6.8M Solana Acquired: Forward Industries Builds World’s Largest Solana Treasury

The Solana ecosystem has officially welcomed Forward Industries, Inc. (NASDAQ: FORD) with one of the largest deployments of treasury up to now. The company affirmed that it made purchases worth 6.82 million SOL, estimated at about $1.58 billion, at an average of 232 per token. This action highlights that Forward Industries is long-term dedicated to creating the biggest Solana treasury in the world and developing the position of the network in the blockchain-based industry.

The acquisition represents the first execution phase of the company of its $1.65 billion private investment in public equity (PIPE) financing, which is led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

Galaxy Digital Leads Execution

The transaction was facilitated by Galaxy Digital that was in the forefront of executing the open market and on-chain purchases across the exchanges. During the last five days, Galaxy Digital conducted multiple large purchases, and in the last 24 hours alone, it made purchases of over 1.2 million SOL ($306M). Inflows into Galaxy Digital wallets managed by Fireblocks can be tracked by blockchain data which shows significant inflows from major exchanges, including Coinbase, Binance, Bybit and Bitstamp.

These organized buying is a wider approach that makes sure that Forward Industries gets a considerable amount of holdings while keeping liquidity in various trading platforms.

Strategic On-Chain Solana Purchases

Forward Industries underlined that some part of these purchases was made on-chain and managed through SoFi and DFlow, a decentralized aggregator that was specifically designed to trade on Solana. This strategy does not only make the company more efficient, but also puts an emphasis on the company using Solana-native infrastructure.

This plan, according to Kyle Samani who is the Board of Directors Chairman of Forward Industries is meant to provide long-term shareholder value and at the same time drive the Solana ecosystem growth.

Market Effect and Future Projections

This aggressive movement of accumulation, above 6.5 million SOL in five days, has attracted the attention of the market watchers. Despite the magnitude of the purchases, a balance of 67 million remains to be rolled out meaning that the First Solana buying spree by Forward industries is not over.

The relocation makes Forward Industries a front-runner in Solana treasury. Such massive acquisitions, according to analysts, may shrink supply and may affect the performance of SOL in the short-term market.

In the case of Solana, this achievement is both an indication of institutional trust but also a precedent to other treasury organizations intending to include blockchain assets in their balance sheets.

Conclusion

The Solana treasury strategy of Forward industries is indicative of a larger institutional change that would see digital assets as primary financial tools. Announcing its billion-dollar investment in Solana, Forward industries has demonstrated its willingness to be on the first wave of the blockchain-native management of treasury operations an ambitious decision that can redefine the competitive landscape of the crypto industry.