Solana News: Forward Industries Fails in Triple Attempt to Acquire Solana Assets

Forward Industries (NASDAQ: FWDI), the largest publicly traded Solana treasury company by SOL holdings, has run into resistance in its latest M&A push. The firm proposed all-stock acquisitions for three competing companies, but each either rejected or ignored the offers—an outcome that challenges management’s consolidation strategy.

As a result, Forward remains positioned with more than 7 million SOL acquired at prices significantly above current market levels, without securing any external growth from its acquisition efforts.

The targeted firms included Solana Company (NASDAQ: HSDT), Brera Holdings (NASDAQ: SLMT), and SkyAI (NASDAQ: SKYA), formerly Sharps Technology. Each maintains its own SOL treasury and continues to operate independently after declining FWDI’s equity-based proposals.

Forward’s offers were structured as stock swaps. HSDT shareholders were offered 0.386 FWDI shares per share, valuing the deal at about $1.63 per share—a 10% premium. Brera investors were offered 1.54 FWDI shares, implying $7.19 per share and a 30.7% premium to its 10-day VWAP. SkyAI’s offer stood at 0.367 FWDI shares per share, or roughly $1.55, a 20% premium to its prior close.

Brera’s board formally rejected the proposal on June 6, stating it was not in shareholders’ best interests. Solana Company declined around June 12 and opted not to continue discussions, while SkyAI did not respond before the offer expired.

Forward expressed disappointment at the lack of engagement, particularly from Solana Company, noting that dialogue would have benefited both firms and their shareholders. The company also emphasized that current market conditions call for strategic cooperation to deliver on shareholder expectations.

Solana News: Why the Deals Failed

Forward accumulated nearly 7 million SOL last year at a cost of approximately $1.6 billion, averaging around $232 per token.

With SOL trading near $75, the position now reflects more than $1 billion in unrealized losses. Because the acquisition offers were entirely stock-based, target shareholders would have received FWDI equity—effectively tying their value to a company heavily exposed to an underwater SOL position.

This dynamic likely played a major role in the rejections. Accepting FWDI shares would mean inheriting that embedded loss through diluted equity, rather than maintaining direct exposure to SOL.

The situation mirrors challenges faced by other crypto treasury firms, where large unrealized losses weigh on equity valuations and complicate stock-based acquisition strategies.

While Forward’s $4 billion at-the-market program provides capital to continue accumulating SOL, it does little to resolve governance concerns that led all three targets to walk away.

The Solana treasury segment now collectively holds around 16.2 million SOL across roughly six public companies. Forward leads with approximately 7 million SOL, ahead of competitors like Upexi with around 2.4 million, while HSDT and SKYA each hold between 2.0 and 2.3 million SOL.

Forward’s strategy aimed to consolidate this fragmented exposure into a single dominant entity—effectively creating a listed proxy for institutional investors seeking Solana exposure. For now, the targets appear to value independence more highly.

That stance could change if SOL prices recover and reduce Forward’s unrealized losses. However, at current levels, the case for consolidation remains difficult to justify.

Market Reaction and Broader Implications

The rejection news coincided with a broader market rally driven by geopolitical developments, including a U.S.-Iran peace agreement that lifted risk assets.

SOL rose nearly 11% in 24 hours to around $75, boosting all companies within the Solana treasury space. FWDI climbed over 14% to $4.89, SKYA gained 14%, HSDT rose nearly 12%, and SLMT advanced more than 7% to $4.71.

The synchronized move highlights an important dynamic: when macro catalysts dominate, all Solana-linked equities tend to move together, regardless of individual corporate developments. This correlation undercuts part of Forward’s argument for consolidation.

More broadly, the episode reflects a growing trend in crypto treasury equities, where concentrated exposure to a single token introduces significant volatility into public company valuations. Similar patterns have been observed in other token-focused vehicles, reinforcing the risks tied to single-asset treasury strategies.

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