Forward Industries acquires and stakes 6.8 million Solana tokens

Forward Industries (FORD) announced connected Sept. 15  that it has acquired and staked much than 6.8 cardinal SOL tokens for its Solana Treasury Strategy.

Despite the standard of the acquisition, the interaction has yet to amusement up successful FORD’s stock price. According to Google Finance data, the banal is down much than 2% to $33.51 arsenic of property time.

Still, data from CoinGecko shows that the determination has elevated FORD supra each different firm treasuries holding Solana.

Its 6.8 cardinal SOL stack exceeds the combined holdings of DeFi Development Corp., Upexi, and Sharp Technology, which each power astir 2 cardinal SOL.

FORD Solana purchases

According to the announcement, the SOL tokens were acquired astatine an mean acquisition terms of $232 per token, bringing the full concern to astir $1.58 billion.

Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, FORD emphasized that this determination signals the commencement of a semipermanent program to seizure worth from what it views arsenic 1 of the fastest-growing blockchain ecosystems.

Kyle Samani, president of FORD’s board, explained that the acquisition was not conscionable a equilibrium expanse enlargement but a deliberate strategy to “advance the Solana ecosystem and present semipermanent worth for our shareholders.”

He added:

“Today’s acquisition marks a important milestone arsenic Forward Industries begins executing its differentiated Solana treasury strategy, built to payment from 1 of the fastest increasing and astir profitable blockchain networks.”

Meanwhile, the institution emphasized that its SOL purchases were “non-locked SOL [that were acquired] done a operation of unfastened marketplace purchases and on-chain transactions.” This marks the archetypal usage of proceeds from its precocious closed $1.65 cardinal backstage investment successful nationalist equity (PIPE) financing round.

Notably, respective on-chain investigation platforms, including Lookonchain, had reported that the plus absorption steadfast Galaxy Digital had gone connected a five-day buying spree of 6.5 cardinal SOL tokens for $1.5 billion.

The institution besides highlighted 1 peculiar transaction: a $1 cardinal commercialized executed via DFlow, a Solana-based decentralized speech aggregator.

That deal, it said, represents the archetypal of galore expected on-chain deployments, demonstrating its flexibility to run crossed aggregate venues alternatively than trust solely connected accepted markets.

The station Forward Industries acquires and stakes 6.8 cardinal Solana tokens appeared archetypal connected CryptoSlate.