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As institutional treasury strategies for altcoins continue to grow, a significant step has been taken for Solana (SOL). Forward Industries, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, announced plans to create a $1.65 billion Solana treasury.
Forward Industries’ Solana Treasury Strategy
The company raised $1.65 billion in cash and stablecoin through a private funding round for the acquisitions. These funds will be used to execute the SOL treasury program and position Forward Industries as a leading publicly disclosed institutional participant in the Solana ecosystem.
Galaxy Digital, Jump Crypto, and Multicoin Capital will provide both capital and strategic support to structure and execute Forward Industries’ treasury strategy.
CEO Michael Pruitt’s Statements
Forward Industries CEO Michael Pruitt stated:
“Solana has emerged as one of the world’s most innovative and widely adopted blockchain ecosystems. Our strategy to establish an active Solana treasury program highlights our belief in SOL’s long-term potential and our commitment to creating shareholder value by directly contributing to its growth.”
“Working with firms like Galaxy, Jump Crypto, and Multicoin, which have deep expertise and proven track records in investing and developing the Solana ecosystem, provides us with a strong foundation to implement this strategy and position the company as a key player in digital assets.”
Importance of Institutional Treasury Strategies
Following the institutional treasury strategies applied to Bitcoin (BTC) and Ethereum (ETH), altcoins are now receiving similar support. Forward Industries’ initiative aims to increase confidence and institutional participation in the Solana ecosystem, contributing to SOL’s long-term growth.
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