Forward Industries Fails to Win Over Solana Treasury Firms as Acquisition Bids Get Rejected

TLDR

• Forward Industries had acquisition bids rejected by Solana Company (HSDT) and Brera Holdings, while SkyAI let its offer expire without responding
• Forward is the largest Solana digital asset treasury (DAT), holding over 7 million SOL tokens worth roughly $525 million
• Despite the rejections, Forward’s stock rose as much as 8.6% on Tuesday
• Solmate accused Forward of secretly coordinating with others, including market maker RockawayX, as part of a hostile takeover — Forward denied this
• An analyst said consolidation may be the only viable path for smaller DATs, many of which struggle to cover basic operating costs

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Forward Industries made moves to consolidate the Solana treasury space, but three smaller firms pushed back on its acquisition proposals.

Solana Company, whose stock trades under the ticker HSDT, rejected an all-stock offer on June 12. Forward had proposed giving HSDT shareholders 0.386 new Forward shares for each share held, valuing HSDT at $1.63 per share.

The HSDT board said the proposal “substantially undervalues the company” and was not in the best interests of shareholders. The board voted unanimously to decline and said it would not engage in further discussion.

Brera Holdings also rejected a nonbinding all-stock offer from Forward on June 9, which valued its shares at $7.19 each. SkyAI received a separate offer valuing it at $1.55 per share but let it expire without any response.

Forward said it was “disappointed and surprised” that HSDT rejected the offer without any communication.

Solmate Raises Coordination Allegations

Solmate, another acquisition target, went further in its rejection. In a June 12 response, Solmate accused Forward of secretly coordinating with market maker RockawayX and investor Viktor Fischer as an undisclosed group — part of what it called a hostile takeover attempt.

Forward denied the claims, calling them baseless and motivated by Solmate’s desire to block the deal.

Despite the rejections, Forward’s stock rose as much as 8.6% on Tuesday. HSDT dropped as much as 6% on the same day. Solmate was up over 11% and SkyAI gained 2%.

Why Forward Is Pushing for Consolidation

Forward holds over 7 million SOL tokens, making it the largest Solana digital asset treasury by holdings. The company launched its treasury strategy in September 2025 and has staked most of its tokens.

CoinGecko data shows those holdings are currently worth around $525 million. Forward reportedly paid nearly $1.6 billion to acquire them, putting its unrealized loss at over $1 billion.

Forward Chief Investment Officer Ryan Navi said many smaller DATs may not be able to cover their operating costs, even with full staking returns. He estimated Forward’s own quarterly SG&A costs at around $4.5 million.

Forward is set to join the Russell 2000 and 3000 indexes at the end of June, which is expected to bring new passive buyers into its stock.

August Widmer, a partner at Echo Base, said consolidation may be the only viable path for the sector. He added that the rejections suggest smaller operators are not yet ready to accept that reality.

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