The Nasdaq-listed company said the initial SOL purchases averaged $232 per token for a total outlay of about $1.58 billion. The position was accumulated through a mix of open-market buys and on-chain transactions, according to the announcement.

Forward Industries characterized the move as the first phase of a broader Solana treasury strategy that seeks to “increase SOL per share” through active management rather than passive holding. The company said all SOL acquired to date has been staked.

Proceeds came from a $1.65 billion PIPE that closed Sept. 11, 2025, and was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from other investors. The company described the raise as the largest Solana-focused digital asset treasury financing to date.

As part of the initial deployment, Forward Industries highlighted a $1 million trade executed via DFlow, a low-latency decentralized exchange (dex) aggregator built for Solana trading applications and on-chain market makers, with liquidity routed through SolFi. The firm framed onchain execution as a way to access different venues and seek the best execution for shareholders.

Kyle Samani, chair of the board, said the company aims to “build the world’s largest Solana treasury company,” arguing the strategy is intended to support the Solana ecosystem while pursuing long-term shareholder value. Interim CEO Michael Pruitt said the firm built “an exceptional SOL treasury in less than a week” since closing the PIPE.

Founded 60 years ago as a design company serving medical and technology clients, Forward Industries said it launched the Solana treasury effort in September 2025 and is working with operating partners, including the investors Galaxy Digital, Jump Crypto, and Multicoin Capital.

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