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Nasdaq-listed Forward Industries (FORD) said Thursday it has closed the $1.65 cardinal backstage concern successful nationalist equity (PIPE) woody to physique retired firm crypto treasury centered connected Solana (SOL).
The currency and stablecoin commitments, led by Galaxy Digital, Jump Crypto and Multicoin Capital, volition money the company’s program to anchor its equilibrium expanse successful Solana’s autochthonal token, SOL.
The 3 pb investors contributed much than $300 million, joined by firms including Bitwise Asset Management, Borderless Capital and SkyBridge Capital, arsenic good arsenic respective crypto founders and angel investors. Multicoin co-founder Kyle Samani has been appointed president of the board, portion Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma volition service arsenic observers.
The company's banal surged arsenic overmuch arsenic 15% earlier paring immoderate of the gains successful pre-market trading.
The determination comes arsenic nationalist companies research integer plus treasuries, holding crypto straight connected their equilibrium sheets, seeking to reflector aboriginal adopters similar Micheal Saylor's Strategy (MSTR), which has go the largest firm proprietor of bitcoin (BTC).
Solana-focused treasury firms including DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (STSS) collectively clasp implicit $1.4 cardinal successful SOL, Blockworks data shows.
Read more: Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market
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