Forward Industries, Inc. (NASDAQ: FORD) has announced its initial acquisition of 6,822,000 liquid Solana (SOL) tokens, valued at approximately $1.58 billion. These purchases were executed at an average price of $232 per SOL and represent the first deployment of capital from the company’s recently closed $1.65 billion private investment in public equity (PIPE) financing.
The company is positioning itself as a prominent Solana treasury entity, with Kyle Samani, Chairman of the Board of Directors, stating that the strategy is designed to capitalize on the growth of the Solana blockchain network. Samani emphasized the goal of establishing the world’s largest Solana treasury, aiming to both advance the Solana ecosystem and generate long-term value for shareholders. Forward Industries also noted its intent to conduct further activities natively on-chain.
The $1.65 billion PIPE financing, which concluded on September 11, 2025, was led by Galaxy Digital (NASDAQ: GLXY), Jump Crypto, and Multicoin Capital. This financing was recognized as the largest Solana-focused digital asset treasury raise to date, attracting participation from global investment firms and angel investors within the digital asset ecosystem.
Forward Industries acquired the non-locked SOL through a combination of open market purchases and on-chain transactions. A notable on-chain trade involved $1 million executed via DFlow, a low-latency decentralized exchange aggregator for Solana trading applications, with liquidity routed through SolFi, one of DFlow’s integrated providers. This approach is intended to ensure optimal execution for shareholders by utilizing diverse trading venues.
In line with its broader strategy, Forward Industries aims to build an institutional-scale treasury capable of sophisticated deployment within the Solana ecosystem to create differentiated value and increase SOL per share beyond the benefits of passive holding. To date, all acquired Solana has been staked. Michael Pruitt, Interim Chief Executive Officer of Forward Industries, commented on the rapid establishment of the SOL treasury following the PIPE closing, marking an initial step in executing the company’s strategy.
Forward Industries, Inc., initially a global design company serving medical and technology sectors for over 60 years, initiated its Solana treasury strategy in September 2025. This new focus is dedicated to acquiring SOL and enhancing SOL-per-share through bespoke strategies and active treasury management, supported by investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital.
