Forward Industries has disclosed that Solana Company, the second-largest publicly traded holder of $SOL, rejected a non-binding acquisition proposal without entering discussions. In a June 15 statement, Forward Industries said it proposed an all-stock business combination that would have valued Solana Company, which trades under the ticker $HSDT, at approximately $1.63 per share. According to Forward, the proposal represented a premium of roughly 10% to $HSDT's closing share price of $1.48 on the day before the offer.
Under the proposed terms, Solana Company shareholders would have received 0.386 newly issued shares of Forward common stock for each HSDT share they owned. Forward stated that Solana Company's board informed the company on June 12 that it had voted to decline the proposal and would not engage in further discussions.
Forward Industries expressed disappointment with the decision, arguing that a dialogue between the two firms would benefit both companies and their shareholders. "We approached HSDT as partners, in good faith," said Ryan Navi, Chief Investment Officer of Forward Industries. He argued that a combined company could better fulfill commitments made to shareholders and contribute to the growth of the Solana ecosystem.
A Deal That Would Have Combined Massive $SOL Holdings
The proposed transaction would have united two of the largest corporate $SOL holders in the market. Forward Industries reported holdings of 7,044,079 $SOL as of March 31, making it the largest publicly traded Solana treasury company. Solana Company previously disclosed holdings of approximately 2.3 million $SOL as of October 29, 2025. Together, the two firms would have controlled more than 9.3 million $SOL, creating one of the largest concentrations of corporate ownership within the Solana ecosystem.
Forward said the merger would create greater scale, improve efficiency, and potentially provide shareholders with more liquid Solana exposure through its expected inclusion in the Russell 2000 and Russell 3000 indices.
The rejected proposal arrives during a difficult period for digital asset treasury companies. Over the last nine months, the price of $SOL has fallen by approximately 70%, significantly reducing the value of treasury holdings. Forward Industries’ holdings have declined by approximately 87% from September highs, while Solana Company’s have fallen by approximately 92%. Other major Solana treasury firms have also struggled.
Part of a Broader Acquisition Strategy?
The approach to Solana Company did not occur in isolation. Just days earlier, Forward Industries publicly disclosed an effort to acquire Solmate, another publicly traded Solana treasury company.
Forward proposed an all-stock transaction that would have valued Solmate at approximately $7.19 per share, representing a premium of about 30.7% to the company's 10-day volume-weighted average price. Solmate rejected the proposal, prompting Forward to take its case directly to shareholders. Now, Solana Company has become the latest target to turn down one of Forward's acquisition attempts.
Forward has also revealed a separate letter of intent involving SkyAI. Under that proposal, SkyAI shareholders would have received 0.367 newly issued Forward shares for each SKYA share, valuing the company at approximately $1.55 per share, or a 20% premium to its prior closing price. According to Forward, SkyAI did not respond before the proposal expired on June 12.
The simultaneous pursuit of multiple companies suggests that Forward views consolidation as a key component of its growth strategy amid market weakness.
Solana Company Continues Its Own Treasury Strategy
The rejection also comes only weeks after Solana Company signaled its intention to expand its $SOL holdings. In April, the company announced an $8 million registered direct offering of Class A common stock. Management said it intended to use part of the proceeds to acquire additional $SOL and to support working capital, business expansion, and other strategic initiatives.
The decision to reject Forward's proposal may indicate that Solana Company's board believes it can generate greater value independently rather than through consolidation with a larger rival.
The Bigger Question for Solana Treasury Firms
Forward Industries has made its ambitions increasingly clear. The company wants to become the dominant publicly traded vehicle for Solana exposure, combining treasury accumulation, staking infrastructure, validator operations, and investments throughout the ecosystem. Other treasury firms are not warming up nicely to that vision.
For now, both Solmate and Solana Company have rejected Forward's overtures. It remains to be seen if Forward Industries will approach other Solana treasury companies in the near future. With $SOL trading far below previous highs and treasury company valuations under pressure, more Solana-focused treasury firms may face decisions about whether remaining independent creates more value than joining forces with larger competitors.
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