Forward Industries kicks off $1.6 billion Solana treasury with 6.8 million SOL acquisition

Crypto treasury firm Forward Industries said it purchased 6,822,000 Solana at an average price of $232, spending roughly $1.58 billion to begin building out its corporate balance sheet, according to a statement released Monday.

The Nasdaq-listed firm (FORD) said it acquired non-locked SOL through a mix of open-market and on-chain transactions. Forward added that all SOL bought to date has been staked, part of its plan to build what it calls the world’s largest Solana treasury company and grow SOL-per-share through active, onchain strategies rather than passive holding.

“This purchase is a significant milestone as we begin executing a differentiated Solana treasury strategy,” Board Chairman Kyle Samani said in the announcement.  Today's acquisition marks the first deployment of Forward’s newly closed $1.65 billion PIPE financing led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

The news was shared a day after Forward outlined how it will deploy capital across the Solana DeFi stack, from staking to liquidity provisioning and market making. After the disclosure, FORD shares fell over 5% in U.S. pre-open hours, Yahoo Finance data shows.

Forward’s SOL accumulation also extends the ongoing digital asset treasury trend flooding Wall Street. More than 150 firms have announced nearly $100 billion in planned crypto purchases in 2025, crypto advisory firm Architect Partners has reported.

Public companies have adopted Michael Saylor's capital playbook at Strategy , which offers convertibles and shares in exchange for cash. The funds are then spent on cryptocurrencies. These treasury plays have mainly focused on BTC, ETH, and SOL, but a few firms have also stacked altcoins like HYPE and BNB. According to The Block's data, SOL firms have amassed nearly 1% of Solana's supply. It's also the third-largest category among DATs.