Forward Industries Acquires $1.58B in SOL For its Solana Treasury

Forward Industries, a medical and technology design firm, has announced the acquisition of 6.822 million SOL for its Solana treasury. The firm carried out purchases in open markets and through onchain transactions, costing a total of $1.58 billion with an average price of $232 per SOL. 

This purchase marked Forward Industries’ initial deployment of proceedings from a recently closed $1.65 billion private investment in public enquiry (PIPE) deal. It has secured financing from prominent ventures, including Galaxy Digital, Jump Crypto, and Multicoin Capital.

As per the official release, the acquisition includes all liquid, non-locked SOL. Most of the tokens were purchased via onchain transactions, a first for the firm. “Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy….” said Kyle Samani, Chairman of the Board of Directors of Forward Industries. “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.”

In its primary announcement, Forward Industries shared that it aims to build a sophisticated and institutional-scale digital asset treasury for the Solana ecosystem. It planned to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder. To achieve this, the firm has staked all–including this latest purchase–of the SOL.

“We are pleased to have built an exceptional SOL treasury in less than a week since closing our PIPE, marking the first step in executing our strategy,” said Michael Pruitt, Interim Chief Executive Officer of Forward Industries. 

Growing trend for Digital Asset Treasuries (DATs)

The trend for digital asset treasuries is growing rapidly with publicly traded companies accumulating Bitcoin, Ethereum, Solana, and other digital assets as a core treasury asset. Inspired by Michael Saylor’s MicroStrategy for Bitcoin, DATs are creating a flywheel effect where firms raise capital via equity offerings, buy assets, and stake for passive income in most cases. 

While various firms are acquiring Bitcoin and Ether for their treasury strategy, a number of companies are increasingly opting for Solana. Apart from Forward Industries, leading names include DeFi Developments, Upexi, Sol Strategies, and Sharps Technology. 

Also read: Solana’s PumpFun Hits $3M in Daily Revenue, Flips Hyperliquid