Forward Industries (FORD) to become largest Solana treasury holder through $1.6B deal, stock jumps 101%

Forward Industries’ (FORD) stock price more than doubled after the company revealed plans to launch a $1.65 billion Solana treasury program.

The rally followed news that Forward Industries had secured private placement commitments in cash and stablecoins from several industry giants, including Galaxy Digital, Jump Crypto, Multicoin Capital, and C/M Capital Partners, LP, one of its largest shareholders.

Following the news, FORD’s stock surged 101% in pre-market trading to about $33 on Sept. 9, according to Google Finance data.

Notably, the deal also helped push SOL’s price up by over 5% in the last 24 hours to $214 as of press time.

Largest Solana treasury company

At Solana’s current trading price, the $1.65 billion allocation would translate into more than 7.7 million SOL tokens.

Data from CoinGecko shows that the scale would make Forward Industries the largest publicly traded Solana treasury, overtaking Upexi’s 2 million SOL holding.

Considering this, Forward Industries says the program is designed to generate differentiated on-chain returns and strengthen long-term shareholder value.