Solana treasury firms resist Forward Industries’ consolidation push
Cointelegraph 2026-06-16 11:22:34
Context: Solana treasury firms are resisting acquisition attempts by Forward Industries, with two firms rejecting proposed combinations and a third allowing its offer to expire without responding. The rejections complicate Forward Industries' efforts to consolidate public companies with exposure to Solana. This development has implications for the Solana treasury sector, which has seen a decline in investor interest over the past year.
Key Facts
- Two Solana treasury firms, Solana Company (HSDT) and Brera Holdings, rejected acquisition proposals from Forward Industries, valuing HSDT at $1.63 per share and Brera Holdings at $7.19 per share, respectively.
- Forward Industries' offer to HSDT was an all-stock proposal that would have given HSDT shareholders 0.386 newly issued Forward shares for each HSDT share, but HSDT's board voted to decline the offer and chose not to engage in further discussion.
- A third firm, SkyAI, did not respond to an acquisition proposal from Forward Industries before the offer expired, valuing the company at $1.55 per share.
- Forward Industries has positioned itself as the largest Solana treasury company, holding about 7 million SOL acquired for nearly $1.6 billion, but currently worth approximately $525 million, implying an unrealized loss of over $1 billion from the reported acquisition costs.
- August Widmer, a partner at investment firm Echo Base, believes that consolidation may be the only viable path for the sector, but argues that the rejections show that smaller operators are not yet prepared to accept that outcome, and that there's still further to fall in this market before that reality is accepted.