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Forward Industries raises $1.65 billion for solana treasury

Treasury companies collectively hold 4.67 million solana tokens.

9/8/25 11:11AM

Solana treasuries continue to gain momentum, with Forward Industries announcing it has raised $1.65 billion in cash and stablecoin commitments for a PIPE offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a solana treasury. Cantor is the lead placement agent.

Shares of the company are up over 40% on Monday. Solana, the sixth-largest crypto by market cap, is up 5.4% in the past 24 hours.

Kyle Samani, a Multicoin managing partner, will become chairman of the board.

Meanwhile, Sol Strategies, a Canadian publicly listed company with 402,623 solana, announced it has received approval to list on the Nasdaq. The company will start trading on Tuesday under the ticker “STKE.”

Leah Wald, Sol Strategies CEO, told Sherwood News that securing Nasdaq approval is a defining moment for the company.

“We’ve proven that a company built around solana infrastructure can meet the same standards as the most innovative firms in traditional markets,” she said. “This uplisting opens the door to a wider class of investors and shows how our validator-driven model is built for scale.”

Solana treasury companies collectively hold 4.67 million solana, The Block data shows.

Among the companies leading the treasury pack:

Recent entrant Sharps Technology, a medical device and pharmaceutical packaging company, acquired more than 2 million solana last week.
DeFi Development Corp. now holds more than 2 million solana.

Solana’s price has been buoyed by increased institutional interest and solana’s upcoming Alpenglow upgrade.

“If successfully implemented, it could give solana transaction speed that exceeds that of SUI and even rival standard Google Search response times,” Ray Youssef, CEO of crypto platform NoOnes, said. “For institutions and builders considering on-chain infrastructure, this kind of benchmark and performance is a material differentiator, reinforcing solana’s narrative as a leading next-generation Layer 1 chain and alternative to ethereum.”

Sage D. Young11h

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday.

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents.

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

We looked at this last year and found most of the gains are in fact after hours. Doesn't mean the ETFs aren't having impact. Some of this is positioning bc of the ETFs etc or derivatives based on flows etc etc. But yeah, bitcoin After Dark ETF could put up better reutrns, we'll… pic.twitter.com/BTpV51cQfl
— Eric Balchunas (@EricBalchunas) December 9, 2025

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

Yaël Bizouati-Kennedy

12/8/25

Bitcoin will “snapback or chop ahead of the Fed” decision

Traders on prediction markets are divided, giving an equal chance that bitcoin drops below $80,000 or rises above $100,000 this year.

Yaël Bizouati-Kennedy

12/2/25

Legendary short seller James Chanos on the problem with Strategy’s business model

The noise has grown louder about Strategy being in trouble, but most experts think Strategy can weather the current bitcoin downturn, though one critic predicts this is “the beginning of the end.”