Forward Industries (FORD) to become largest Solana treasury holder through $1.6B deal, stock jumps 101%

Forward Industries’ (FORD) banal terms much than doubled aft the institution revealed plans to motorboat a $1.65 cardinal Solana treasury program.

The rally followed quality that Forward Industries had secured backstage placement commitments successful currency and stablecoins from respective manufacture giants, including Galaxy Digital, Jump Crypto, Multicoin Capital, and C/M Capital Partners, LP, 1 of its largest shareholders.

Following the news, FORD’s banal surged 101% successful pre-market trading to astir $33 connected Sept. 9, according to Google Finance data.

Notably, the woody besides helped propulsion SOL’s terms up by implicit 5% successful the past 24 hours to $214 arsenic of property time.

Largest Solana treasury company

At Solana’s existent trading price, the $1.65 cardinal allocation would construe into much than 7.7 cardinal SOL tokens.

Data from CoinGecko shows that the standard would marque Forward Industries the largest publically traded Solana treasury, overtaking Upexi’s 2 cardinal SOL holding.

Considering this, Forward Industries says the programme is designed to make differentiated on-chain returns and fortify semipermanent shareholder value.

As a result, Galaxy Digital, Jump Crypto, and Multicoin Capital volition each supply strategical and method enactment alongside their fiscal commitments. Galaxy volition counsel connected structuring, portion Jump Crypto volition assistance make the infrastructure to negociate treasury operations.

Leadership changes

As portion of the PIPE agreement, Multicoin co-founder Kyle Samani volition go Chairman of Forward Industries’ Board of Directors.

Chris Ferraro, President and Chief Investment Officer astatine Galaxy, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, volition articulation arsenic Board observers.

These individuals bring extended acquisition successful investing successful and gathering wrong the Solana ecosystem.

Samani argued that Solana remains undervalued contempt its beardown developer and idiosyncratic activity, making this an opportune infinitesimal to physique a large-scale treasury.

He added:

“Real economical worth is being generated connected Solana. An institutional-scale treasury tin beryllium deployed successful blase ways wrong the Solana ecosystem to make differentiated worth and summation SOL per stock astatine a faster complaint than simply being a passive holder.”

The station Forward Industries (FORD) to go largest Solana treasury holder done $1.6B deal, banal jumps 101% appeared archetypal connected CryptoSlate.