Forward Industries spent $1.58 billion to acquire over 6.82 million SOL

according to businesswire, Forward Industries announced the purchase of 6,822,000 Solana (SOL) at an average price of $232 each, totaling approximately $1.58 billion.

This transaction marks the first deployment of the company's $1.65 billion PIPE financing, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. All SOL purchased by Forward Industries have been staked, with some transactions completed through the Solana on-chain platform DFlow. The company plans to enhance the per-share value of SOL through active management and on-chain operations.