Forward Industries acquires and stakes 6.8 million Solana tokens
Forward Industries (FORD) announced on Sept. 15 that it has acquired and staked greater than 6.8 million SOL tokens for its Solana Treasury Strategy.
Despite the size of the acquisition, the influence has but to indicate up in FORD’s share value. According to Google Finance data, the inventory is down greater than 2% to $33.51 as of press time.
Still, data from CoinGecko reveals that the transfer has elevated FORD above all different company treasuries holding Solana.
Its 6.8 million SOL stack exceeds the mixed holdings of DeFi Development Corp., Upexi, and Sharp Technology, which every management roughly 2 million SOL.
FORD Solana purchases
According to the announcement, the SOL tokens have been acquired at a mean buy value of $232 per token, bringing the entire funding to about $1.58 billion.
Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, FORD emphasised that this transfer alerts the beginning of a long-term plan to seize worth from what it views as one of many fastest-growing blockchain ecosystems.
Kyle Samani, chairman of FORD’s board, defined that the acquisition was not only a steadiness sheet growth however a deliberate technique to “advance the Solana ecosystem and ship long-term worth for our shareholders.”
He added:
“Today’s buy marks a major milestone as Forward Industries begins executing its differentiated Solana treasury technique, constructed to learn from one of many quickest rising and most worthwhile blockchain networks.”
Meanwhile, the corporate emphasised that its SOL purchases have been “non-locked SOL [that were acquired] by a mixture of open market purchases and on-chain transactions.” This marks the primary use of proceeds from its just lately closed $1.65 billion private investment in public fairness (PIPE) financing spherical.
Notably, a number of on-chain evaluation platforms, together with Lookonchain, had reported that the asset administration agency Galaxy Digital had gone on a five-day shopping for spree of 6.5 million SOL tokens for $1.5 billion.
The firm additionally highlighted one specific transaction: a $1 million commerce executed by way of DFlow, a Solana-based decentralized change aggregator.
That deal, it mentioned, represents the primary of many anticipated on-chain deployments, demonstrating its flexibility to function throughout a number of venues moderately than rely solely on conventional markets.
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