Forward Launches Solana Treasury With $1.58 Billion Purchase

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Forward Industries has commenced its Solana treasury strategy with an acquisition of more than 6.8 million SOL, backed by major industry players.

Galaxy, Multicoin, & Jump Back Forward’s Solana Treasury

According to a press release, Forward Industries has completed its initial liquid Solana purchases totaling 6,822,000 SOL for its treasury strategy. The tokens cost the company $232 each or a total of $1.58 billion. CoinGecko’s tracker shows the largest SOL treasury before today held $474 million, making Forward’s bet the largest yet.

Forward Industries is a publicly-traded company that has historically focused on design and manufacturing. The dip into the digital asset sector with the Solana treasury program represents a new shift.

Kyle Samani, Chairman of the Board of Directors at Forward Industries, said:

Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest growing and most profitable blockchain networks.

On September 11th, the firm closed a private investment in public equity (PIPE) raising $1.65 billion. The main players behind the financing were Galaxy Digital, Multicoin Capital, and Jump Crypto, each of which are firms that have had a notable presence in the digital assets sector. The latest purchase is the initial deployment of this raised capital.

Forward doesn’t plan to just passively hold SOL. Instead, the company has said it will take a more dynamic approach, deploying assets within the cryptocurrency’s ecosystem to generate more value. So far, it has put all its holdings into staking.

Samani noted:

We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders. We are pleased to make some of our SOL purchases on-chain, which is the first of many activities we expect the Company to do natively on-chain.

Forward’s treasury isn’t the only SOL news for today. Neurotech company Helius Medical Technologies has also revealed a plan for a Solana treasury strategy, as per a press release.

The company intends to raise $500 million through PIPE financing and a further $750 million via stapled warrants. Backers include Pantera Capital and Summer Capital, among other names.

Speaking of digital asset treasury companies, the OG firm Strategy (formerly MicroStrategy) has also added to its Bitcoin holdings today, as announced by co-founder and chairman Michael Saylor in an X post.

The acquisition has involved a total of 525 BTC, with a cost basis of $114,562 per token. In total, the buy has cost the company about $60.2 million, which is relatively modest when compared to some of the earlier purchases.

SOL Price

Solana neared the $250 mark during the weekend, but the asset’s price has declined since then as it has dropped to the $233 level.

The trend in the price of the coin over the last five days | Source: SOLUSDT on TradingView

Featured image from Dall-E, chart from TradingView.com

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