Biggest Solana Treasury Company Wants to Buy Its Rivals, But Three of Them Just Said No

Forward Industries, the largest publicly traded Solana treasury firm, made takeover offers to three rival SOL-accumulating companies, but each one rejected the approach without entering talks.

Forward Industries, the largest publicly traded Solana treasury company, has been trying to scoop up other firms in its own corner of the market. The problem is that nobody wants to deal. By the company's own account, it put acquisition proposals in front of three competing SOL-accumulating firms, and all three turned it down.

The Firms Forward Wanted
Forward Industries (FWDI) made unsolicited takeover bids for the Solana Company (HSDT) and Brera Holdings (SLMT). Both proposals were structured as all-stock business combinations, meaning that had either deal gone through, shareholders of HSDT and SLMT would have ended up holding shares of Forward Industries.

Neither did go through. Last week Brera's board rejected the proposal without engaging the firm at all, and the HSDT board took the same route.

No Conversation, and a Surprised Suitor
Responding on Monday to the latest snub from HSDT, Forward wrote, “We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication. We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders.”

The third attempt involved SkyAI (SKYA), another Solana treasury firm previously known as Sharps Technology. Forward made an acquisition offer there too, but received no response before the proposal expired on June 12.

In every case, Forward argued that combining the businesses would improve the standing of the respective shareholders while also strengthening the broader Solana ecosystem. On the HSDT proposal, the company said, “We believe the current market environment necessitates cooperation and strategic action to deliver on promises made to our shareholders and to drive that vision forward.”

A Large SOL Stack, and a Big Paper Loss
Forward acquired nearly 7 million SOL last year for around $1.6 billion, and as of March 31 it held more than 7 million SOL. At Solana's current trading mark, however, the firm is sitting on more than $1 billion in unrealized losses.

A Market Rally Lifts the Shares
Shares in Forward jumped more than 14% on Monday, changing hands recently at $4.89. The move came as Solana surged alongside the broader market following the announcement of a U.S. peace deal with Iran.

SOL has gained nearly 11% over the last 24 hours, trading around $75. Notably, that boost also rewarded the very firms that spurned Forward's offers. Brera Holdings (SLMT) climbed more than 7% in Monday trading, recently changing hands at $4.71, while HSDT and SKYA both posted double-digit gains, rising nearly 12% and 14% respectively.

A representative for Forward Industries did not immediately respond to TrendKia's request for comment.

What this means for you
• For investors: Forward holds more than 7 million SOL and is carrying over $1 billion in unrealized losses at current prices, so these treasury stocks swing sharply with the price of SOL itself.
• For crypto market watchers: The rejected bids show how hard consolidation is among Solana treasury firms, a reminder to weigh a company's SOL holdings and paper losses before buying into any of them.

Questions & Answers

1. Which companies did Forward Industries try to buy?
Forward made acquisition offers for the Solana Company (HSDT), Brera Holdings (SLMT) and SkyAI (SKYA). All three declined to accept the proposals.

2. How much SOL does Forward hold, and what did it pay?
The firm acquired nearly 7 million SOL last year for around $1.6 billion, and as of March 31 it held more than 7 million SOL.

3. How were the takeover proposals structured?
They were all-stock business combinations, in which shareholders of HSDT and SLMT would have received shares of Forward Industries.

4. What happened in the market on Monday?
Following the announced U.S. peace deal with Iran, SOL rose nearly 11% to around $75, and Forward's shares jumped more than 14% to $4.89.

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