Key Takeaways
- Three Solana treasury companiesāSolana Company (HSDT), Brera Holdings, and SkyAIāeither rejected or ignored Forward Industries’ acquisition proposals
- Forward Industries operates as the leading Solana digital asset treasury firm, controlling more than 7 million SOL tokens valued at approximately $525 million
- Forward’s share price climbed up to 8.6% on Tuesday following news of the rejections
- Solmate leveled allegations that Forward engaged in covert collaboration with parties like market maker RockawayX for a hostile takeover schemeāclaims Forward categorically rejected
- Industry experts suggest consolidation might represent the only sustainable future for smaller treasury firms unable to meet operational expenses
Forward Industries launched a strategic initiative to merge smaller Solana treasury operations, yet faced resistance from three target companies that declined its merger proposals.
Solana Company, trading publicly as HSDT, turned down an equity-based acquisition proposal on June 12. The offer outlined an exchange ratio of 0.386 Forward shares per HSDT share, establishing a price point of $1.63 for each HSDT share.
The HSDT board determined the offer “substantially undervalues the company” and failed to serve shareholder interests appropriately. Following a unanimous board vote to reject the proposal, HSDT indicated it had no intention of pursuing additional negotiations.
Brera Holdings similarly declined a non-binding stock-based proposal from Forward dated June 9, which established a valuation of $7.19 per Brera share. Meanwhile, SkyAI received its own offer pricing shares at $1.55 each but chose not to respond before the deadline passed.
Forward expressed being “disappointed and surprised” by HSDT’s decision to reject the proposal without opening dialogue.
Accusations of Coordinated Takeover Strategy
Solmate, an additional acquisition candidate, escalated its response beyond simple rejection. In its June 12 statement, Solmate claimed Forward was operating in undisclosed coordination with market maker RockawayX and investor Viktor Fischer as part of an orchestrated hostile takeover effort.
Forward dismissed these allegations as unfounded, suggesting Solmate’s accusations stemmed from self-interested motives to derail the acquisition.
Market reaction to the rejected bids proved favorable for Forward, with shares climbing as high as 8.6% on Tuesday. In contrast, HSDT experienced a decline of up to 6% during the same trading session. Solmate saw gains exceeding 11%, while SkyAI advanced 2%.
The Strategic Rationale Behind Forward’s Consolidation Drive
Forward commands more than 7 million SOL tokens in its treasury, establishing it as the preeminent Solana digital asset treasury operation by holdings volume. The firm initiated its Solana treasury approach in September 2025 and has deployed most tokens through staking.
Current CoinGecko valuations place these holdings near $525 million. According to reports, Forward invested close to $1.6 billion acquiring this SOL position, resulting in an unrealized deficit surpassing $1 billion.
Ryan Navi, Forward’s Chief Investment Officer, noted that numerous smaller digital asset treasury companies likely cannot sustain basic operational expenses even when maximizing staking rewards. He projected Forward’s quarterly selling, general, and administrative expenses at roughly $4.5 million.
“I don’t think there needs to be 20 Solana DATs,” Navi said.
Forward is scheduled for inclusion in both the Russell 2000 and 3000 indexes when they rebalance at June’s conclusion, a development anticipated to attract passive investment flows.
August Widmer, partner at Echo Base, characterized consolidation as potentially the sole practical direction for the industry. He observed that the rejection responses indicate smaller market participants haven’t yet acknowledged this emerging reality.
“There’s still further to fall in this market before that reality is accepted,” Widmer said.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
