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.