Nasdaq-listed Forward Industries has executed a massive corporate treasury strategy shift by acquiring 6,822,000 Solana (SOL) tokens worth approximately $1.58 billion at an average price of $232 per token. The acquisition, completed in under a week through a combination of open-market and on-chain purchases, represents the largest Solana-focused treasury raise to date.
The move was funded by a $1.65 billion private investment in public equity (PIPE) financing led by major institutional players Galaxy Digital, Jump Crypto, and Multicoin Capital, which closed on September 11, 2025. Notably, the company routed a $1 million trade through Solana-native DEX aggregator DFlow, signaling its commitment to operating natively on-chain.
All acquired SOL tokens were immediately committed to staking, underscoring the company's long-term vested interest in the Solana ecosystem. Forward Industries, previously known for medical and tech design manufacturing, is now pivoting to become "the world's largest Solana treasury company" according to Chairman Kyle Samani, who also serves as Managing Partner at Multicoin Capital.
The announcement triggered a significant market response, with SOL prices reaching a seven-month high of $228 following the news. The strategy is being compared to MicroStrategy's Bitcoin treasury approach, potentially signaling a new trend in corporate treasury management toward cryptocurrency assets.