Forward Industries’ bids to buy rival Solana treasuries rejected

Forward Industries, the largest publicly traded Solana treasury company, proposed all-stock acquisitions to Solana Company (HSDT), Brera Holdings (SLMT) and SkyAI (SKYA). HSDT and Brera rejected the unsolicited offers and SkyAI did not respond before the proposals expired on June 12.

Each proposal would have exchanged HSDT and Brera shares for Forward Industries (FWDI) stock in a stock-for-stock business combination.

Forward submitted the offers to increase its SOL holdings and to combine competing Solana treasuries. The firm wrote, “We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication.” Forward added that Brera’s board likewise declined to engage and that SkyAI, formerly Sharps Technology, gave no reply by the deadline.

Forward bought nearly 7 million SOL last year for about $1.6 billion and reported holding more than 7 million SOL as of March 31. At current SOL prices, the company records more than $1 billion in unrealized losses on those holdings.

Market reaction and a broader crypto rally lifted shares across the sector on Monday. Forward’s stock rose more than 14% to about $4.89. Brera’s shares climbed over 7% to roughly $4.71. HSDT and SkyAI increased approximately 12% and 14%, respectively. SOL traded near $75, up about 11% over the prior 24 hours.

Separately, the Solana Foundation announced a collaboration with the World Series of Poker to allow players to buy into events with crypto and eventually receive payouts in stablecoins, using payments infrastructure from MoonPay. The foundation said entrants using Solana-based payments will face no processing fees when entering initially.

Publicly traded Solana treasury firms hold native SOL on their balance sheets to provide token exposure to shareholders. Forward’s outreach targeted consolidation among those treasuries, but two boards declined to enter discussions and one did not respond before the offer expiration.