Forward's "Berkshire of Solana" Pitch Gets Three Cold Shoulders and a Silent Treatment 😐

Forward Industries [NASDAQ: FWDI], the largest publicly traded Solana treasury company, disclosed on June 15 that two rival SOL-accumulating firms rejected its unsolicited all-stock acquisition proposals, while a third expired without a response. Solana Company [NASDAQ: HSDT] informed Forward on June 12 that its board had voted to decline the offer and avoid further engagement, and Brera Holdings [NASDAQ: SLMT] earlier issued a similar rejection without entering discussions, according to Forward. A third proposal directed at SkyAI [NASDAQ: SKYA], the Solana treasury firm formerly known as Sharps Technology, was not answered by the June 12 expiration.

Under the HSDT proposal, 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. "We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication," Forward wrote. "We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders." Forward Chief Investment Officer Ryan Navi added: "We believe that combining our efforts with HSDT's would be mutually beneficial for both companies, their stockholders, and the broader Solana community." Forward said the current market "necessitates cooperation and strategic action to deliver on promises made to our shareholders and to drive that vision forward," and framed its broader strategy as building the "Berkshire Hathaway of Solana."

The consolidation pitch comes as the public Solana treasury sector expands. CoinGecko data cited by Forward shows 20 public companies now collectively hold more than 18.4 million SOL, worth roughly $1.39 billion. Forward controls the largest position with more than 7 million SOL, compared with HSDT's roughly 2.06 million SOL. Other large accumulators include DeFi Development Corp., Upexi, and Sharps Technology. Forward, which acquired nearly 7 million SOL last year for around $1.6 billion, has expanded beyond passive holdings by staking most of its SOL through validator infrastructure, launching the fwdSOL liquid staking token, and deploying capital into Solana-based protocols. Forward currently trades at roughly 0.69x mNAV, while some competing treasury firms trade at premiums above net asset value.

The market reaction on Monday favored the rejectors as much as the suitor. Forward shares rose more than 14% to around $4.89, Brera Holdings (SLMT) gained more than 7% to about $4.71, HSDT climbed nearly 12%, and SKYA jumped roughly 14%, with each move tracking a broad crypto rally. SOL gained nearly 11% in 24 hours to trade around $75, while Bitcoin [BTC] reached highs above $65,000, trading recently at $65,860, after President Trump announced a completed U.S. peace deal with Iran. Despite the rally, Forward held more than $1 billion in unrealized losses at Solana's current trading mark as of its March 31 disclosure of 7 million SOL.