TLDR
- Forward Industries purchased 6.8 M SOL for $1.58 B at $232 average price.
- Galaxy Digital acquired 6.5 M SOL worth $1.55 B since the PIPE raise.
- All SOL are staked as part of an active Solana treasury strategy.
- Rate cut expectations increase institutional appetite for Solana and other crypto assets.
Forward Industries has taken a bold step into digital assets with a large Solana purchase. The Nasdaq-listed firm disclosed that it acquired 6.8 million SOL worth about $1.58 billion at an average price of $232 per token. This marks the first stage of its Solana treasury strategy, funded by a $1.65 billion private investment in public equity (PIPE) closed on September 11, 2025. The company said all the tokens are staked and will be actively managed rather than left idle.
Forward Industries Launches Solana Treasury
Forward Industries said the new Solana treasury plan is designed to grow “SOL per share” through active management. The company aims to build the world’s largest Solana-focused corporate treasury, a move it describes as the biggest Solana digital asset financing to date.
The initial purchase combined open-market buys and on-chain transactions. According to the firm, a $1 million trade was executed through DFlow, a low-latency decentralized exchange aggregator, with liquidity routed via SolFi to secure the best execution. Chair of the board Kyle Samani said the goal is to support the Solana ecosystem while increasing long-term shareholder value.
Institutional Partners Support the Capital Raise
Furthermore, the Solana accumulation follows the $1.65 billion PIPE financing led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This capital pool allows Forward Industries to execute its treasury strategy quickly, reportedly building its initial SOL holdings in less than a week.
Galaxy Digital has also been active, adding 6.5 million SOL worth about $1.55 billion since the PIPE announcement. On-chain data shows steady transfers from exchange wallets to Galaxy custody, suggesting institutional-scale execution rather than retail buying. While it remains unclear whether all Galaxy purchases are linked to Forward Industries, market watchers see a coordinated institutional push.
Broader Market Conditions Favor Risk Assets
In addition, The large Solana purchases come as global investors anticipate interest rate cuts. Historically, such macro shifts have renewed appetite for risk assets like cryptocurrencies. Solana’s high beta means it could outperform if risk-on sentiment strengthens.
Forward’s move adds to a growing corporate trend of crypto treasury management. Architect Partners reports more than 150 companies planning nearly $100 billion in digital asset acquisitions this year, with Solana becoming a favored choice alongside Bitcoin and Ethereum. Some firms have even expanded into alternative tokens such as BNB and HYPE.
Corporate Crypto Strategies are Evolving
At the same time, Public companies increasingly adopt strategies similar to those pioneered by MicroStrategy, issuing convertibles and shares to fund crypto buys. Forward Industries’ Solana-centric approach signals diversification beyond the typical Bitcoin or Ethereum holdings.
The company has yet to detail daily management of its SOL position, but staking, validator participation, and liquidity provisioning are all possibilities. By staking all tokens acquired so far, Forward aims to generate yield while supporting the network’s security and performance.
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