Nasdaq-listed Forward Industries said it now holds 6,822,000 SOL after launching a corporate treasury strategy centered on Solana. The company said its initial purchases were made at an average price of $232 per token, representing a total deployment of about $1.58 billion. The buying was funded primarily through a recently completed $1.65 billion private investment in public equity (PIPE).
First phase of a broader treasury plan
According to the announcement, the position was built through a combination of open-market purchases and onchain transactions. Forward Industries described the move as the first step in a larger Solana treasury strategy designed to increase “SOL per share” through active management rather than simply holding tokens passively. The company also said that all SOL acquired so far has already been staked.
PIPE financing backed by major crypto investors
The proceeds came from a PIPE financing that closed on Sept. 11, 2025. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from other investors. Forward Industries characterized the transaction as the largest Solana-focused digital asset treasury financing completed to date.
Onchain execution highlighted in early deployment
As part of the initial rollout, the company pointed to a $1 million trade executed through DFlow, a low-latency decentralized exchange aggregator designed for Solana trading applications and onchain market makers. Liquidity for that trade was routed through SolFi. Forward said onchain execution can provide access to different venues and help pursue best execution for shareholders.
Board chair Kyle Samani said the company intends to build “the world’s largest Solana treasury company,” framing the effort as a strategy to support the Solana ecosystem while seeking long-term shareholder value. Interim CEO Michael Pruitt added that the firm assembled what he called an exceptional SOL treasury in less than a week after the PIPE closed.
Founded 60 years ago as a design company serving medical and technology clients, Forward Industries said it launched the Solana treasury initiative in September 2025 and is advancing the effort with operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital.