Forward Industries has commenced its Solana treasury strategy with an acquisition of more than 6.8 million SOL, backed by major industry players.
Forward Industries is a publicly-traded company that has historically focused on design and manufacturing. The dip into the digital asset sector with the Solana treasury program represents a new shift.
Kyle Samani, Chairman of the Board of Directors at Forward Industries, said:
Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest growing and most profitable blockchain networks.
Forward doesn’t plan to just passively hold SOL. Instead, the company has said it will take a more dynamic approach, deploying assets within the cryptocurrency’s ecosystem to generate more value. So far, it has put all its holdings into staking.
Samani noted:
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 intends to raise $500 million through PIPE financing and a further $750 million via stapled warrants. Backers include Pantera Capital and Summer Capital, among other names.
The acquisition has involved a total of 525 BTC, with a cost basis of $114,562 per token. In total, the buy has cost the company about $60.2 million, which is relatively modest when compared to some of the earlier purchases.
Solana neared the $250 mark during the weekend, but the asset’s price has declined since then as it has dropped to the $233 level.
