Forward Industries (Ford) shares more than doubled after it revealed plans to launch a $1.65 billion Solana Treasury program.
The rally followed news that it secured cash and Stablecoins private placement commitments from several industry giants, including Galaxy Digital, Jump Crypto, Multicoin Capital and C/M Capital Partners, LP and one of its biggest shareholders.
Following the news, Ford shares rose 101% in pre-market trading on September 9, according to Google Finance data.
In particular, the deal helped boost Sol’s price by over 5% in the last 24 hours, to $214 at the time of reporting.
The largest Ministry of Finance of Solana
At Solana’s current trading price, an allocation of $1.65 billion will lead to Sol Tokens of over 7.7 million.
Coingecko’s data shows that this scale will make Forward Industries the largest publicly traded Solana Treasury, overtaking Upexi’s 2 million Sol Holdings.
With this in mind, the Forward Industry says the program is designed to generate differentiated on-chain returns and enhance long-term shareholder value.
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As a result, Galaxy Digital, Jump Crypto, and Multicoin Capital each provide strategic and technical support along with financial commitments. Galaxy advises about structuring, while Jump Crypto helps develop the infrastructure to manage your financial operations.
Leadership changes
As part of the pipe agreement, Kyle Samani, co-founder of Multicoin, will be chairing the board of directors of Forward Industries.
Galaxy’s President and Chief Investment Officer Chris Ferraro and Jump Crypto’s Chief Investment Officer Saurabh Sharma will be participating as observers on the board.
These individuals bring a wealth of experience investing and building in the Solana ecosystem.
Samani argued that Solana was underrated despite her powerful developer and user activity, making this the perfect moment for building a massive Treasury ministry.
He added:
“A true economic value is being created in Solana. We can deploy the institutional scale Treasury within the Solana ecosystem in a sophisticated way to increase SOL per SOL at a faster rate than simply being a passive holder.”
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