Cryptocurrency Solana secures its first billion-dollar publicly traded treasury with Forward Industries purchasing 6.8 million SOL tokens.
In a significant move, Forward Industries, a leading company in the digital asset space, has acquired a vast trove of Solana (SOL) tokens, making it the largest publicly traded Solana treasury. This strategic move aims to capitalise on the growth and profitability of the Solana blockchain chain, with the ultimate goal of creating long-term value for shareholders.
The acquisition, facilitated by funds from a $1.65 billion PIPE, saw Forward Industries amass nearly 7 million SOL tokens. This figure surpasses the previously leading Solana treasuries like Upexi and DeFi Development Corp, each holding around 2 million SOL. Alameda Research played a crucial role in the replenishment of these tokens, with a transaction valued at approximately $1.6 billion.
Kyle Samani, Partner at Multicoin and Chairman of the Board at Forward Industries, hailed the acquisition as a significant milestone for the company's Solana treasury strategy. Samani also hinted at more on-chain transactions in the future, stating that the company's SOL purchases on-chain are the first of many activities expected to be done natively on-chain.
The news of this acquisition has positively impacted the shares of Forward Industries. Over the past week, the company's shares have seen a more than 28% increase, and the latest development has led to a 1.21% rise in the shares. Shares of FORD are currently up 1.32% amid the news, and have risen more than 27% in the last 5 trading days to $36.58.
However, Solana itself has experienced a minor dip, dropping around 3.5% in the last 24 hours. Despite this, Solana may be poised for an 'epic' yearly close, according to Matt Hougan, CIO at Bitwise. Hougan's optimism is rooted in pending decisions on spot Solana ETFs and the continued demand from digital asset treasuries like Forward Industries, which could help propel Solana to new heights.
A representative from Forward Industries did not immediately respond to Decrypt's request for comment.
In summary, Forward Industries' strategic acquisition of Solana tokens marks a significant step towards building the world's largest Solana treasury company. This move not only benefits the company's shareholders but also advances the Solana ecosystem, potentially setting the stage for a prosperous future for both Forward Industries and Solana.
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