Forward Industries raises $1.65 billion for solana treasury
Treasury companies collectively hold 4.67 million solana tokens.
Solana treasuries continue to gain momentum, with Forward Industries announcing it has raised $1.65 billion in cash and stablecoin commitments for a PIPE offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a solana treasury. Cantor is the lead placement agent.
Shares of the company are up over 40% on Monday. Solana, the sixth-largest crypto by market cap, is up 5.4% in the past 24 hours.
Kyle Samani, a Multicoin managing partner, will become chairman of the board.
Meanwhile, Sol Strategies, a Canadian publicly listed company with 402,623 solana, announced it has received approval to list on the Nasdaq. The company will start trading on Tuesday under the ticker “STKE.”
Leah Wald, Sol Strategies CEO, told Sherwood News that securing Nasdaq approval is a defining moment for the company.
“We’ve proven that a company built around solana infrastructure can meet the same standards as the most innovative firms in traditional markets,” she said. “This uplisting opens the door to a wider class of investors and shows how our validator-driven model is built for scale.”
Solana treasury companies collectively hold 4.67 million solana, The Block data shows.
Among the companies leading the treasury pack:
Recent entrant Sharps Technology, a medical device and pharmaceutical packaging company, acquired more than 2 million solana last week.
DeFi Development Corp. now holds more than 2 million solana.
Solana’s price has been buoyed by increased institutional interest and solana’s upcoming Alpenglow upgrade.
“If successfully implemented, it could give solana transaction speed that exceeds that of SUI and even rival standard Google Search response times,” Ray Youssef, CEO of crypto platform NoOnes, said. “For institutions and builders considering on-chain infrastructure, this kind of benchmark and performance is a material differentiator, reinforcing solana’s narrative as a leading next-generation Layer 1 chain and alternative to ethereum.”
