Forward Industries’ (Ford) stock price more than doubled after the company revealed plan To launch a Solana Treasury program of $ 1.65 billion.
The rally followed the news that Forward Industries had protected private placement obligations in cash and stablecoins from various industrial giants, including Galaxy Digital, Jump Crypto, Multicoin Capital and C/M Capital Partners, one of the largest shareholders.
After the news, the Ford shares rose by 101% in pre-market trade to around $ 33 on September 9, according to Google Finance Data.
In particular, the deal also helped to increase the Sol price by more than 5% in the last 24 hours to $ 214 from the press.
Largest Solana Treasury Company
At the current trading price of Solana, the allocation of $ 1.65 billion would translate into more than 7.7 million Sol tokens.
Data from Coingecko to show That the scale forward industries would make the largest listed Solana Treasury, causing Upexi’s 2 million Solholding to catch up.
In view of this, Forward Industries says that the program is designed to generate differentiated returns on the chain and to strengthen the value of the long -term shareholders.
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As a result, Galaxy Digital, Jump Crypto and Multicoin Capital will each offer strategic and technical support in addition to their financial obligations. Galaxy will advise on structuring, while Jump Crypto will help develop the infrastructure to manage treasury operations.
Leadership changes
As part of the pipe agreement, co-founder of Multicoin Kyle Samani becomes chairman of the Board of Directors of Forward Industries.
Chris Ferraro, President and Chief Investment Officer at Galaxy, and Saurabh Sharma, Chief Investment Officer of Jump Crypto, will participate as administrative observers.
These people bring extensive experience in investing and building within the Solana Ecosystem.
Samani argued that Solana remains undervalued despite his strong developer and user activity, making this a suitable time to build a large -scale treasury.
He added:
“Real economic value is generated on Solana. A treasury on an institutional scale can be used in advanced ways within the Solana ecosystem to create differentiated value and to increase Sol per share faster than just a passive holder.”