Forward Industries Inc (NASDAQ: FORD) has acquired 6.8 million Solana (CRYPTO: SOL) tokens for $1.58 billion at $232 per token, following a $1.65 billion fundraising round. This marks the company as the leading Solana treasury entity. The purchase was funded by investors like Galaxy Digital and Multicoin Capital.

Forward Industries executed its Solana-focused treasury strategy by purchasing SOL tokens through open markets and on-chain transactions. The company made a $1 million trade via DFlow, a Solana-focused decentralized exchange aggregator. Chairman Kyle Samani emphasized the strategy’s importance in benefiting from a rapidly growing blockchain network.

Strategy (NASDAQ: MSTR) continued accumulating Bitcoin (CRYPTO: BTC) by purchasing 525 BTC for $60.2 million at an average price of $114,562. With 638,985 BTC now held, the company’s total Bitcoin worth is about $47.23 billion. Funding for these purchases came from multiple at-the-market offerings of preferred stock.

Forward Industries’ treasury strategy differentiates from Strategy’s Bitcoin focus by emphasizing Solana’s proof-of-stake mechanism. The company has staked all acquired SOL tokens to generate additional yield, aiming to increase SOL per share at a faster rate. Interim CEO Michael Pruitt highlighted the rapid establishment of an exceptional SOL treasury post-fundraising round closure.

Read more at Yahoo Finance: Forward Industries Buys $1.58 Billion In SOL, As Michael Saylor’s Strategy Continues BTC Accumulation