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%

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