Forward Industries has acquired 6,822,000 SOL tokens at an average price of $232 per token—totaling approximately $1.58 billion—to launch its institutional-scale Solana treasury strategy. These initial purchases mark the first deployment of proceeds from the company’s recently closed $1.65 billion PIPE financing, positioning Forward Industries as a leading Solana treasury company.
The PIPE round, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, closed on September 11, 2025, and represents the most significant Solana-focused digital-asset treasury raise to date. In addition to the anchor investors, participation from global firms and angel backers underscores strong market confidence in Forward Industries’ differentiated approach to on-chain reserve management.
Non-locked SOL tokens were acquired through a mix of open-market transactions and on-chain trades. Notably, Forward executed a $1 million on-chain trade via DFlow1—a low-latency, decentralized exchange aggregator explicitly built for Solana—routing liquidity through SolFi to secure best execution for shareholders.
Forward Industries intends to leverage Solana’s native 7% staking yield and explore additional revenue streams across decentralized finance modules while maintaining a conservative risk profile. The company’s management team—including Interim CEO Michael Pruitt—will scale SOL holdings over the next 12–24 months through a best-in-class capital markets program and strategic on-chain activities.
KEY QUOTES:
“All of our SOL to date has been staked, and this initial deployment demonstrates our commitment to building the world’s largest Solana treasury company. By executing native on-chain transactions, we not only advance the Solana ecosystem but also deliver long-term value for our shareholders.”
Kyle Samani, Chairman of Forward Industries’ Board of Directors
“We’re proud to have built an exceptional SOL treasury in under a week since closing our PIPE. This is just the first step in our strategy to drive differentiated value on Solana and increase SOL per share more rapidly than passive holdings ever could.”
Michael Pruitt
