Forward Industries (FORD) announced on Sept. 15 that it has acquired and staked more than 6.8 million SOL tokens for its Solana Treasury Strategy.
Despite the scale of the acquisition, the impact has yet to show up in FORD’s share price. According to Google Finance data, the stock is down more than 2% to $33.51 as of press time.
Still, data from CoinGecko shows that the move has elevated FORD above all other corporate treasuries holding Solana.
Its 6.8 million SOL stack exceeds the combined holdings of DeFi Development Corp., Upexi, and Sharp Technology, which each control roughly 2 million SOL.
FORD Solana purchases
According to the announcement, the SOL tokens were acquired at an average purchase price of $232 per token, bringing the total investment to about $1.58 billion.
Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, FORD emphasized that this move signals the start of a long-term plan to capture value from what it views as one of the fastest-growing blockchain ecosystems.
Kyle Samani, chairman of FORD’s board, explained that the purchase was not just a balance sheet expansion but a deliberate strategy to “advance the Solana ecosystem and deliver long-term value for our shareholders.”
He added:
“Today’s purchase
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Author: Oluwapelumi Adejumo
