Forward Launches $1.58B Solana Treasury, Stakes 6.82M SOL
Forward Industries has launched a Solana Treasury with an initial acquisition of 6.82 million SOL, valued at $1.58 billion at an average price of $232 per token. The purchase was funded through a $1.65 billion PIPE round led by Galaxy Digital, Jump Crypto and Multicoin Capital, and included both open market buys and on-chain trades such as a $1 million DFlow transaction backed by SolFi. All SOL are now staked to generate yield and support the Solana ecosystem. Interim CEO Michael Pruitt said the company executed the Solana Treasury strategy within a week of closing the PIPE. New board chair Kyle Samani of Multicoin Capital aims to build the world’s largest Solana Treasury and deliver sustainable value to shareholders.
Bullish
The launch of a large Solana Treasury and immediate staking enhances network security and signals strong institutional confidence. In the short term, large-scale SOL purchases may drive price support as buying demand rises. Staking also locks up supply, reducing available tokens and potentially increasing price pressure. In the long term, institutional backing from well-known investors like Galaxy Digital, Jump Crypto, and Multicoin Capital can boost market sentiment and attract further capital, reinforcing Solana’s ecosystem and utility. The strategic intent to build the largest Solana Treasury reflects commitment to ecosystem growth, likely underpinning SOL’s value. Therefore, the news is bullish for SOL’s price trajectory.