Forward Industries (FORD) experienced a massive surge in stock value, exceeding a 100% increase, after the company announced intentions to establish a Solana treasury program worth $1.65 billion. Details regarding the initiative can be found here.
This impressive stock performance came on the heels of news that Forward Industries had successfully secured private funding commitments. These commitments, consisting of both cash and stablecoins, were obtained from prominent firms in the digital asset space, including Galaxy Digital, Jump Crypto, Multicoin Capital, and C/M Capital Partners, LP, a significant current investor.
Reportedly, and according to Google Finance figures, FORD’s stock value dramatically increased by 101% during pre-market trading on September 9, reaching approximately $33 per share following the announcement.
The news also positively impacted the price of SOL. The value of Solana’s native token increased by more than 5% in a 24-hour period, trading around $214 at the time of this report.
Leading Solana Treasury Holder
Based on Solana’s current market price, the committed $1.65 billion investment would translate to owning over 7.7 million SOL tokens.
According to CoinGecko data, this allocation would position Forward Industries as the largest publicly traded entity holding a Solana treasury. This would surpass Upexi, which currently holds around 2 million SOL.
Forward Industries states that the primary goal of this treasury program is to generate unique returns through on-chain activities. Ultimately, the company seeks to create long-term value for its shareholders.
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Beyond financial support, Galaxy Digital, Jump Crypto, and Multicoin Capital will actively contribute through strategic and technical assistance. Galaxy will offer structuring advice, while Jump Crypto will assist in building out the necessary infrastructure for efficient treasury management.
Changes in Leadership
As a component of the private investment (PIPE) agreement, Kyle Samani, a co-founder of Multicoin Capital, will assume the position of Chairman of the Board at Forward Industries. Learn more about Kyle Samani.
Additionally, Chris Ferraro, serving as President and Chief Investment Officer at Galaxy, and Saurabh Sharma, the Chief Investment Officer of Jump Crypto, will join the board as observers.
These individuals bring a wealth of experience regarding investment within, and development of, the Solana ecosystem.
Samani articulated his belief that Solana is currently undervalued, particularly when considering the robust activity from both developers and users on the network. This, he argued, presents a prime opportunity to establish a substantial treasury.
He elaborated by stating:
“Solana is creating genuine economic value. An institutional-sized treasury has the potential to be strategically deployed within the Solana ecosystem, generating unique value and increasing SOL per share at a faster pace compared to simply holding the asset passively.”