Forward Industries doubles down on Solana with $4B share program
Forward Industries intends to expand its $1.58 billion in Solana holdings with up to $4 billion in new purchases.Forward Industries intends to expand its $1.58 billion in Solana holdings with up to $4 billion in new purchases.
- Forward Industries filed for an option to sell $4 billion of its stock to acquire Solana
- So far, the company has bought about $1.58 billion worth of SOL, financed by private investments
- The program, if realized fully, could make Forward one of the largest SOL holders out there
Publicly traded firms are increasingly going beyond Bitcoin in their treasury strategies. On Wednesday, September 17, Nasdaq-listed company Forward Industries filed for an automatic shelf registration with the Securities and Exchange Commission. The filing allows the firm to sell up to $4 billion worth of its stock to acquire SOL.
It is important to note that the program does not bind the firm to sell that many shares. Moreover, the company’s market cap is currently just $3.16 billion, almost a billion short of its goal. For that reason, it is unlikely that the firm will sell that many shares to buy SOL. Still, if the share price rises substantially after the announcement, the company could approach that goal.
Forward Industries already holds $1.58M in SOL
Earlier, Forward Industries completed a $1.65 billion private investment, led by crypto investment giants such as Galaxy Digital, Jump Crypto, and Multicoin Capital. Using those funds, the firm acquired 6.82 million SOL tokens at an average cost of $232 each, totaling about $1.58 billion.
Despite the latest announcement, shares of Forward Industries fell 4.12% in early morning trading.
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