Forward Industries, a New Jersey-based technology firm known for manufacturing electronics accessories, has embarked on a bold transformation by securing significant investment from cryptocurrency and blockchain venture capital funds. This strategic pivot, supported by New Jersey’s growing blockchain ecosystem, aims to integrate digital assets and blockchain technology into the company’s business model, capitalizing on the state’s industry-friendly regulations.
Forward Industries announced today that Galaxy Digital, Jump Crypto, and Multicoin Capital have committed $1.65 billion through a private investment offering that will transform the NASDAQ-listed company from a manufacturer of consumer electronics cases into “one of the leading publicly traded institutional participants on the Solana ecosystem.”
The investment represents one of the largest Solana-focused raises to date and signals growing institutional confidence in blockchain technology. Galaxy Digital, which operates as a leading digital asset merchant bank, leads the consortium alongside Jump Crypto, a major trading and market-making firm, and Multicoin Capital, which manages significant cryptocurrency investments.
Forward Industries has spent decades producing carrying cases and accessories for consumer electronics under the ticker symbol FORD. The company now plans to pivot towards building what it calls the largest Solana-focused treasury raise to date. It aims to generate returns through staking, lending, and trading activities within the Solana blockchain ecosystem, positioning Forward Industries as a leading publicly traded participant in this rapidly growing sector.
Strategic Leadership Overhaul Signals Serious Commitment
Kyle Samani, co-founder and managing partner of Multicoin Capital, will assume the role of Chairman of Forward Industries’ Board of Directors upon completion of the transaction. Samani led Solana’s seed investment in 2018 and has remained a vocal advocate for the blockchain network’s potential.
Chris Ferraro, President and Chief Investment Officer at Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, will join as board observers, bringing extensive experience in building and investing in Solana-based projects.
The timing coincides with Solana’s emergence as a major competitor to Ethereum in the smart contract space. The blockchain has gained significant traction due to its high-speed transactions and lower fees, attracting developers and users away from more established networks.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” said Michael Pruitt, Chief Executive Officer of Forward Industries. “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.”
Existing shareholder C/M Capital Partners participated in the transaction, providing additional validation for the strategic transformation. Cantor Fitzgerald serves as lead placement agent, with Galaxy Investment Banking acting as co-placement agent and financial advisor.
The company’s bold move positions it to capitalize on Solana’s growing ecosystem, potentially setting a precedent for other public companies exploring blockchain opportunities. As Solana continues to challenge established networks, Forward Industries’ strategic shift could reshape its market presence and drive long-term growth.
