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- Forward Industries funded the purchase through proceeds from a recently closed $1.65 billion PIPE, marking the largest Solana-focused digital asset treasury raise to date.
- FORD stock surged 46% over the past week, closing at $39, as investors responded positively to the company’s SOL treasury plan.
On September 15, Nasdaq-listed Forward Industries (FORD) announced another massive purchase of $1.58 billion worth of Solana, as part of the company’s SOL Treasury plans. Following the news, the FORD stock price surged 8% yesterday,closing at $39.0, as bullish sentiment among investors grew further.
Forward Industries Accelerates Its Solana Treasury Plan With $1.58B Purchase
Forward Industries has acquired over 6 million Solana coins, worth $1.58 billion, at an average purchase price of $232 per token. The firm operates as a Solana digital asset treasury (DAT) firm with backing from major crypto investment players, including Galaxy Digital, Jump Crypto, and Multicoin Capital. The demand for SOL treasury has been skyrocketing, as reported by CNF earlier.
The company purchased its SOL tokens through a combination of open market purchases and on-chain transactions. Besides, it also executed one big trade of $1 million through DFlow, a decentralized exchange aggregator for Solana-based trading applications. Speaking on the development, Kyle Samani, Chairman of the Board of Directors of Forward Industries, said:
“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 confirmed that the initial deployment of proceeds from its recently closed $1.65 billion private investment in public equity (PIPE). It represents the largest Solana-focused digital asset treasury raise to date, with backing from major global investment firms and angel investors.
FORD Stock Shoots 46% On Latest Development
Amid the latest Solana investment, the stock price of Forward Industries (FORD) has surged by 46% over the past week, and is currently trading at $39. From the lows of under $5 earlier this year, the stock has staged a massive recovery on its SOL treasury plan.
Additionally, the race for the Solana treasury has been heating up recently, with players like SOL Strategies leading the front. Earlier this week, Canadian firm SOL Strategies, which provides infrastructure for the Solana blockchain ecosystem, officially began trading on the Nasdaq Global Select Market under the ticker symbol STKE, as mentioned in our earlier report.
On the other hand, the SOL price rally has dominated the crypto market with 22% gains over the past month. As of now, SOL is trading at $235 as bullish sentiment around the altcoin remains strong.
