Pass the industries (NASDAQ: Ford) raised $ 1.65 billion cash and stablecoin promises by a private investment in public equity (Pipe) Galaxy Digital, Jump Crypto, and Multicoin Capital, led the largest financing dedicated to Solana to this day.
The company’s sharing jumped 128% on pre-market trading, while Sol rose 2.3% following the announcement
The fund will support the forward industries’ plan to become a publicly exchanged institutional player in Solana ecosystem. Galaxy and Jump will give Press release.
The company said its approach aims to produce on-chain returns and increase the long-term value of the shareholder by actively participating in Solana’s decentralized financial market.
Forward industries will compete with UPEXI Inc.’s likes. (Upxi)that is owned More than 2 million Sol tokens ($ 430 million) and Sharps technology (STSS) After that Raised $ 400 million To establish a Treasury of Solana in August. Another Solana Treasury company, Sol Strategies, holding more than 435K Sol tokens, said it was said on September 5 that it would revolt from Toronto to NasdaQ on September 5.
As part of the transaction, multicoin co-founder and partner’s management Kyle Samani is expected to be chairman of the forward board. The president of Galaxy 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 different values,” Samani said in a statement.
The forward also engages with Cantor Fitzgerald as a lead-up agent, along with the Galaxy banking arm that serves as co-placement agent and financial counsel.
Established more than 60 years ago as a design company for the medical and technology of companies, the forward industries have re -repositioned itself as a digital asset manager who focused on Solana.
