Forward Industries buys 6.82M SOL tokens for $1.58B

Forward Industries (FORD) announced initial liquid solana (SOL-USD) purchases totaled 6.82M at an average of $232 per SOL for a total cost of approximately $1.58B. “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,” 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.” The company acquired non-locked SOL through a combination of open market purchases and on-chain transactions, marking the initial deployment of proceeds from its recently closed $1.65B private investment in public equity financing led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital. The PIPE financing, which closed on September 11, marked the largest solana-focused digital asset treasury raise to date.