Forward Industries, Inc. has disclosed that it acquired 6.82 million $SOL tokens at an average price of $232 each, totaling approximately $1.58 billion. The purchases mark the company’s first deployment of proceeds from its recently closed $1.65 billion private investment in public equity (PIPE) financing, which Galaxy Digital, Jump Crypto, and Multicoin Capital led.
The company acquired non-locked tokens through a combination of open market and onchain transactions. These acquisitions included a $1 million trade executed on DFlow, a Solana-based decentralized exchange aggregator. Liquidity for the onchain transaction was routed through SolFi, one of DFlow’s providers.
Forward Industries emphasized the onchain purchase as proof of its ability to seek the best execution for shareholders by utilizing a mix of trading venues. The company stated that it has already staked its entire $SOL holdings.
Kyle Samani, co-founder and managing partner of Multicoin Capital and recently appointed Chairman of Forward Industries’ Board, framed the purchases as a milestone for the company’s Solana treasury ambitions.
“We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders. We are pleased to make some of our $SOL purchases onchain, which is the first of many activities we expect the Company to do natively onchain.” - Kyle Samani, Forward Industries’ Chairman of the Board
“We are pleased to have built an exceptional $SOL treasury in less than a week since closing our PIPE, marking the first step in executing our strategy,” said Michael Pruitt, Interim Chief Executive Officer of Forward Industries.
Galaxy Digital’s Role in Accumulation
Onchain data indicates that Galaxy Digital has played a central role in sourcing tokens for Forward Industries. Analytics platforms, including Arkham Intelligence, reported that Galaxy acquired about 6.5 million $SOL in the days following the PIPE announcement.
The firm purchased around 1.24 million $SOL, worth approximately $306 million, in the past 24 hours alone. These tokens were sourced from centralized exchanges, including Binance, Coinbase, and Bybit, across multiple transactions.
Galaxy subsequently moved millions of tokens into custody wallets managed by Fireblocks.
Market Context and Commentary
The PIPE financing that enabled these purchases closed on September 11, 2025. At $1.65 billion, it represents the largest Solana-focused digital asset treasury raise to date. Lead investors Galaxy, Jump Crypto, and Multicoin collectively contributed more than $300 million, while additional support came from a wide range of institutional investors and individual participants.
The strategy has drawn comparisons to Strategy’s accumulation of Bitcoin, which transformed that firm into a corporate benchmark for digital asset treasuries. Forward Industries’ rapid deployment contrasts with dollar-cost averaging approaches sometimes favored by institutional buyers.
The scale and pace of the purchases sparked discussion on social media. One user praised the execution strategy, noting that the PIPE’s fundraising language around locked $SOL helped prevent front-running. The user also highlighted Galaxy’s weekend trading as a way to avoid traditional market participation, suggesting that this forced retail investors with no $SOL exposure to adjust their positions and pushed competing Solana vehicles into higher entry prices.
Other reactions were more critical or skeptical. Some users questioned why Forward Industries did not adopt a dollar-cost averaging strategy, expressing concern that the aggressive buys could mark the end of the company’s activity in the near term. Posts with comments like “That’s it until next DAT” and “Why did they not DCA?” reflected doubts about whether such a significant immediate commitment is sustainable.
By building its treasury around $SOL, Forward Industries aims to capture returns through staking, lending, and participation in decentralized finance markets. The company’s emphasis on onchain execution signals an effort to align corporate practices with Solana’s technical infrastructure.
What's Next for Forward Industries?
Forward Industries’ announcement that it holds 6.82 million $SOL confirms the link between Galaxy Digital’s market activity and its own treasury strategy. Having committed nearly all of its PIPE proceeds within days of closing the financing, the company now stands as one of the largest corporate holders of $SOL. The effectiveness of its approach will depend on Solana’s continued growth, the sustainability of staking yields, and broader market conditions.
Whether this marks the start of a new wave of corporate participation in Solana or an isolated move remains to be seen. What is clear is that Forward Industries has made a decisive entry into digital asset treasury management, with $1.58 billion now directly tied to the performance of the Solana ecosystem.
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