In a significant move, Forward Industries has announced plans to expand its Solana holdings by up to $4 billion through a new share program, adding to its existing $1.58 billion investment in the cryptocurrency.
The company’s decision to increase its Solana holdings is a testament to the growing interest in cryptocurrencies beyond Bitcoin. According to a recent filing with the Securities and Exchange Commission, Forward Industries intends to sell up to $4 billion worth of its shares to finance the purchase of additional Solana (SOL) tokens.
Expansion of Solana Holdings
Forward Industries has already acquired 6.82 million SOL tokens at an average price of $232 each, totaling around $1.58 billion, through a private investment of $1.65 billion led by cryptocurrency giants such as Galaxy Digital, Jump Crypto, and MultiCoin Capital. The company’s decision to expand its Solana holdings is a strategic move to strengthen its balance sheet and drive growth initiatives aligned with its long-term vision.
As stated by Kyle Samani, Chairman of the Board of Directors of Forward Industries, “After the ATM program recently increased the largest increase in the digital assets and initial purchases of more than 6.8 million SOL, which is aligned with Solana so far, and completed this position in the first purchases of more than 6.8 million SOL, our balance sheet can be strengthened and growth initiatives in the direction of our long-term vision.” The company’s market capitalization currently stands at $3.16 billion, which is significantly lower than the proposed $4 billion share program.
Market Implications
Despite the announcement, Forward Industries’ shares fell 4.12% in early morning trading. The company’s decision to expand its Solana holdings is a notable development in the cryptocurrency market, highlighting the growing interest in alternative cryptocurrencies. The success of this move will depend on various market factors, including the performance of Solana and the overall cryptocurrency market.
For more information on Forward Industries’ $4 billion share program and its implications on the cryptocurrency market, please visit https://crypto.news/forward-industries-doubles-down-on-solana-with-4b-share-program/.
