Key Insights:
- Forward Industries announced $1.65 billion private placement to launch Solana Treasury strategy.
- SOL jumped 2.4% to $215.84 following the announcement, its first time above $215 since August 29, with daily gains reaching 4.55%.
- The purchase will more than double corporate SOL treasury holdings from 1.03% to 2.6% of the total token supply at $210 price level.
Forward Industries confirmed its Solana (SOL)-focused digital asset treasury strategy on Sept. 8, announcing $1.65 billion in cash and stablecoin commitments through a private investment in public equity offering.
The announcement validated the company’s initial Aug. 25 disclosure and triggered immediate market response.
SOL climbed to $215.84 right after the news, marking a 2.4% hourly increase and the first breach of the $215 threshold since Aug. 29. Daily charts showed SOL gains reached 4.55%.
The Forward Industries move reflected broader institutional momentum toward digital asset treasuries focused on SOL. Sharps Technology announced a $400 million private placement on Aug. 25 to establish another Solana treasury.
Multicoin co-founder, Kyle Samani, is expected to become Forward Industries Chairman, positioning the investment to capitalize on market inefficiencies.
He stated:
“Solana is still widely misunderstood and discounted by market participants, despite the fact that it has been resilient through adversarial cycles.”
Solana Emerges as Treasury Alternative
Corporate digital asset strategies expanded beyond Bitcoin (BTC) in the late stages of this year’s first half. Ethereum and Solana are capturing institutional attention through their technical advantages and yield generation capabilities.
Public companies collectively held 6.25 million SOL in their treasuries as of Sept. 4, marking a 285% growth compared to Jun. 1.
Solana’s annual staking yield, ranging from 4% to 8%, significantly exceeded yields from most savings accounts or US Treasury bonds, which often fall below 5%.
Unlike Bitcoin’s primarily store-of-value function, Solana offered corporate treasuries active participation through staking rewards and validator infrastructure operation.
Upexi emerged as the largest corporate SOL holder with 2 million tokens as of Sept. 5, followed closely by Sharps Technology.
Blockworks data shows the Forward Industries acquisition would expand corporate SOL treasury holdings from 1.03% to 2.6% of total token supply, calculated at the $210 price point.
The purchase represented more than doubling existing institutional SOL positions across corporate balance sheets.
Galaxy Digital Leads Strategic Investment Coalition
Galaxy Digital spearheaded the investment alongside Jump Crypto and Multicoin Capital, with existing shareholder C/M Capital Partners participating in the transaction.
The consortium brought combined expertise in Solana ecosystem development and institutional digital asset management.
Michael Pruitt, Forward Industries CEO, stated:
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world. Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL.”
Galaxy will provide trading, lending, staking, and blockchain infrastructure services through its institutional platform.
Jump Crypto will contribute with its Firedancer validator client development and networking infrastructure projects. Multicoin Capital, Solana’s seed investor since 2018, will bring ecosystem investment experience spanning over 25 projects within the Solana network.
The investment coalition mirrored corporate Bitcoin treasury strategies pioneered by Strategy, which accumulated over 582,000 BTC valued at $62 billion by June 2025.
However, Solana’s approach differed in its focus on yield generation and network participation rather than passive holding.
Technical Analysis Shows Bearish Sign
Despite the Sept. 8 price surge, analyst Ali Martinez identified a rising wedge pattern on SOL’s 4-hour chart that could drive the token toward $160 levels.
The technical formation typically signals potential downward price movement following the completion of the wedge structure.
The pattern emerged as SOL price traded within converging trend lines, with the rising wedge formation suggesting possible correction despite the Forward Industries announcement driving immediate gains.
Forward Industries is expected to release additional updates regarding the PIPE financing and treasury strategy implementation in the near term.
The company positioned itself as the leading publicly traded institutional participant in the Solana ecosystem through the strategic investment program.