Forward Industries / Galaxy: a 0.6% discretionary management mandate with a defined three-year term.
Forward Industries' agreement with Galaxy Digital Capital Management is a useful same-role comparator for digital asset treasury management economics: a disclosed discretionary mandate, a 0.6% annual AUM fee, expense reimbursement and a three-year initial term.
Agreement snapshot
| Field | Publicly disclosed term |
|---|---|
| Effective date | September 10, 2025 |
| Provider | Galaxy Digital Capital Management LP |
| Role | Discretionary investment management over broadly defined Treasury Assets, subject to stated carve-outs |
| Custody | Galaxy was disclosed as not authorized to act as custodian or take title to the assets |
| Management fee | 0.60% per year of the value of managed account assets |
| Expenses | Reasonable documented account-operating expenses reimbursable by the company under the disclosed arrangement |
| Initial term | Three years from September 2025 |
| Renewal | Successive one-year periods unless either party gives at least 90 days' written notice of non-renewal |
Role normalization makes this comparator useful
The filed agreement describes discretionary investment management of cash, cash equivalents, stablecoins, cryptocurrency and other investible assets, while excluding specified asset categories. That makes the mandate materially different from a narrow strategic-advisory engagement or a software / custody-only relationship.
For fee benchmarking, that role definition matters as much as the 0.6% rate. A percentage can only be compared cleanly after scope, authority and denominator are normalized.
The latest filings confirm the agreement remained economically live
Forward's 2026 filings continued to describe the Galaxy agreement. The company's proxy statement disclosed approximately $2.23 million of management fees through December 31, 2025, and a June 30, 2026 quarterly filing disclosed $133,000 due to Galaxy under the agreement at that date.
Why this belongs in a same-role fee set
The Forward / Galaxy record is useful because it combines a clear discretionary role, a disclosed annual AUM rate, a bounded initial term and later-period expense evidence. It can therefore serve as a cleaner same-role comparator than strategic-advisory or financing-linked arrangements whose economics are primarily warrant-based or embedded in a broader transaction.
What this case contributes to a DAT provider benchmark
It shows the value of separating manager role, custody role, fee basis, expense pass-throughs, term and renewal mechanics. It also provides a public anchor for testing whether a proposed management fee is being compared against genuinely similar provider authority.
Primary public sources
Forward / Galaxy Asset Management Agreement (SEC exhibit)
Forward September 2025 Form 8-K
Forward 2026 proxy statement
Forward Form 10-Q for June 30, 2026
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