Forward Industries, the largest publicly traded Solana treasury company, says it tried — and failed — to buy up several of its Solana-rival treasuries in a push to consolidate the market.
What happened
- Forward (FWDI) made unsolicited, all-stock takeover proposals to Solana Company (HSDT) and Brera Holdings (SLMT). Under the offers, shareholders of HSDT and SLMT would have received Forward shares in an all-stock business combination.
- Both boards rebuffed the overtures without engaging. Forward said it was “disappointed and surprised” HSDT rejected the offer “without any discussion or communication,” and noted Brera’s board likewise declined to engage.
- Forward also tabled an acquisition bid for SkyAI (SKYA), formerly Sharps Technology. That proposal expired on June 12 with no response.
Why Forward says it tried
Forward framed the pitches as shareholder- and ecosystem-minded. The company argued that pairing with other Solana treasuries would “improve the standing for shareholders” and “strengthen the Solana ecosystem,” adding that the current market “necessitates cooperation and strategic action” to deliver on shareholder promises.
Financials and market reaction
- Forward stepped onto the Solana treasury scene big: it acquired nearly 7 million SOL last year for roughly $1.6 billion and reported holding over 7 million SOL as of March 31.
- At current marks, Forward is sitting on more than $1 billion in unrealized losses on that SOL position.
- Despite the rebuffed bids, Forward’s stock leapt more than 14% on Monday to about $4.89, as SOL rallied amid a broader market uptick after an announced U.S. peace deal with Iran.
- The SOL rally (up nearly 11% in 24 hours, trading around $75) also boosted the prices of the firms that nixed or ignored Forward’s offers: Brera (SLMT) climbed over 7% to about $4.71, while HSDT and SKYA rose roughly 12% and 14%, respectively.
What this means
Forward’s failed acquisition push highlights both growing consolidation ambitions among Solana treasuries and the challenges of executing unsolicited deals in a hot market where token-price volatility can quickly change the economics for all parties. Forward has said it wants dialogue; for now, target firms appear content to stand alone as SOL’s recent surge lifts valuations across the sector.
A representative for Forward Industries did not immediately respond to Decrypt’s request for comment.
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