Building the Future: Why Galaxy is Sponsoring a Solana DAT
Galaxy has never wavered in its belief that blockchain technology is not just the future of finance—it is the inevitable foundation upon which the next century of global markets will be built. Our conviction has never been stronger. That is why we became the first Nasdaq-listed company to tokenize our stock directly onchain, signaling to the world how the transformation of capital markets may already be underway.
That same conviction drove us—alongside Jump Crypto and Multicoin Capital—to lead one of the largest PIPE transactions in history: a $1.65 billion private placement, funded entirely in cash and stablecoins, in Forward Industries Inc. (Nasdaq: FORD). This will create the world’s largest Solana digital asset treasury strategy, which will use the proceeds for the purchase of SOL.
This initiative is not about passive exposure. It is about building institutional-grade infrastructure, deploying capital at scale, and demonstrating Solana’s unmatched ability to support the full spectrum of financial activity—from trading and settlement to staking, lending, and beyond. Through Galaxy Asset Management’s treasury management platform, Jump’s trading and next-generation infrastructure edge, and Multicoin’s strategic depth and ecosystem expertise, we believe Forward Industries will generate differentiated returns while accelerating Solana’s institutional integration.
This is the beginning of a new era. We believe the financial markets of the future will not be run on legacy rails—they will be built onchain. And Galaxy, with our partners, is helping to lead that transition.
Solana: A Blockchain Built to Power Markets
Solana has firmly established itself as the world’s leading blockchain. In Q2 2025, the network processed over 8.9 billion transactions and supported nearly $3 billion in daily decentralized exchange (DEX) volume. These figures highlight a blockchain already operating at an immense scale, handling real economic activity and delivering over $1.1 billion in network revenue year-to-date—more than 2.5 times more than Ethereum. Its strength is evident across several key metrics:
Fees and Revenue: The ecosystem is a hub of economic activity. Solana applications have been the top revenue generators in crypto for 11 consecutive months, producing over $4 billion in fees year-to-date. Applications on Solana like Pump.fun and Axiom Pro individually generated over $50 million in 30-day revenue, demonstrating the platform's ability to support highly profitable applications.
Trading Volume: Year to date, Solana has accounted for 46% of all on-chain trading volumes, while Ethereum has accounted for 22%. Additionally, Solana accounted for 81% of all DEX transactions across all chains in the first half of 2025, with trading volume reaching nearly a trillion dollars in 2025 alone.
Performance and Cost: Solana currently offers a theoretical throughput of 65,000 transactions per second (TPS) with an average transaction fee of just $0.00025. This is orders of magnitude more efficient than Ethereum's 30 TPS and average fees of $2.93.
Behind these numbers is one of the fastest-growing developer communities in crypto. Solana became the number one ecosystem for new developers in 2024, attracting over 7,600 new builders and seeing an 83% year-over-year growth in its developer base while most other ecosystems shrank. This level of developer engagement is the lifeblood of any blockchain, and it is a primary reason Solana continues to lead on throughput, adoption, and innovation.
Institutionalizing Solana
Until now, investors seeking exposure to Solana have limited options: buy and hold SOL tokens, or hunt for indirect exposure through funds that may not even be available in your jurisdiction. That changes now. We think Forward Industries will be a definitive public market vehicle for institutional-grade, actively managed Solana exposure.
This isn't passive holding—it's an active alpha generation approach. We expect Forward Industries’ strategy will leverage Galaxy and Jump’s custom, high-performance infrastructure to stake for yield, lend into the thriving DeFi ecosystem, and deploy capital across advanced Solana-native strategies designed to compound SOL-per-share growth faster than simple token appreciation. For institutional investors, we think this represents unprecedented access to the future superhighway to global finance, delivered with the governance, transparency, and scale that public markets demand.
With Galaxy's institutional-scale asset management sophistication through our Galaxy Asset Management division, Jump's unparalleled infrastructure and trading mastery, and Multicoin's visionary strategic thought-leadership, we think Forward Industries will be uniquely positioned to drive heightened institutional adoption of Solana.
Galaxy brings proven treasury management and on-chain execution at scale, with deep experience as one of Solana’s largest validators. Jump operates critical Solana infrastructure and is building Firedancer, a high-performance validator client that will boost throughput, resilience, and efficiency, while also contributing quantitative trading expertise that delivers execution advantages. Multicoin adds unmatched ecosystem insight and the conviction that has championed Solana since the firm’s seed investment in 2018.
We see Solana as one of the most important technologies reshaping the future of finance—not in some distant future, but right now. For us at Galaxy, it represents another decisive step in our mission: building the definitive platforms that accelerate institutional adoption and create transformational long-term value for our investors.
And for us at Galaxy, it’s another step in our mission: building the tools and platforms that accelerate adoption and create long-term value for investors.
Disclaimer
The information contained herein, has been provided to you by Galaxy Digital Inc. and its affiliates (“Galaxy”) solely for informational purposes and may not be used or relied on for any purpose without the express written approval of Galaxy. The information contained herein may also not be reproduced or redistributed in whole or in part, in any format, without Galaxy’s express written approval. Any statement, express or implied, contained within these materials is subject, in all cases, to the actual terms of an agreement entered into with Galaxy. You should make your own investigations and evaluations of the information.
The information is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments or to participate in any investment banking services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. Any decision to make an investment or enter into a transaction should be made after conducting such investigations as such person deems necessary and consulting such person’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of the transaction and whether it is permissible in the person’s jurisdiction. Any decisions based on the information are the sole responsibility of the reader. Except where otherwise indicated, the information is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.
Forward Looking Statements
This information includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits of, and the proposed use of proceeds from, the offering, the assets to be held by the Company, the expected future market, price and liquidity of the digital assets the Company acquires and its tokenization strategy, the Company’s plan for value creation and strategic advantages, market size and growth opportunities, technological and market trends and the expected financial impacts of the proposed transactions described herein. Each forward-looking statement contained in this information is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the transactions and the proposed digital asset treasury strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this information speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.
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