Key Takeaways
- • White & Case advised Multicoin Capital on its investment in a US$1.65 billion private placement in Forward Industries, Inc. to launch a Solana-focused digital asset treasury strategy, according to the law firm's announcement dated 11 September 2025.
- • Multicoin Capital, Galaxy Digital and Jump Crypto were the other lead investors in the private placement, providing both capital and strategic support.
- • The sponsor group aims to position Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem, targeting differentiated onchain returns and long-term shareholder value.
- • The transaction reflects growing institutional adoption of digital asset treasury strategies built around public equity vehicles.
Summary
Global law firm White & Case LLP advised Multicoin Capital on its investment in a US$1.65 billion private placement in Forward Industries, Inc., according to the firm's announcement on 11 September 2025. The placement is intended to initiate a Solana-focused digital asset treasury strategy. Galaxy Digital and Jump Crypto were the other lead investors in the round.
According to the announcement, Multicoin Capital, Galaxy Digital and Jump Crypto will provide both capital and strategic support to help Forward Industries structure and execute the Solana treasury strategy. The stated objective is to position the company as the leading publicly traded institutional participant in the Solana ecosystem. Through this sponsor group, Forward Industries aims to generate differentiated onchain returns and build long-term shareholder value through active participation in the Solana blockchain ecosystem.
Multicoin Capital, founded in 2017, describes itself as a thesis-driven investment firm making long-term, high-conviction investments in category-defining companies and protocols on behalf of sophisticated families, foundations, endowments and institutional investors. The firm states it manages several billion dollars across its funds and has deployed capital across market cycles in both public and private markets.
The White & Case team was led by M&A partner Prat Vallabhaneni (New York) and Capital Markets partner Laura Katherine Mann (Houston). Additional team members included Tax partner Neil Clausen, M&A partners Erica Hogan and Omar Hemady, and Capital Markets counsel Claudette Druehl, along with several associates. The primary source is the law firm's own announcement; no independent reporting on deal terms beyond the stated figures was available.
According to the announcement, Multicoin Capital, Galaxy Digital and Jump Crypto will provide both capital and strategic support to help Forward Industries structure and execute the Solana treasury strategy. The stated objective is to position the company as the leading publicly traded institutional participant in the Solana ecosystem. Through this sponsor group, Forward Industries aims to generate differentiated onchain returns and build long-term shareholder value through active participation in the Solana blockchain ecosystem.
Multicoin Capital, founded in 2017, describes itself as a thesis-driven investment firm making long-term, high-conviction investments in category-defining companies and protocols on behalf of sophisticated families, foundations, endowments and institutional investors. The firm states it manages several billion dollars across its funds and has deployed capital across market cycles in both public and private markets.
The White & Case team was led by M&A partner Prat Vallabhaneni (New York) and Capital Markets partner Laura Katherine Mann (Houston). Additional team members included Tax partner Neil Clausen, M&A partners Erica Hogan and Omar Hemady, and Capital Markets counsel Claudette Druehl, along with several associates. The primary source is the law firm's own announcement; no independent reporting on deal terms beyond the stated figures was available.
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