Forward Industries is already the largest Solana treasury firm, but apparently, they want to further expand their lead. According to a press release, Forward plans to raise 4 billion US dollars for SOL purchases through a share offering.
By comparison, this enormous sum could alternatively buy approximately 35,000 BTC, making it the fourth-largest (!) corporate BTC holder behind Jack Mallers’ Twenty One Capital and ahead of Adam Back’s Bitcoin Standard Treasury Company.
“This offering provides Forward Industries with a flexible and efficient mechanism to raise and methodically deploy capital to support our Solana treasury strategy,” explains Kyle Samani, Chairman of the Board of Directors of Forward Industries.
Following the initial purchases of approximately 6.8 million Solana, valued at 1.6 billion US dollars, Forward now plans to “strengthen its balance sheet and pursue growth initiatives consistent with our long-term vision.”
At the time of writing, Solana is trading at $233, down 1.7% from the previous day. However, compared to the previous week, the SOL price has gained 4.5%, outperforming both BTC and ETH.
If the company sells all shares as planned and then uses the proceeds to acquire Solana, it could more than double the total holdings of the SOL strategy firms. They currently hold a total of 13.3 million SOL, valued at $3.1 billion.
Forward shareholders are initially unenthusiastic because the issuance of new shares would result in capital dilution. Currently, FORD shares are trading at $33, down 11 percent within a single day.