Forward Industries stakes $1.58B in Solana, launching on-chain treasury strategy to support DeFi, boost transparency, and earn staking rewards.
Forward Industries, a Nasdaq-listed treasury firm focused on the Solana ecosystem, has made headlines with a massive investment in SOL. The company has officially bought 6,822,000 SOL tokens, spending roughly $1.58 billion at an average price for the tokens ($232 per token). This significant acquisition is part of the firm’s ambition to purchase treasury stocks focused on Solana.
Solana Treasury Strategy Begins With $1.58B Stake From Forward Industries
The possible transaction warehouses of acquisition of the SOL, the official announcement stated that a combination of open market and on-chain deals was necessary for the purchase of the SOL coin. Importantly, the full amount has already been fully staked, an important signal to Forward Industries regarding its long-term commitment to the network of Solana and its future growth.
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This investment comes on the heels of the company’s recent $1.65 billion PIPE (Private Investment in Public Equity) financing round, which was led by Galaxy Digital, Jump Crypto and Multicoin Capital. The newly raised funds were used to commence this large accumulation of SOL, and more activities on-chain should be expected in the upcoming months.
In a statement, Kyle Samani, Chairman of the Board of Forward Industries, said the purchase was a “significant milestone”. He emphasized that the company’s strategy is different and tailored to profit from Solana’s fast growth and profit. According to him, Forward Industries is looking to become the world’s largest company in Solana Treasury holdings.
Moreover, Samani emphasized the need to make purchases directly on-chain. He explained that this approach is part of the company’s larger ambitions of the move to operate natively inside of the Solana ecosystem. As a result, Forward Industries seeks to provide support both for the decentralized finance (DeFi) infrastructure and its shareholders, respectively by making the trade transparent and efficient.
Forward Industries Strengthens Solana with $1M Trade and Full Staking
One particular detail in this announcement sees $1 million on-chain trade, paid via DFlow1, a decentralized exchange aggregator specifically designed for the Solana network. The trade used SolFi, one of the integrated liquidity providers available in DFlow. This is an important move announcing how Forward Industries is playing a game to find the best execution practices by tapping the diversified trading platforms.
Furthermore, this on-chain transaction was the first one of many transactions that the firm planned to explain. As the company develops its presence on Solana, it plans to conduct more on-chain operations for improved performance, more economical cost of trading, and high levels of transparency.
In addition to expanding absorption into its holdings of SOL, Forward Industries is also helping to bolster the Solana network. By “staking” its assets, the firm directly contributes toward the security and decentralization of the blockchain. At the same time, staking rewards can be a new revenue stream that ensures long-term business sustainability.
In conclusion, Forward Industries has made a bold move into the world of decentralized finance with this multi-billion-dollar investment into Solana. With powerful backers, a well-defined strategy in place, and a target of on-chain actions under its belt, the company is putting itself in the heart of Solana’s financial ecosystem.
