Forward Industries has purchased 6.822 million Solana (SOL) tokens for its new corporate treasury, spending about $1.58 billion at an average price of $232 per coin.
According to the press release, the tokens were bought through both open market and on-chain transactions. Most of the purchases were made directly on the blockchain, which marks a first for the firm.
This deal represents the company’s first use of funds from a recently closed $1.65 billion private investment in public equity, also known as PIPE. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with support from other investors across the digital asset sector.
“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy,” said Kyle Samani, Chairman of the Board of Directors. “We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders.”
Part of the purchase included a $1 million trade carried out through DFlow, a decentralized exchange aggregator built for Solana applications. The order was routed through SolFi, one of its connected liquidity providers. The company said this move highlights its aim to carry out more financial activities directly on-chain.
Michael Pruitt, Interim Chief Executive Officer, said: “We are pleased to have built an exceptional SOL treasury in less than a week since closing our PIPE, marking the first step in executing our strategy.”
Forward Industries also confirmed it has staked all of its Solana holdings, including this latest purchase. According to the company, the goal is to grow the treasury in ways that add more value than simply holding the tokens.
The PIPE financing, closed on September 11, 2025, was the largest Solana-focused raise to date. Forward Industries now holds one of the biggest institutional treasuries in the Solana ecosystem.
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