Forward Industries (NASDAQ: FWDI) disclosed on June 15 that it submitted a non-binding proposal to acquire Solana Company (NASDAQ: HSDT) through an all-stock deal. 

However, Solana Company’s board rejected the offer without negotiation, according to Forward’s public statement.

The proposal offered HSDT shareholders 0.386 newly issued Forward Industries shares per HSDT share, valuing each at roughly $1.63, a 10% premium over HSDT’s $1.48 closing price the day before the bid was made.

“We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” the company stated.

Which firms rejected Forward Industries’ acquisition offer? 

The HSDT proposal is not Forward’s first attempt at acquiring a company in recent times. Forward disclosed that it had launched a separate bid for SkyAI (NASDAQ: SKYA). It offered 0.367 Forward shares per SKYA share at an implied value of $1.55, which is a 20% premium. 

That proposal expired on June 12 without a response from SkyAI’s board.

Forward Industries also recently approached Brera Holdings (NASDAQ: SLMT) with a similar acquisition pitch. Three takeover bids within a short period are quite telling and suggest the company is pursuing an aggressive consolidation strategy across the small-cap Solana treasury sector.

For Ryan Navi, Forward’s chief investment officer, the push was necessary given current market conditions, as he stated, “In the current market environment, it can be difficult for subscale treasury companies to perform when high relative fixed operating costs cause meaningfully lower yields and negative cash flows, which continue to erode shareholder value.”

What is the current state of Forward’s own treasury?

While Forward Industries has launched an acquisition campaign, all is not so rosy on the home front, as its treasury is facing pressures of its own. The company has spent approximately $1.59 billion acquiring 6.83 million SOL at an average cost of $232 per token. SOL currently trades around $75, leaving Forward with unrealized losses exceeding $1 billion.

Forward recently broke a month of inactivity by depositing 455,784 SOL (worth roughly $31.9 million) to Coinbase Prime, Arkham Intelligence data shows, as reported by Cryptopolitan. The company also unstaked 500,000 SOL through Sanctum, signaling potential further sales.

Forward’s stock has lost roughly 90% from its summer 2025 peak, reflecting investor skepticism about the digital asset treasury model as SOL prices have fallen to levels last seen in 2023.

Is Forward trying to consolidate the Solana ecosystem?

Forward describes itself as the largest public Solana treasury company and says it aims to become “the Berkshire Hathaway of Solana,” according to its press release. The company stakes most of its holdings through validator infrastructure, and it launched a liquid staking token called fwdSOL and deploys capital into Solana-based protocols.

Forward says that smaller treasury companies face structural disadvantages such as fixed operating costs eating into yields, limited scale reducing investor interest, and compressed net asset value multiples restricting capital-raising ability. The company cited backing from Galaxy Digital and Jump Crypto as evidence of institutional support.

How consolidation solves the above problems is yet to be known. What is known is that three companies that Forward Industries has recently targeted have either declined or ignored its proposals. 

Any future deal would require due diligence, definitive agreements, and shareholder approval from both sides.

For now, Forward holds 3.787 million SOL in self-custody, according to Arkham data cited by Cryptopolitan, while continuing to sell portions of its treasury into a market where SOL has dropped more than 19% since early June.

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