infrastructure, while also actively managing Forward Industries' treasury strategy using its full suite of products and risk control systems.
- Jump Crypto: Committed to building and maintaining the core infrastructure that supports Solana's growth. Jump Crypto is currently developing Firedancer, a next-generation high-performance client for Solana, aimed at enhancing the throughput, resilience, and efficiency of the Solana network; at the same time, Jump Crypto is also a core engineer and network contributor to key infrastructure projects such as DoubleZero and Shelby.
- Multicoin: A top-tier VC established in 2017, focusing on long-term, high-conviction investments. Multicoin was an early seed investor in Solana, leading the first three rounds of financing before Solana's launch in 2018, and has invested in over 25 projects within the Solana ecosystem.
After the completion of this financing, Multicoin co-founder and managing partner Kyle Samani is expected to become the chairman of the board of Forward Industries. Given that Kyle Samani has been consistently sharing various theoretical insights and narratives about industry development over the years, he possesses strong personal charisma and influence throughout the cryptocurrency field, and is expected to become a key figure in the Solana ecosystem, similar to Tom Lee (chairman of the board of BitMine, the largest treasury company for ETH).
As a result of this positive news, the price of SOL has seen a short-term boost, currently reported at 215.3 USDT, with a 24-hour increase of 5.87%. Looking ahead, as Forward Industries officially begins to purchase reserves, it is expected that the price of SOL will also receive strong buying support over time.
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