Solana treasury firms spurn Forward Industries’ bids
Solana Company (HSDT), Brera Holdings and SkyAI rejected or let expire Forward Industries’ all-stock consolidation offers that valued HSDT at $1.63 a share.
Forward Industries proposed all-stock combinations to three public Solana treasury companies; Solana Company (formerly Helius Medical Technologies), Brera Holdings and SkyAI declined or allowed the offers to expire. Forward offered 0.386 newly issued Forward shares for each HSDT share, an exchange it said valued HSDT at $1.63 per share.
Solana Company’s board voted on June 12 to decline Forward’s proposal and to end further discussions, according to Forward. Brera turned down a nonbinding all-stock proposal on June 9 that Forward valued at $7.19 per Brera share. SkyAI did not respond before Forward’s offer expired on Friday; Forward had estimated SkyAI’s value at $1.55 per share.
Forward wrote in a press release that it was “disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication.” The company framed the proposals as an effort to combine public firms with Solana token exposures into a single, larger entity intended to increase scale and liquidity for token holdings.
Forward launched its Solana treasury strategy in September 2025 and has staked its SOL holdings. The company cited CoinGecko data showing it holds about 7 million SOL acquired for nearly $1.6 billion. Based on current token prices used by Forward, those holdings are worth roughly $525 million, implying an unrealized loss of more than $1 billion compared with reported acquisition costs.
August Widmer, a partner at Echo Base, said investors shifted away from treasury companies over the past year because the vehicles were generally riskier and less efficient than structured products. He added that some firms are seeking consolidation to capture more market share and scale.
The refusals complicate Forward’s attempt to build scale through acquisitions. Forward did not immediately respond to a request for additional comment. With the proposals rejected or expired, Forward remains as a standalone public vehicle holding its existing treasury positions.
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