Forward Industries Acquires 6.8 Million SOL for Treasury
Forward Industries, a medical and technology design firm, bought 6.822 million SOL tokens. The purchase cost $1.58 billion at an average price of $232 per SOL. The firm made the purchases through open markets and onchain transactions.
This is Forward Industries’ first use of funds from a recent $1.65 billion private investment in public equity (PIPE) deal. The financing came from major investors such as Galaxy Digital, Jump Crypto, and Multicoin Capital.
According to the official release, the acquisition includes all liquid, non-locked SOL tokens. Most tokens were bought via onchain transactions, a first for the company.
Kyle Samani, Chairman of Forward Industries, said, “Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy. We are building the world’s largest Solana treasury company, advancing the Solana ecosystem and delivering long-term value for shareholders. Making some of our SOL purchases on-chain is the first of many native on-chain activities we expect to do.”
Forward Industries also announced it plans to build an institutional-scale digital asset treasury focused on Solana. The firm aims to create differentiated value and increase SOL per share faster than passive holding. It has staked all of its SOL, including the latest purchase.
Michael Pruitt, Interim CEO, said, “We are pleased to have built an exceptional SOL treasury in less than a week since closing our PIPE. This marks the first step in executing our strategy.”
Rising Trend of Digital Asset Treasuries
Public companies are increasingly adding digital assets like Bitcoin, Ethereum, and Solana to their treasuries. This trend, inspired by MicroStrategy’s Bitcoin strategy, involves raising capital through equity offerings, buying digital assets, and staking them for passive income.
While many firms focus on Bitcoin and Ethereum, some are choosing Solana. Besides Forward Industries, notable companies building Solana treasuries include DeFi Developments, Upexi, Sol Strategies, and Sharps Technology.
