Forward Industries (NASDAQ: FORD) has launched its Solana-focused treasury strategy with the acquisition of 6.82 million SOLSOL-- tokens at an average price of $232, totaling approximately $1.58 billion. The purchase, announced on September 14, 2025, marks the first deployment of proceeds from a $1.65 billion private investment in public equity (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital .
Chairman Kyle Samani emphasized the strategic significance of the move, stating, "We are building the world's largest SolanaSOL-- treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders." The company acquired non-locked SOL through open-market and on-chain transactions, including a $1 million trade executed via Solana's DFlow aggregator .
The transaction underscores a growing trend of public companies leveraging capital raises to accumulate blockchain assets. Forward IndustriesFORD--, which previously operated as a medical and technology design firm, has pivoted to become a digital asset treasury company. The firm staked all 6.82 million tokens immediately, aligning with its goal to grow Solana-per-share value through active on-chain strategies rather than passive holding .
The move follows a broader market shift, with over 150 firms announcing nearly $100 billion in planned crypto purchases in 2025, according to crypto advisory firm Architect Partners. Forward's strategy mirrors Michael Saylor's MicroStrategy playbook, where companies raise capital through convertible securities and reinvest in cryptocurrencies to generate yield .
The purchase has already impacted FORD's stock price, with shares falling over 5% in pre-open trading following the announcement. Analysts attribute the dip to market skepticism about the scalability of corporate crypto treasuries, despite the bullish intent behind the move. However, proponents argue that institutional participation in DeFi-such as Galaxy Digital's recent $125 million USDCUSDC-- deposit into Hyperliquid-signals maturing infrastructure for digital asset management .
Forward Industries' strategy also reflects Solana's rising institutional appeal. The blockchain has attracted over $10 billion in corporate and public treasury investments this year, with firms like Square and Tesla previously stacking SOL. By staking its holdings, Forward aims to capitalize on Solana's 4–6% annualized yield while supporting network security .
The company's press release highlighted its commitment to on-chain operations, with plans to execute future transactions directly via decentralized platforms. "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," Samani said. This approach aligns with Solana's ecosystem-wide push for decentralized finance (DeFi) adoption, including its recent upgrades to the SerumSRM-- DEX and WormholeW-- cross-chain protocols .
Critics, however, warn of volatility risks. Solana's price has fluctuated by over 50% in 2025, and Forward's treasury is fully exposed to market swings. The firm's interim CEO, Michael Pruitt, acknowledged this challenge but emphasized its long-term vision: "The treasury is designed to be deployed in more sophisticated ways over time."
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