Advanced industries (Nasdaq: Ford) has raised $ 1.65 billion in cash and stable commitments through a private investment in public equity (PIPE) Directed by Galaxy Digital, Jump Crypto and Multicoin Capital, marking the greatest financing of the Treasury focused on Solana to date.
The actions of the company jumped by 128% in pre-commercial exchanges, while Sol increased by 2.3% after the announcement
Funding will support the Forward Industries plan to become an institutional player listed in the Solana ecosystem. Galaxy and Jump will provide infrastructure and advice services, while Multicoin, a start to Solana Backer, provides an expertise in investment, according to a press release on Monday.
The company said its strategy aims to generate chain yields and increase the value of long -term shareholders thanks to active participation in the decentralized financial markets in Solana.
Forward Industries will compete with Upexi Inc. (Upxi)which has more than 2 million ground tokens ($ 430 million) and the technology of sharp objects (STSS) After having collected $ 400 million to establish a Solana treasure in August. Another Solana cash company, soil strategies, which contains more than 435k ground token, said on September 5 that it appeared from Toronto to Nasdaq on September 5.
As part of the transaction, the co-founder of Multicoin and director Kyle Samani should become chairman of the board of directors of Forward. The president of Galaxy and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join observers of the Board of Directors.
“An institutional treasure can be sophisticated in the Solana ecosystem to create a differentiated value,” Samani said in a statement.
Forward also hired Cantor Fitzgerald as a main placement agent, the Galaxy investment bank’s arm being a co-place agent and a financial advisor.
Founded over 60 years ago as a design company for medical and technological companies, Forward Industries is now repositioning as a cash operator of digital assets focused on Solana.
