Solana Treasury Firms Reject Forward Industries’ Consolidation Bid

Forward Industries’ attempt to consolidate Solana-focused “treasury” public companies is running into resistance, with multiple targets rejecting or simply letting acquisition proposals lapse. In separate statements made Monday, Forward disclosed that Solana Company (HSDT), formerly Helius Medical Technologies, declined its all-stock offer, while it also said SkyAI did not respond before the deadline for its bid expired.

As Forward pursues greater scale and liquidity across Solana holdings, the mixed reaction from portfolio companies underscores how difficult it is for treasury operators to find willing counterparties—especially as investors increasingly question whether these vehicles offer sufficient risk-adjusted returns compared with purpose-built alternatives.

Key takeaways

• Solana Company (HSDT) rejected Forward’s all-stock proposal valuing it at $1.63 per share, according to Forward’s announcement.
• Forward said SkyAI’s board did not respond to an acquisition proposal valued at $1.55 per share before the offer expired on Friday.
• Brera Holdings previously rejected a nonbinding all-stock proposal from Forward on June 9, valuing its shares at $7.19 each.
• Forward argues that combining Solana-focused firms could improve scale and liquidity, but the refusals suggest consolidation may not yet be broadly accepted.
• CoinGecko data indicates Forward holds roughly 7 million SOL, valuing its tokens at about $525 million at the time of writing—implying large unrealized losses versus acquisition costs.

HSDT turns down Forward’s all-stock bid

Forward Industries said that Solana Company (HSDT) rejected an all-stock acquisition proposal. The offer would have issued 0.386 newly created Forward shares for each HSDT share. Forward also stated that, based on the terms presented, the bid valued HSDT at $1.63 per share.

Forward claimed that HSDT’s board voted on June 12 to decline the proposal and selected not to engage in further discussions. In Forward’s words, the company was “disappointed and surprised” that the decision was made without additional dialogue or communication, despite HSDT’s response timing being tied to the board’s vote.

SkyAI’s offer expires without a response

Forward also disclosed that SkyAI did not respond to its acquisition proposal before the offer expired Friday. The bid was described as valuing SkyAI at $1.55 per share, but without a response, Forward said the offer lapsed.

The absence of a clear counter from SkyAI contrasts with HSDT’s explicit rejection, but both outcomes leave Forward with fewer paths to consolidation in the near term.

Brera Holdings rejected a similar approach

Separate from the HSDT and SkyAI developments, Forward previously announced that Brera Holdings rejected a nonbinding all-stock proposal. According to Forward’s earlier filing, the approach valued Brera’s shares at $7.19 each and was turned down on June 9.

Taken together, these three outcomes show that Forward’s bid strategy—using stock as the primary consideration and framing the goal as collective scale—has not yet persuaded multiple Solana-adjacent public-company targets.

Why consolidation is proving hard for Solana treasury firms

Forward has positioned itself as a leading Solana treasury company and has argued that consolidating Solana-focused entities could create greater scale and improve liquidity compared with operating as standalone companies. But the refusals suggest that target companies may view the trade-offs differently—or that they believe independence remains preferable to joining a larger treasury platform.

Forward is not acting in a vacuum. Echo Base partner August Widmer told Cointelegraph that investor appetite for treasury companies weakened over the past year. He described treasury vehicles as generally riskier and less efficient than dedicated structured products, which can make it harder for treasury operators to access capital and sustain their business models.

Widmer said consolidation is likely the only viable path for the sector, but emphasized that many smaller firms were not yet prepared to accept that reality. In his view, the latest rejections signal that “there’s still further to fall” in the market before consolidation becomes broadly unavoidable.

Forward did not immediately respond to a request for comment, leaving the company’s next steps and target outreach plans unclear.

Forward’s treasury scale—and the pressure behind it

Forward has been advancing its treasury strategy since September 2025, according to CoinGecko. The site’s data shows that Forward holds about 7 million SOL acquired for nearly $1.6 billion. CoinGecko also places the approximate current value of Forward’s SOL tokens at around $525 million.

That gap implies an unrealized loss of more than $1 billion versus the acquisition costs reported by CoinGecko. While unrealized figures don’t directly determine whether a company can continue operations, they can influence how boards evaluate acquisition offers—especially when targets must decide whether to accept stock-based consideration during periods of large accounting drawdowns.

Forward’s scale, however, also makes it a natural consolidator. If it can’t persuade several targets through offers it claims would improve liquidity and market depth, it raises questions about how treasury consolidation will happen in practice: whether through higher bids, a shift in deal structures, or changes in how investors and boards weigh the risks of concentrating SOL exposure under fewer corporate umbrellas.

Investors will likely watch for two signals next: whether Forward revises its approach in response to the refusals, and whether other Solana treasury firms become more open to consolidation as market conditions and investor preferences continue to shape valuations and board decisions.