Key Takeaways
- Forward Industries will shift its business into a cryptocurrency treasury focused on Solana.
- The provider of design services for medical and tech firms will get a $1.65 billion infusion from crypto-based companies and its largest shareholder to build the reserve.
- Last month the former 180 Life Sciences also moved to be a cryptocurrency treasury.
Forward Industries (FORD) shares soared 70% Monday morning as the provider of design services for the medical and technology sectors became the latest company to completely shift its business into becoming a cryptocurrency treasury.
Forward Industries announced it was receiving a $1.65 billion investment to “initiate a Solana-focused digital asset treasury strategy,” which it said aligns it “with the fast-growing Solana ecosystem.”
The company explained that the funds were coming through a private investment in public equity (PIPE) offering led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital. It added that one of its biggest shareholders, C/M Capital Partners, is also participating.
CEO Michael Pruitt said that the new strategy “underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”
The company noted that upon the closing of the PIPE, Multicoin Capital co-founder and Managing Partner Kyle Samani is expected to become Chair.
Just last month, the biotech company formerly known as 180 Life Sciences announced it was shifting its business to an Ether treasury and changed its name to ETHZilla (ETHZ). Similarly, Strategy (MSTR) has adopted a Bitcoin treasury strategy and has become the largest corporate holder of the biggest cryptocurrency.
UPDATE—This article has been updated with the latest share price information.
