Forward Industries Transforms into Solana Treasury, Surges 70% in Early Trading

Deep News09-08

Key Highlights

Forward Industries is pivoting its business model to become a cryptocurrency treasury focused on Solana.

The company, which previously provided design services to medical and technology firms, will receive $1.65 billion in funding from crypto industry players and its largest shareholder to build this digital asset reserve.

Last month, the company formerly known as 180 Life Sciences also completed its transformation into a cryptocurrency treasury.

Forward Industries (ticker: FORD) shares soared 70% during Monday's early trading session. The company, which traditionally offered design services to healthcare and technology sectors, has become the latest firm to completely pivot its business model toward cryptocurrency treasury operations.

Forward Industries announced it will secure $1.65 billion in investment to "launch a Solana-focused digital asset treasury strategy," stating that this approach will "align the company with the rapidly expanding Solana ecosystem."

The company explained that this funding will be obtained through a "Private Investment in Public Equity (PIPE)" transaction, led by Galaxy Digital (ticker: GLXY), Jump Crypto, and Multicoin Capital. The company also noted that one of its major shareholders, C/M Capital Partners, will participate in this financing round.

Chief Executive Officer Michael Pruitt commented that the new strategy "underscores our confidence in SOL's long-term potential and demonstrates our commitment to creating shareholder value through direct participation in its growth."

The company indicated that following completion of this PIPE transaction, Kyle Samani, co-founder and managing partner of Multicoin Capital, is expected to assume the role of company chairman.

Last month, the biotechnology company formerly known as 180 Life Sciences announced its business transformation into an Ether treasury and rebranded as ETHZilla (ticker: ETHZ). Similarly, MicroStrategy (ticker: MSTR) has previously adopted a Bitcoin treasury strategy and has become the largest corporate holder of the leading cryptocurrency.

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