Forward Industries’ (FORD) stock price more than doubled after the company revealed plans to launch a $1.65 billion Solana treasury program.
The rally followed news that Forward Industries had secured private placement commitments in cash and stablecoins from several industry giants, including Galaxy Digital, Jump Crypto, Multicoin Capital, and C/M Capital Partners, LP, one of its largest shareholders.
Following the news, FORD’s stock surged 101% in pre-market trading to about $33 on Sept. 9, according to Google Finance data.
Notably, the deal also helped push SOL’s price up by over 5% in the last 24 hours to $214 as of press time.
Largest Solana treasury company
At Solana’s current trading price, the $1.65 billion allocation would translate into more than 7.7 million SOL tokens.
Data from CoinGecko shows that the scale would make Forward Industries the largest publicly traded Solana treasury, overtaking Upexi’s 2 million SOL holding.
Considering this, Forward Industries says the program is designed to generate differentiated on-chain returns and strengthen long-term shareholder value.
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As a result, Galaxy Digital, Jump Crypto, and Multicoin Capital will each provide strategic and technical support alongside their financial commitments. Galaxy will advise on structuring, while Jump Crypto will help develop the infrastructure to manage treasury operations.
Leadership changes
As part of the PIPE agreement, Multicoin co-founder Kyle Samani will become Chairman of Forward Industries’ Board of Directors.
Chris Ferraro, President and Chief Investment Officer at Galaxy, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, will join as Board observers.
These individuals bring extensive experience in investing in and building within the Solana ecosystem.
Samani argued that Solana remains undervalued despite its strong developer and user activity, making this an opportune moment to build a large-scale treasury.
He added:
“Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.”