Key Takeaways
- Three Solana treasury companies—Solana Company (HSDT), Brera Holdings, and SkyAI—declined or ignored acquisition proposals from Forward Industries
- Forward Industries operates as the biggest Solana digital asset treasury operator, controlling more than 7 million SOL tokens valued at approximately $525 million
- Forward Industries (FORW) stock climbed as high as 8.6% Tuesday following the rejection announcements
- Solmate leveled allegations that Forward coordinated covertly with RockawayX and other parties in an attempted hostile acquisition—claims Forward firmly disputes
- Industry observers suggest sector consolidation may become necessary as smaller treasury operators face challenges meeting operational expenses
Forward Industries attempted to consolidate its position in the Solana treasury sector through strategic acquisitions, but faced resistance from three prospective targets.
Solana Company, which operates under the HSDT ticker symbol, turned down an all-stock acquisition proposal on June 12. Forward’s offer outlined a structure where HSDT investors would receive 0.386 Forward shares per existing share, establishing an implied valuation of $1.63 for each HSDT share.
HSDT’s board of directors determined the proposal “substantially undervalues the company” and failed to serve shareholder interests properly. A unanimous board decision rejected the overture, with members stating they would not pursue additional negotiations.
Brera Holdings similarly declined a nonbinding all-stock proposal from Forward on June 9, which established a per-share valuation of $7.19. Meanwhile, SkyAI received its own proposal valuing shares at $1.55 apiece but allowed the offer to lapse without providing any formal response.
Forward expressed being “disappointed and surprised” by HSDT’s rejection, particularly given the absence of any dialogue before the decision.
Accusations of Coordinated Takeover Tactics Emerge
Solmate, another company Forward approached, delivered a more pointed rejection. In its June 12 response, Solmate alleged Forward had been covertly coordinating with market maker RockawayX along with investor Viktor Fischer as part of an undisclosed consortium—characterizing the effort as a hostile takeover strategy.
Forward rejected these accusations outright, describing them as unfounded and driven by Solmate’s intent to prevent the transaction.
Despite encountering these setbacks, Forward Industries (FORW) stock advanced as much as 8.6% during Tuesday trading. HSDT declined up to 6% that same session. Solmate shares jumped over 11% while SkyAI posted a 2% gain.
The Strategic Rationale Behind Forward’s Consolidation Drive
Forward Industries controls more than 7 million SOL tokens, positioning it as the dominant Solana digital asset treasury by asset holdings. The firm initiated its treasury approach in September 2025 and has deployed staking strategies for the majority of its token position.
CoinGecko valuations place these holdings near $525 million currently. Reports indicate Forward invested close to $1.6 billion acquiring these assets, creating an unrealized deficit exceeding $1 billion.
Forward’s Chief Investment Officer Ryan Navi noted that numerous smaller digital asset treasuries may struggle to offset their operational expenditures even when maximizing staking income. He calculated 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 stated.
Forward Industries is scheduled to enter the Russell 2000 and 3000 indexes at June’s conclusion, which analysts anticipate will attract additional passive investment flows into the stock.
August Widmer, a partner with Echo Base, indicated consolidation might represent the sole sustainable direction for the sector. He suggested the rejections demonstrate smaller market participants haven’t yet acknowledged this economic reality.
“There’s still further to fall in this market before that reality is accepted,” Widmer observed.
