Forward Industries Deploys $1.58 Billion Into Solana Following $1.65B PIPE Raise
Synopsis
The company stated that its initial batch of Solana was acquired through both open-market purchases and on-chain transactions.
Forward Industries (FORD) announced on Monday that it purchased roughly 6.82 million Solana (SOL) tokens at an average price of $232, totaling about $1.58 billion.
The move marks the company’s first major step after closing a $1.65 billion private investment in public equity (PIPE) financing led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital.
The initial batch of Solana was acquired through both open-market buys and on-chain transactions. The firm stated that one of the trades, valued at $1 million, was executed via DFlow, a decentralized exchange aggregator designed for Solana applications, with liquidity routed through SolFi. The purchase leaves the company with about $70 million from its PIPE raise still uncommitted.
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