Forward Industries (NASDAQ: FORD) has raised $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking the largest Solana-focused treasury financing to date.

The firm’s shares jumped 128% in pre-market trading, while SOL rose by 2.3% following the announcement

The funding will support Forward Industries’ plan to become a publicly traded institutional player in the Solana ecosystem. Galaxy and Jump will provide infrastructure and advisory services, while Multicoin, an early Solana backer, brings investment expertise, according to a Monday press release.

The company said its strategy aims to generate on-chain returns and increase long-term shareholder value through active participation in Solana’s decentralized finance markets.

Forward Industries will be competing with the likes of Upexi Inc. (UPXI), which owns more than 2 million SOL tokens ($430 million) and Sharps Technology (STSS) after it raised $400 million to establish a solana treasury in August. Another Solana treasury company, SOL Strategies, which holds more than 435K SOL tokens, said on Sept. 5 that it will uplist from Toronto to Nasdaq on Sept 5.

As part of the transaction, Multicoin co-founder and managing partner Kyle Samani is expected to become chairman of Forward’s board. Galaxy President and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join as board observers.

“An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value,” Samani said in a statement.

Forward has also engaged Cantor Fitzgerald as lead placement agent, with Galaxy’s investment banking arm serving as co-placement agent and financial advisor.

Founded more than 60 years ago as a design company for medical and technology firms, Forward Industries is now repositioning itself as a digital asset treasury operator focused on Solana.