Forward Industries (FWDI), the largest publicly traded Solana treasury company, has seen its aggressive consolidation push stumble as all three of its unsolicited acquisition proposals were either rejected or ignored by rival firms. The company confirmed that the boards of Solana Company (HSDT) and Brera Holdings (SLMT) turned down its all-stock offers without any negotiation or dialogue, while SkyAI (SKYA) let the proposal expire unanswered on June 12.
The bids aimed to combine the small-cap Solana treasuries under Forward’s umbrella, with HSDT shareholders offered 0.386 FWDI shares per share—a 10% premium valuing each at roughly $1.63—and SKYA holders offered 0.367 FWDI shares at a 20% premium. Brera’s board similarly rejected the approach last week. Forward expressed disappointment, stating that “opening up a dialogue is in the best interest of both companies and their respective shareholders.”
The move came as SOL surged 11% to around $75 alongside a broader market rally fueled by a U.S.-Iran peace deal. Forward’s stock jumped over 14% on Monday, while HSDT, SLMT, and SKYA all posted double-digit gains. However, the acquisition campaign highlights deeper troubles for Forward, whose own treasury faces over $1 billion in unrealized losses after accumulating 6.83 million SOL at an average cost of $232 per token. The company recently moved 455,784 SOL to Coinbase Prime and unstaked 500,000 SOL, signaling potential asset sales.
Ryan Navi, Forward’s chief investment officer, argued that “subscale treasury companies” struggle with high operating costs and negative cash flows, making consolidation a strategic necessity. Despite the rejections, Forward—which holds 3.787 million SOL in self-custody—continues to market itself as the “Berkshire Hathaway of Solana,” backed by institutions like Galaxy Digital and Jump Crypto.
