- Forward Industries has raised $1.65 billion in a private placement led by Multicoin Capital, Galaxy Digital, and Jump Crypto, with plans to channel the funds into Solana’s DeFi ecosystem.
- The Nasdaq-listed firm, chaired by Multicoin’s Kyle Samani, aims to position itself as a leading institutional player in Solana, boosting the network’s competitiveness against Ethereum.
Forward Industries, the Nasdaq-listed firm that recently transitioned into a Solana-focused treasury company, has announced ambitious plans to channel billions into decentralized finance (DeFi) protocols built on the Solana blockchain. The move follows the company’s landmark $1.65 billion private placement, which closed last week with backing from major industry players.
The fundraising round was led by Multicoin Capital, Galaxy Digital, and Jump Crypto, with the trio collectively subscribing over $300 million. Their investment underscores a coordinated push to position Forward Industries as the foremost publicly traded institutional participant in the Solana ecosystem.
Kyle Samani, co-founder of Multicoin Capital, was appointed chairman of Forward Industries earlier this month.
In a statement shared on X, Samani confirmed that the company’s strategic priority is deploying its newly raised capital into Solana-native DeFi protocols. His comments came in response to a post from prominent crypto trader Ansem, who suggested that corporate treasuries embracing Solana DeFi would significantly boost the network’s competitiveness against Ethereum.
“This is the game plan,” Samani wrote, signaling a clear roadmap for Forward Industries’ next phase of growth.
This is the game plan! https://t.co/Auu1HHx3I4
— Kyle Samani (@KyleSamani) September 14, 2025
While Forward has not yet disclosed its first direct Solana (SOL) purchase, public treasuries collectively hold over 4.7 million SOL tokens as of September 14, according to The Block’s data.
Forward’s entry into this growing arena adds weight to the bullish sentiment surrounding Solana’s ecosystem at a time when institutional interest in blockchain treasuries is surging.
The strategy reflects a broader shift in the crypto investment landscape, where blockchain ecosystems are increasingly measured not just by speculative token activity but by the real adoption of their DeFi protocols. Solana has emerged as Ethereum’s closest rival, boasting faster transaction speeds and significantly lower fees.
These features have made it attractive for developers and traders alike, particularly as decentralized exchanges and lending platforms expand on the network.
Still, Solana has considerable ground to cover. According to DefiLlama data, Ethereum remains far ahead with more than $96 billion in total value locked (TVL) across 1,601 DeFi protocols.
By comparison, Solana’s 363 protocols currently hold about $13 billion in TVL. Forward Industries’ planned capital deployment could narrow this gap, potentially driving a new wave of liquidity and adoption across Solana’s DeFi space.
The involvement of Galaxy Digital and Jump Crypto adds further legitimacy to the initiative. Both firms are recognized leaders in institutional crypto finance and trading, and their decision to support Forward’s pivot signals confidence in Solana’s long-term prospects.
With $1.65 billion secured and a clear mandate to accelerate Solana’s DeFi growth, Forward Industries is positioning itself at the intersection of corporate finance and blockchain innovation. Whether this bold bet will elevate Solana closer to Ethereum’s dominance remains to be seen, but it underscores the intensifying battle for leadership in decentralized finance.
