Forward Industries (FORD) announced on Sept. 15 that it has acquired and staked more than 6.8 million SOL tokens for its Solana Treasury Strategy.
Despite the scale of the acquisition, the impact has yet to show up in FORD’s share price. According to Google Finance data, the stock is down more than 2% to $33.51 as of press time.
Still, data from CoinGecko shows that the move has elevated FORD above all other corporate treasuries holding Solana.
Its 6.8 million SOL stack exceeds the combined holdings of DeFi Development Corp., Upexi, and Sharp Technology, which each control roughly 2 million SOL.
FORD Solana purchases
According to the announcement, the SOL tokens were acquired at an average purchase price of $232 per token, bringing the total investment to about $1.58 billion.
Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, FORD emphasized that this move signals the start of a long-term plan to capture value from what it views as one of the fastest-growing blockchain ecosystems.
Kyle Samani, chairman of FORD’s board, explained that the purchase was not just a balance sheet expansion but a deliberate strategy to “advance the Solana ecosystem and deliver long-term value for our shareholders.”
He added:
“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest growing and most profitable blockchain networks.”
Meanwhile, the company emphasized that its SOL purchases were “non-locked SOL [that were acquired] through a combination of open market purchases and on-chain transactions.” This marks the first use of proceeds from its recently closed $1.65 billion private investment in public equity (PIPE) financing round.
Notably, several on-chain analysis platforms, including Lookonchain, had reported that the asset management firm Galaxy Digital had gone on a five-day buying spree of 6.5 million SOL tokens for $1.5 billion.
The company also highlighted one particular transaction: a $1 million trade executed via DFlow, a Solana-based decentralized exchange aggregator.
That deal, it said, represents the first of many expected on-chain deployments, demonstrating its flexibility to operate across multiple venues rather than rely solely on traditional markets.