Key Takeaways
- Three Solana digital asset treasury companies—Solana Company (HSDT), Brera Holdings, and SkyAI—declined or ignored acquisition proposals from Forward Industries
- Forward Industries controls the most significant Solana treasury position with 7+ million SOL tokens valued at approximately $525 million
- Forward’s shares climbed up to 8.6% following the rejection announcements on Tuesday
- Solmate leveled accusations against Forward, claiming coordinated hostile takeover efforts with market maker RockawayX—allegations Forward categorically dismissed
- Industry observers suggest consolidation remains inevitable for smaller treasury operators struggling with operational expenses
Forward Industries attempted to reshape the Solana treasury landscape through strategic acquisitions, only to face rejection from three targeted companies.
Solana Company, which operates under ticker HSDT, turned down an all-equity acquisition proposal on June 12. Forward’s offer would have provided HSDT investors with 0.386 Forward shares per existing share, establishing a valuation of $1.63 for each HSDT share.
HSDT’s leadership determined the proposal “substantially undervalues the company” and failed to serve shareholder interests. Following a unanimous board decision to reject the offer, HSDT indicated it would not pursue additional negotiations.
Brera Holdings similarly dismissed Forward’s nonbinding stock-based proposal received on June 9, which assigned a $7.19 per-share valuation to Brera. Meanwhile, SkyAI received a distinct offer pricing its shares at $1.55 each but chose not to respond before the offer’s expiration.
Forward expressed being “disappointed and surprised” by HSDT’s rejection without opening a dialogue.
Accusations of Coordinated Takeover Tactics Emerge
Solmate, another company in Forward’s crosshairs, delivered a more aggressive response. In its June 12 rejection letter, Solmate claimed Forward was operating in undisclosed coordination with market maker RockawayX and investor Viktor Fischer, characterizing the approach as a hostile acquisition scheme.
Forward rejected these allegations entirely, dismissing them as unfounded and strategically deployed by Solmate to prevent the transaction.
Despite facing multiple rejections, Forward’s stock price jumped as much as 8.6% on Tuesday. Conversely, HSDT shares declined up to 6% that same session. Solmate recorded gains exceeding 11%, while SkyAI advanced 2%.
The Strategic Rationale Behind Forward’s Consolidation Drive
With more than 7 million SOL tokens under management, Forward Industries operates the most substantial Solana digital asset treasury in existence. The firm initiated its treasury approach in September 2025 and has staked the majority of its token holdings.
According to CoinGecko analytics, these holdings currently carry a market value near $525 million. Forward’s acquisition cost for these tokens reportedly approached $1.6 billion, translating to an unrealized deficit exceeding $1 billion.
Ryan Navi, Forward’s Chief Investment Officer, noted that numerous smaller treasury operations likely cannot sustain their operational overhead even when generating full staking rewards. He placed Forward’s quarterly selling, general, and administrative expenses around $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 Russell 3000 indexes at June’s conclusion, a development anticipated to attract passive investment flows into the company’s equity.
August Widmer, partner at Echo Base, characterized consolidation as potentially the sector’s only sustainable trajectory. He interpreted the rejections as evidence that smaller players haven’t yet acknowledged this necessity.
“There’s still further to fall in this market before that reality is accepted,” Widmer said.
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