Solana treasuries hit $1.4B, so naturally someone's pitching a merger at a 10% premium 🐋

Forward Industries [NASDAQ: FWDI] is moving to consolidate the publicly traded Solana treasury sector after disclosing that Solana Company [NASDAQ: HSDT] rejected its acquisition proposal without engaging in discussions. Forward said in a June 15 statement that it submitted a non-binding all-stock merger offer to HSDT and received a June 12 response indicating HSDT's board had voted to decline and to forgo further dialogue.

The proposal comes as Solana-focused public treasury companies continue to expand. According to CoinGecko data, 20 public firms now collectively hold more than 18.4 million SOL, valued at roughly $1.39 billion. Forward controls the sector's largest treasury with more than 7 million SOL, while HSDT holds approximately 2.06 million SOL. Other firms including DeFi Development Corp., Upexi, and Sharps Technology have also accumulated sizable Solana positions as treasury strategies tied to specific crypto ecosystems extend beyond Bitcoin.

Under the proposed terms, HSDT shareholders would receive 0.386 newly issued Forward shares for each HSDT share, a roughly 10% premium to HSDT's closing stock price before the offer was submitted. Forward framed the merger as part of a broader strategy to position the company as what it described as the "Berkshire Hathaway of Solana," citing its expansion beyond passive treasury accumulation through validator staking, the launch of the fwdSOL liquid staking token, and direct deployments into Solana-based protocols.

"We believe that combining our efforts with HSDT's would be mutually beneficial for both companies, their stockholders, and the broader Solana community," said Forward Chief Investment Officer Ryan Navi. The proposal also comes as valuations diverge across the sector: Forward trades at roughly 0.69x mNAV, while some competing Solana treasury firms trade at premiums above net asset value, a spread that may intensify consolidation pressure as firms compete for liquidity and institutional relevance.