Forward Industries, a medical and technology design firm, has announced the acquisition of 6.822 million SOL for its Solana treasury.
SOL Acquisition for Treasury
Forward Industries completed the purchase of 6.822 million SOL through open market transactions at a total cost of $1.58 billion, with an average price of $232 per SOL. This purchase marked the first deployment of funds from a recently closed $1.65 billion private investment deal.
Solana Treasury Strategy
According to the official statement, the acquisition includes all liquid, non-locked SOL. Most tokens were purchased via onchain transactions. "Today’s purchase marks a significant milestone as Forward Industries begins executing its Solana treasury strategy…", said Kyle Samani, Chairman of the Board.
Growing Trend of Digital Asset Treasuries
The trend for digital asset treasuries is on the rise, with publicly traded companies accumulating Bitcoin, Ethereum, and Solana as core assets. Companies are increasingly opting for Solana alongside Forward Industries, driven by a broader trend in market behavior.
The acquisition by Forward Industries highlights the growing interest in Solana as a treasury asset and signifies the company's commitment to developing a meaningful strategy for its digital asset portfolio.
