Nasdaq-listed Forward Industries (FORD) said Monday it purchased 6,822,000 Solana (SOL) tokens at an average price of 232 dollars, spending roughly 1.58 billion dollars.
The company said the tokens were acquired through a mix of open-market and on-chain transactions, and that all holdings have been staked.
Forward described the move as part of its strategy to build the world’s largest Solana treasury company, with plans to grow SOL-per-share through active, on-chain strategies rather than passive holding.
Helius Medical Technologies raises $1.25B for Solana
Also on Monday, Helius Medical Technologies, a neurotechnology company, revealed it is raising up to 1.25 billion dollars in a private share sale to accumulate Solana.
The deal includes 500 million dollars in upfront capital and 750 million dollars in warrants to support future purchases of SOL. The fundraising was led by Pantera Capital and Summer Capital, with participation from FalconX, Animoca Brands, and Laser Digital, the crypto unit of Nomura.
As part of the transaction, Joseph Chee of Summer Capital will become chairman of Helius’ board. Cosmo Jiang of Pantera will join as a director, and Dan Morehead, Pantera’s founder and CEO, will act as a board advisor.
Jiang said the company aims to become one of the leading Solana digital asset treasuries (DATs), emphasizing that the structure was designed for both scale and rapid expansion.
Digital asset treasury boom
The two announcements highlight the momentum behind digital asset treasuries. According to Architect Partners, more than 150 firms have announced nearly 100 billion dollars in planned crypto purchases in 2025.
The approach follows the strategy popularized by Michael Saylor’s MicroStrategy, which turned its stock into a proxy for Bitcoin. While most treasuries have focused on BTC, ETH, and SOL, some companies have expanded into altcoins such as BNB, HYPE, and XRP.
Solana-focused treasuries have already accumulated close to 1 percent of the network’s total supply, making SOL the third-largest category among digital asset treasuries.
