Forward Industries, Inc. (NASDAQ: FORD), known as a provider of design services for medical and technology firms, has announced the raising of $1.65 billion in cash and stablecoins through a private placement (PIPE). These funds will go towards creating a treasury focused on Solana (SOL) tokens, making Forward the largest publicly traded holder of Solana. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which will provide not only capital but also strategic support.
According to CEO Michael Pruitt, Solana's active treasury strategy underscores confidence in SOL's long-term potential. The company plans to generate profit through participation in Solana's DeFi markets rather than just passive holding. The raised funds will allow the purchase of over 7.7 million SOL at current prices, nearly three times the largest existing treasuries, such as Upexi Inc. (2 million SOL at $430 million).
The news caused FORD's shares to spike by 128% in pre-market, while the SOL token rose by 2.3%, reaching $214. Overall, the treasuries of companies control over 4.6 million SOL. Kyle Samani of Multicoin Capital will chair the board, with representatives from Galaxy and Jump as observers. Galaxy will provide trading, lending, and staking services, while Jump will offer technical expertise through Firedancer for network scaling.
This step highlights the growth of Solana as an institutional blockchain, with the Alpenglow update reducing transaction finalization to 150 ms. Forward positions itself as a leader in the ecosystem, attracting institutional capital. Market volatility remains, but the trend towards crypto treasuries is gaining momentum.
#SolanaTreasury #ForwardIndustries #CryptoInvestment #SOLtokens #DeFiGrowth #BlockchainNews
Subscribe to #MiningUpdates to stay updated on mining news and crypto innovations!
