Forward Industries Buys $1.58 Billion In SOL, As Michael Saylor's Strategy Continues BTC Accumulation

Forward Industries Inc FORD has acquired 6.8 million Solana SOL/USD tokens for approximately $1.58 billion at an average price of $232 per token, marking the initial deployment of its $1.65 billion fundraising round as the company positions itself as “the leading Solana treasury company.”

The purchases represent the first major execution of Forward Industries’ Solana-focused treasury strategy, funded through a private investment round led by Galaxy Digital, Jump Crypto, and Multicoin Capital that closed Sep. 11.

The company acquired the tokens through both traditional open market purchases and on-chain transactions, including a $1 million trade executed via DFlow, a decentralized exchange aggregator built for Solana trading.

“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest growing and most profitable blockchain networks,” said Kyle Samani, Chairman of Forward Industries’ Board of Directors.

Strategy Maintains Bitcoin Focus

Meanwhile, Strategy MSTR reported continued Bitcoin BTC/USD accumulation, purchasing 525 BTC for $60.2 million at an average price of $114,562 between Sep. 8-14.

The company now holds 638,985 Bitcoin worth approximately $47.23 billion at an average purchase price of $73,913.

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The company funded its latest purchases through proceeds from multiple at-the-market (ATM) offerings of preferred stock, raising $68.2 million during the week.

Strategy maintains several active ATM programs with billions in remaining capacity, including $16.1 billion available for common stock issuance.

Treasury Strategy Differentiation

Forward Industries’ approach differs from Strategy’s Bitcoin-only strategy by focusing on Solana’s proof-of-stake mechanism.

The company has staked all acquired SOL tokens to generate additional yield, following what it calls a strategy to “increase SOL per share at a faster rate than simply being a passive holder.”

“We are pleased to have built an exceptional SOL treasury in less than a week since closing our PIPE, marking the first step in executing our strategy,” said Michael Pruitt, Interim CEO of Forward Industries.

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