Forward Industries announced a $1.65 billion private placement in public equity to support its treasury strategy, positioning itself prominently in the crypto space. This shift marks a transformation for the company, formerly focused on medical and technology products, as it aims to accumulate Solana with backing from significant players like Multicoin Capital, Galaxy Digital, and Jump Crypto. Following the news, Forward's stock surged 92% in pre-market trading before stabilizing at a 40% increase. If fully invested into Solana, the company would become one of the largest treasury holders dedicated to the cryptocurrency, joining other notable firms like Upexi and DeFi Development Corp. Galaxy is set to provide advisory services, while Jump is developing infrastructure for Solana. Forward plans to maintain its original focus on medical and tech products while exploring opportunities in crypto. This strategic pivot highlights the trend of traditional companies adapting to the growing influence of digital assets and blockchain technology.

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