Nasdaq-listed Forward Industries (FORD) said Thursday it has closed the $1.65 billion private investment in public equity (PIPE) deal to build out corporate crypto treasury centered on Solana (SOL).

The cash and stablecoin commitments, led by Galaxy Digital, Jump Crypto and Multicoin Capital, will fund the company’s plan to anchor its balance sheet in Solana’s native token, SOL.

The three lead investors contributed more than $300 million, joined by firms including Bitwise Asset Management, Borderless Capital and SkyBridge Capital, as well as several crypto founders and angel investors. Multicoin co-founder Kyle Samani has been appointed chairman of the board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as observers.

The company’s stock surged as much as 15% before paring some of the gains in pre-market trading.

The move comes as public companies explore digital asset treasuries, holding crypto directly on their balance sheets, seeking to mirror early adopters like Micheal Saylor’s Strategy (MSTR), which has become the largest corporate owner of bitcoin (BTC).

Solana-focused treasury firms including DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (STSS) collectively hold over $1.4 billion in SOL, Blockworks data shows.

Read more: Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market