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Nasdaq-listed Forward Industries (NASDAQ: FORD) has witnessed a striking 36% jump in its stock price on September 11, following the rollout of its $1.65 billion Solana Treasury plan. Over the past week, FORD stock has climbed an impressive 135%, reflecting strong investor confidence in the company’s move into Solana’s native token (SOL). Meanwhile, SOL itself has strengthened, rising 6% to $234 and dominating broader crypto market gains.
Forward Industries Executes Massive SOL Purchases
Forward Industries recently completed a $1.65 billion private placement to fund its acquisition of SOL. The move quickly fueled bullish sentiment, with daily SOL trading volumes rising 27% to $11.46 billion. Galaxy Digital, led by Mike Novogratz, has been assisting Forward Industries in executing these purchases. Over the last 24 hours, the combined effort saw 2,159,182 SOL acquired, valued at approximately $486 million according to Arkham Intelligence.
In a CNBC interview, Novogratz highlighted Solana’s blockchain capability, noting it can handle 14 billion transactions per second—surpassing the combined transaction volume of equities, fixed income, commodities, and FX markets. This high throughput positions SOL as a unique treasury asset, appealing to institutional investors looking for scalable blockchain exposure.
FORD Stock Rallies Alongside Solana Gains
The Solana Treasury announcement has translated into significant gains for Forward Industries. The Nasdaq-listed firm’s stock surged another 36% on Thursday alone, extending its weekly rally to 135%. Daily trading volumes for FORD also exceeded $1 million, showing strong market participation. This rally comes amid broader interest in Solana-focused corporate initiatives, with SOL Strategies making its Nasdaq debut this week under the ticker STKE.
Solana Leads Broader Crypto Market Rally
The broader cryptocurrency market has been experiencing a rebound, partly fueled by softer US PPI data earlier this week. Within this rally, Solana has stood out. Weekly gains for SOL reached 15%, with a 6% increase on the day of the Forward Industries update. Daily trading volumes surged 27% to $11.46 billion, highlighting strong demand among traders and investors alike.
SOL futures open interest has also climbed, increasing by 7.28% to $16.41 billion, reflecting growing speculation and confidence in the token’s potential. Analyst Javon Marks noted that maintaining the SOL price above $233 could pave the way for another substantial rally, with targets approaching $457.
Solana Hits New Milestones in DeFi
Beyond its market performance, Solana is achieving new milestones in the decentralized finance (DeFi) space. Total value locked (TVL) on the Solana blockchain recently surpassed $13 billion for the first time in history, signaling robust ecosystem growth and adoption.
The arrival of a spot Solana ETF, expected in October pending US SEC approval, could further enhance institutional participation and liquidity. Investors and traders are closely monitoring these developments as they may significantly influence SOL’s price trajectory and the broader crypto market.
Conclusion
Forward Industries’ Solana Treasury plan has had a dual effect: driving substantial gains in FORD stock and supporting SOL’s market momentum. With whales and institutional players showing strong interest, Solana is positioned at the forefront of the ongoing crypto market rally. Milestones such as record TVL and upcoming ETF opportunities underscore the growing appeal of SOL as both a tradable asset and a strategic treasury holding.
