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Forward Industries Inc. (FORD) purchased 6.8 million Solana tokens at an average price of $232 per token, totaling approximately $1.58 billion, according to a company statement.
The purchase represents the initial deployment of proceeds from the company’s $1.65 billion private investment in public equity financing that closed on September 11, 2024. Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital led the financing round.
The company acquired the SOL tokens through open market purchases and on-chain transactions. One transaction worth $1 million was executed through DFlow, a decentralized exchange aggregator for Solana trading applications.
Forward Industries has staked all acquired Solana tokens to date as part of its treasury strategy. The company stated its goal to build an institutional-scale treasury that can be deployed within the Solana ecosystem to increase SOL per share.
"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.
The financing round was described as the largest Solana-focused digital asset treasury raise to date, with participation from global investment firms and angel investors across the digital asset ecosystem.
Forward Industries is a global design company that has served medical and technology companies for over 60 years. The company initiated its Solana treasury strategy in September 2024.