Solana (SOL) extended its rally past $227 after Nasdaq-listed Forward Industries announced the completion of a massive $1.65 billion raise to establish a Solana treasury. The move marks a strong vote of confidence from institutional investors in the growing Solana ecosystem.
According to the company, the financing round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which collectively invested over $300 million. Other major backers included Bitwise Asset Management, Borderless Capital, Coinlist Alpha, FalconX, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital. Proceeds from the raise will be allocated to purchasing SOL tokens, working capital, and digital asset-related operations.
SOL’s price climbed 1.41% to $227.31, up 7.75% in the past week, nearly 30% over the past month, and more than 70% across the last six months, according to TradingView. Analysts highlight that the $1.65B funding has amplified momentum and reinforced institutional support for Solana’s long-term growth.
Angel investors also joined the round, including Cindy Leow (Drift), Guy Young (Ethena), Howard Lindzon (Stocktwits), Lucas Bruder (Jito), Lucas Netz (Pudgy Penguins), Robert Leshner (Superstate), Tarun Chitra (Gauntlet), and Tory Green (io.net). Their involvement underscores continued retail and entrepreneurial confidence in Solana’s future.
In addition to the financing, the PIPE deal triggered key boardroom changes. Kyle Samani, co-founder of Multicoin, has been named Chairman of Forward Industries’ Board. Chris Ferraro, President of Galaxy Digital, and Saurabh Sharma, CIO of Jump Crypto, also secured board seats. Interim CEO Michael Prutti will remain in his position as the company integrates its new strategy.
Despite Forward’s modest market cap of about $50 million, the $1.65B raise represents a milestone for institutional adoption of Solana. With further upgrades such as the Alpenglow proposal designed to boost network speed and efficiency, Solana continues to strengthen its role as one of the leading blockchain ecosystems.
