Forward Industries Inc. (FORD) has acquired 6.8 million Solana tokens at an average price of $232 per token, for a total of approximately $1.58 billion, according to a statement from the company.
Forward Industries Inc. (FORD) has acquired 6.8 million Solana tokens at an average price of $232 per token, for a total of approximately $1.58 billion, according to a statement from the company.
The purchase represents the initial use of proceeds from the company’s $1.65 billion private equity round of public equity funding that closed on September 11, 2024. The funding round was led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital.
The company acquired SOL tokens through open market purchases and on-chain transactions. One $1 million transaction was executed through DFlow, a decentralized exchange aggregator for Solana trading apps.
Forward Industries has staked all of the Solana tokens it has acquired to date as part of its treasury strategy. The company has stated its goal is to create an institutional-scale treasury that can be deployed across the Solana ecosystem to increase the number of SOLs outstanding. “Today’s purchase marks an important milestone as Forward Industries begins executing its differentiated Solana treasury strategy,” said Kyle Samani, Chairman of the Board.
The funding round was described as the largest fundraising for a Solana-focused digital asset treasury to date, with participation from global investment firms and angel investors from across the digital asset ecosystem.
Forward Industries is a global design company that has served healthcare and technology companies for over 60 years. The company initiated its Solana treasury strategy in September 2024.