Forward Industries’ Solana Treasury Consolidation Plan Hits Wall as Three Firms Say No

Key Takeaways

• Three Solana digital asset treasury companies—Solana Company (HSDT), Brera Holdings, and SkyAI—declined or ignored Forward Industries’ acquisition proposals
• Forward Industries commands the largest Solana DAT position with more than 7 million SOL tokens valued at approximately $525 million
• Forward’s shares climbed up to 8.6% on Tuesday despite the acquisition setbacks
• Solmate leveled accusations against Forward, alleging undisclosed coordination with market maker RockawayX and investor Viktor Fischer in what it characterized as a hostile takeover effort—claims Forward has refuted
• Industry observers suggest smaller DAT operators face pressure to merge as many cannot sustain basic operational expenses

Forward Industries launched an ambitious campaign to merge smaller Solana treasury operations under its umbrella, only to encounter resistance from three prospective acquisition targets.

Solana Company, which operates under the HSDT ticker symbol, turned down Forward’s all-stock acquisition proposal on June 12. The offer would have granted HSDT stakeholders 0.386 Forward shares for every share they owned, effectively pricing HSDT at $1.63 per share.

HSDT’s board determined the proposal “substantially undervalues the company” and failed to serve shareholder interests. In a unanimous decision, the board rejected the bid and stated it would not pursue additional negotiations.

Brera Holdings similarly dismissed Forward’s nonbinding all-stock proposal submitted June 9, which assigned a $7.19 valuation to each Brera share. Meanwhile, SkyAI received a distinct offer pricing its shares at $1.55, but the company allowed the proposal to lapse without providing any formal reply.

Forward expressed being “disappointed and surprised” by HSDT’s refusal to engage in any dialogue before rejecting the proposal.

Accusations of Coordinated Takeover Strategy

Solmate, yet another acquisition candidate, delivered a more aggressive response to Forward’s overtures. In its June 12 rejection letter, Solmate alleged that Forward was operating in secret coordination with market maker RockawayX and investor Viktor Fischer as an undisclosed collective—positioning the move as a hostile takeover scheme.

Forward firmly rejected these allegations, dismissing them as unfounded accusations driven by Solmate’s strategic interest in derailing the transaction.

Despite facing multiple rejections, Forward’s stock price surged as much as 8.6% during Tuesday’s trading session. HSDT shares fell by as much as 6% the same day. Solmate posted gains exceeding 11%, while SkyAI shares advanced 2%.

The Case for Solana DAT Consolidation

Forward controls more than 7 million SOL tokens, establishing its position as the preeminent Solana digital asset treasury operator by holdings volume. The firm initiated its treasury approach in September 2025 and has placed the majority of its token holdings in staking arrangements.

According to CoinGecko metrics, Forward’s SOL position carries a current market value near $525 million. Reports indicate the company spent nearly $1.6 billion acquiring these holdings, resulting in an unrealized loss exceeding $1 billion.

Forward’s Chief Investment Officer Ryan Navi highlighted that numerous smaller DAT operations may struggle to meet their operating expenses even when maximizing staking rewards. He projected Forward’s quarterly selling, general, and administrative expenses at approximately $4.5 million.

Forward is scheduled for inclusion in both the Russell 2000 and Russell 3000 indexes at June’s conclusion, a development anticipated to attract institutional and passive investment flows into the stock.

August Widmer, a partner at Echo Base, characterized consolidation as potentially the sole sustainable path forward for the sector. He suggested the recent rejections indicate smaller players have not yet acknowledged this market reality.

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