Today's Solana news: Galaxy, Jump Crypto, and Multicoin join forces to launch a $1.65 billion SOL treasury plan.

Solana (SOL) opened this week with a rise of 6%. This round of pump is attributed to the announcement of a new plan: the three major giants in the encryption industry, Galaxy Digital, Jump Crypto, and Multicoin Capital, will jointly establish a new Solana treasury for a publicly listed company. The collaboration aims to create on-chain returns for the company and enhance shareholder value through active participation in the Solana ecosystem.

1.65 billion USD PIPE financing to establish Solana treasury

Earlier on Monday, Forward Industries (FORD) disclosed its plan for a private investment in public equity (PIPE) issuance, committing a total of $1.65 billion in cash and stablecoins. This issuance is led by cryptocurrency-focused investment management firms Galaxy Digital, Jump Crypto, and Multicoin Capital, which will provide crucial funding for the new treasury fund. Financial advisory firm C/M Capital Partners will also be involved.

Forward Industries aims to leverage the expertise and resources of Galaxy Digital, Jump Crypto, and Multicoin to generate higher on-chain returns through active participation in the growth of Solana and enhance long-term shareholder value.

Michael Pruitt, CEO of Forward Industries, stated: "Our strategy of establishing an active Solana treasury program highlights our belief in the long-term potential of SOL and our commitment to creating shareholder value through direct participation in its growth."

As part of the program, Multicoin co-founder and managing partner Kyle Samani is expected to serve as chairman of the board after the PIPE transaction is completed. Samani has long been an advocate of the Solana protocol, believing that the platform is often "misunderstood and undervalued," stating, "Real economic value is being created on Solana. An institution-sized treasury can be deployed in complex ways within the Solana ecosystem, creating differentiated value and increasing the per-share SOL value at a faster pace than simply holding it passively."

Galaxy President and Chief Investment Officer Chris Ferraro, along with Jump Crypto Chief Investment Officer Saurabh Sharma, are also expected to join as board observers.

The new company is about to land on NASDAQ

Galaxy founder and CEO Mike Novogratz is confident in this plan, stating that under the leadership of Samani, Ferraro, and Sharma, Forward Industries is expected to become a leading publicly listed entity in the SOL ecosystem.

Saurabh Sharma from Jump Crypto also expressed the same view, and he is excited about Forward Industries' strategy centered around Solana. He emphasized that this provides investors with the opportunity to access innovative on-chain sources of returns that go beyond traditional staking, leveraging Solana's advanced decentralized finance ecosystem.

It is worth noting that this newly established treasury company will join SOL Strategies. According to reports last week, SOL Strategies is the first Solana treasury company to be listed on Nasdaq with the stock code "SRKTE". Trading is expected to begin on Tuesday.

With the establishment of the new treasury company, the price of SOL skyrocketed to the key level of 215 USD, outperforming the top ten cryptocurrencies by market capitalization, including Bitcoin (BTC). However, SOL is still about 27% lower than the historical high of 293 USD set earlier this year.

Conclusion

The collaboration between Forward Industries and giants in the encryption industry marks a new chapter in the deep integration of traditional listed companies with digital assets. This $1.65 billion PIPE financing not only brings substantial capital to the Solana ecosystem but also sends a strong signal to the market: institutional investors are shifting their focus from simple passive holding to actively participating in the ecological construction of public chains in search of richer returns. This move, along with the listing of SOL Strategies, will provide a referable example for other traditional companies, indicating that the Solana ecosystem will continue to attract more mainstream capital and innovative models in the future, thereby consolidating its leading position in the market.