Nasdaq-listed Forward Industries Raises $1.65B to Establish SOL Reserve

Forward Industries, a Nasdaq-listed industrial design services company, has taken a step to join the moving crypto reserve adoption train. As revealed in a recent press release, it has secured about $1.65 billion to adopt Solana (SOL), the world’s sixth-largest cryptocurrency, as its reserve asset.

Following the announcement on Monday, the company’s stock, FORD, surged over 10% to reach $16.36, a feat it has not achieved since July 2022. This marks an increase in interest as pro-crypto investors seeking indirect exposure to SOL have acquired FORD shares.

$1.65B for SOL Shopping

Notably, the firm raised funds for its SOL reserve through a private investment in public equity (PIPE) offering. The placement was led by Galaxy Digital, a crypto and AI infrastructure investor; Jump Crypto, a digital asset trading platform; and Multicoin Capital, a renowned SOL investor.

These firms would provide strategic support to Forward Industries, helping it achieve its goal of becoming a prominent part of the Solana ecosystem through its investment in SOL. Forward Industries also plans to engage with the ecosystem to generate unique profits and boost its Solana reserve over the long term. 

Commenting on why Forward Industries chose to invest in SOL and its long-term vision, the firm’s CEO, Michael Pruitt, noted, 

“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world. Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”  

Institutional Solana Investors on the Rise

Notably, Forward Industries has only recently joined the ever-growing list of institutional Solana investors. The list includes Nasdaq-listed DeFi Development Corp (DFDV), which adopted a Solana reserve in April 2025.

Concluding its SOL shopping last week, the firm now holds approximately 2.03 million SOL tokens. According to CoinMarketCap, Solana trades at $214 with a 5% increase within the past 24 hours; thus, the firm’s big SOL bag is valued at over $420 million. 

Meanwhile, within the past six months, DeFi Dev Corp’s stock, DFDV, has risen by approximately 2,350% to $15, as long-term investors reap maximum profits.