Forward Industries Surges 12% Premarket On $1.65B Raise To Fund Solana Treasury Strategy

Solana (CRYPTO: SOL) is up 8% over the past week, buoyed by news that more companies are looking to accumulate SOL as a treasury asset.

Forward Industries (NASDAQ:FORD) on Thursday announced the completion of a $1.65 billion private placement to advance its Solana-focused treasury strategy.

The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from Bitwise, ParaFi, SkyBridge Capital, and Borderless Capital, alongside prominent angel investors from Drift, Ethena, Jito, Pudgy Penguins and Gauntlet.

The company plans to allocate proceeds toward building a SOL-based balance sheet, establishing treasury operations, and expanding institutional exposure in the Solana ecosystem.

Solana's recent momentum is backed by 8.9 billion transactions in Q2, with opportunities in DeFi, staking, lending, and on-chain yield strategies Forward Industries seeks to capitalize on.

Also Read: Bitcoin At $114,000 Ahead Of Inflation Data: Here’s How High It Could Go

Sharps Technology Partnership With Pudgy Penguins

Separately, Sharps Technology (NASDAQ:STSS), another Solana treasury company, unveiled a strategic partnership with Pudgy Penguins, a leading Web3 brand.

The collaboration aims to broaden exposure to Solana treasuries while leveraging Pudgy Penguins' strong cultural footprint.

STSS recently acquired over two million SOL, worth $400 million, through a PIPE financing led by Cantor Fitzgerald & Co.

Following the announcement, Sharps Technology shares rose 21% in premarket, while Pudgy Penguins (CRYPTO: PENGU) has gained 15% in the past week.

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