Forward Industries Builds $1.6B Solana Treasury in Landmark Crypto Move

Forward Industries has vaulted to the top of Solana’s corporate holders after unveiling a $1.6 billion accumulation of SOL tokens, making it the largest publicly traded Solana treasury to date.

The New York–based medical design company disclosed Monday that it purchased 6,822,000 SOL at an average price of $232, channeling nearly all proceeds from its freshly closed $1.65 billion private investment in public equity (PIPE). The financing round drew heavyweight crypto backers including Galaxy Digital, Jump Crypto, and Multicoin Capital.

Chairman Kyle Samani, also a partner at Multicoin, framed the acquisition as the opening act in a long-term strategy. “We are building the world’s largest Solana treasury company, a plan that strengthens the Solana ecosystem while creating lasting value for shareholders,” Samani said.

Forward’s buying spree combined on-chain activity with open market transactions, even routing about $1 million through Solana DEX aggregator DFlow. The firm signaled more native blockchain transactions ahead, citing a commitment to “best execution” for shareholders.

The near–7 million SOL position triples the holdings of previous public-leader treasuries like Upexi and DeFi Development Corp, each around 2 million SOL.

Market reaction was swift: Forward’s shares (FORD) climbed 1.32% on the announcement and are up more than 27% over the past five sessions to $36.58. Meanwhile, Solana’s price dipped 3.5% in the last 24 hours but remains a standout weekly performer with a 10% gain. Analysts note that pending approvals for spot Solana ETFs and continued institutional treasury demand could help propel the sixth-largest cryptocurrency toward an impressive year-end rally.