TLDR
- Forward Industries acquired 6.8 million Solana tokens as part of its long-term Solana Treasury Strategy.
- The total investment in Solana tokens amounts to approximately $1.58 billion.
- Despite the acquisition, Forward Industries’ stock has fallen more than 2% to $33.51.
- The company’s Solana holdings surpass those of other corporate treasuries, including DeFi Development Corp. and Upexi.
- Forward Industries purchased the tokens at an average price of $232 per Solana token.
On September 15, Forward Industries (FORD) announced the acquisition of over 6.8 million Solana (SOL) tokens. The company has staked these tokens as part of its Solana Treasury Strategy. The total investment amounts to approximately $1.58 billion, with an average purchase price of $232 per token. Despite the scale of the acquisition, FORD’s share price has declined by more than 2%, reaching $33.51 at the time of writing. However, the acquisition positions FORD above all other corporate treasuries holding Solana.
Forward Industries Acquires 6.8 Million Solana Tokens
The purchase of 6.8 million SOL tokens marks a significant milestone in Forward Industries’ strategy. The company views Solana as one of the fastest-growing blockchain ecosystems, and this acquisition signals their long-term commitment. According to Kyle Samani, Chairman of FORD’s board, this investment goes beyond simply expanding their balance sheet.
“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy,” Samani explained.
Galaxy Digital, Jump Crypto, and Multicoin Capital have backed the company in this venture. They aim to capture value from Solana’s growing ecosystem and deliver long-term value to shareholders. FORD’s plans are clearly aligned with the development of Solana’s decentralized finance (DeFi) protocols, where they see considerable opportunity.
FORD’s Flexible Approach to On-Chain Transactions
The SOL tokens acquired by Forward Industries are non-locked, allowing for greater flexibility in future moves. FORD purchased the tokens through a combination of open market buys and on-chain transactions. This marks the first use of proceeds from their recent $1.65 billion private investment in public equity (PIPE) round.
The company has emphasized its ability to operate across various platforms, including decentralized exchanges. FORD highlighted a notable $1 million transaction executed via DFlow, a Solana-based decentralized exchange aggregator. This trade is the first of many expected on-chain deployments, demonstrating FORD’s adaptability to different markets and opportunities in the DeFi space.
