Forward Industries, backed by cryptocurrency fund Multicoin Capital, has launched a massive acquisition strategy for Solana (SOL). The company announced a $1.65 billion private placement (PIPE). Cash and stablecoin commitments were received as part of the agreement, and Multicoin, Jump Crypto, and Galaxy Digital led the execution of the strategy. According to on-chain data, a total of $680 million was collected across two wallets and transferred to Galaxy Digital. Galaxy initially purchased $326 million worth of SOL for Forward Industries' Solana Treasury Strategy (SOL DAT). The company currently holds approximately $1.3 billion in cash and stablecoins. $354 million of this amount is in stablecoins, with the remainder in cash reserves of up to $1 billion. According to the announcement, Kyle Samani, co-founder and managing partner of Multicoin, has been appointed Chairman of Forward Industries. Interim CEO Michael Pruitt has joined the board. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, will serve as observers. Samani said the following in his statement following the agreement: “Today's development demonstrates the belief among leading institutional investors that Solana should be at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future.” *This is not investment advice.