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15/09/25 20:45 UTC-04

Forward Industries Acquires 6.8 Million SOL Tokens for $1.58 Billion

Forward Industries Inc. (FORD) has acquired 6.8 million Solana (SOL) tokens at an average price of $232 per token, for a total of approximately $1.58 billion, according to the company’s statement.

This purchase represents the initial use of funds from the company’s $1.65 billion PIPE financing (private investment in public equity), which closed on September 11, 2024. The funding round was led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital.

The company purchased the SOL tokens through both open market purchases and blockchain transactions. One $1 million transaction was executed via DFlow, a decentralized exchange aggregator for Solana trading applications.

Forward Industries has staked all of the Solana tokens acquired to date as part of its treasury strategy. The company stated its goal to create an institutional-scale treasury that can be deployed within the Solana ecosystem to increase SOL per share.

“Today’s purchase marks an important milestone as Forward Industries begins to execute its differentiated Solana treasury strategy,” said Kyle Samani, Chairman of the Board.

The financing round was described as the largest to date for a Solana-focused digital asset treasury, involving participation from global investment firms and angel investors across the digital asset ecosystem.

Forward Industries is a global design company that has been serving medical and technology firms for over 60 years. It initiated its Solana treasury strategy in September 2024.

See also: "CryptoQuant: Key Bitcoin Market Indicator Falls Below Break-Even Level"

#Solana (SOL) #Investment #Crypto Assets #Forward Industries Inc.

Editor: Alyona Nabok
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