Forward Industries Deploys $1.58 Billion Into Solana Following $1.65B PIPE Raise

Forward Industries (FORD) announced on Monday that it purchased roughly 6.82 million Solana (SOL) tokens at an average price of $232, totaling about $1.58 billion. 

The move marks the company’s first major step after closing a $1.65 billion private investment in public equity (PIPE) financing led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital. Ford Industries’ stock edged 0.7% higher in morning trade. However, retail sentiment on Stocktwits dipped to ‘bullish’ from ‘extremely bullish’ as chatter fell to ‘high’ from ‘extremely high’ levels over the past day.

The initial batch of Solana was acquired through both open-market buys and on-chain transactions. The firm stated that one of the trades, valued at $1 million, was executed via DFlow, a decentralized exchange aggregator designed for Solana applications, with liquidity routed through SolFi. Forward Industries has roughly $70 million from its PIPE raise remaining unallocated.

Solana’s price fell 3.7% over the last 24 hours, amid weakness in the broader cryptocurrency market. However, retail sentiment on Stocktwits around the cryptocurrency moved higher to ‘extremely bullish’ from ‘bullish’ territory, accompanied by ‘high’ levels of chatter over the past day. 

The PIPE financing, which closed last week, was the largest Solana-focused digital asset treasury (DAT) raise to date. Forward Industries stated its goal was to build an institutional-scale Solana treasury, staking all acquired SOL to date to pursue an active strategy designed to grow SOL per share faster than a passive holding approach.

Forward Industries’ leadership described the purchase as the first step in executing its differentiated Solana treasury strategy, aiming to create value for shareholders while contributing to the growth of the Solana ecosystem.

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