Forward's M&A Three-Bagger: 0-for-3 as Solana Treasuries Tell FWDI 'Thanks, But No SOL 🪙

Forward Industries [NASDAQ: FWDI], the largest publicly traded Solana treasury company, confirmed Monday that it struck out on three unsolicited all-stock acquisition bids aimed at consolidating rival SOL-holding firms, with all targets either rejecting the offers outright or allowing them to expire without response. The company disclosed the rejections in a June 15 statement, the same day it made public a previously non-binding proposal to Solana Company [NASDAQ: HSDT] that HSDT's board declined without discussion on June 12. Forward's separate proposal to Brera Holdings [NASDAQ: SLMT] was rejected on June 9, while a third offer to SkyAI [NASDAQ: SKYA], formerly Sharps Technology, expired June 12 without a response. "We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication," Forward said. "We believe the current market environment necessitates cooperation and strategic action to deliver on promises made to our shareholders and to drive that vision forward."

Under the terms, HSDT shareholders would have received 0.386 newly issued Forward shares per HSDT share, implying roughly $1.63 per HSDT share and a 10% premium to its prior close. SLMT holders were offered 1.54 FWDI shares per share, implying $7.19 and a 30.7% premium to Brera's 10-day VWAP. SKYA shareholders were offered 0.367 FWDI shares per share at an implied $1.55, a 20% premium to its prior close of $1.29. Forward Chief Investment Officer Ryan Navi said, "We believe that combining our efforts with HSDT's would be mutually beneficial for both companies, their stockholders, and the broader Solana community."

The rejections complicate Forward's stated ambition to become what it called the "Berkshire Hathaway of Solana" by aggregating public treasury companies. CoinGecko data shows 20 public companies now collectively hold more than 18.4 million SOL worth roughly $1.39 billion, with Forward controlling the sector's largest treasury at more than 7 million SOL acquired for nearly $1.6 billion. Solana Company holds approximately 2.06 million SOL, while other large holders include DeFi Development Corp., Upexi, and Sharps Technology/SkyAI. Forward has expanded beyond passive treasury accumulation by staking most of its SOL through validator infrastructure, launching the fwdSOL liquid staking token, and deploying capital directly into Solana-based protocols. CoinGecko's tracker shows the firm's current SOL stash is worth approximately $525 million, implying an unrealized loss of more than $1 billion from acquisition costs.

Market data shows the rejection news coincided with a broader rally. Shares in Forward jumped more than 14% Monday, changing hands recently at $4.89, while Brera Holdings rose more than 7% to $4.71 and HSDT and SKYA each gained roughly 12% and 14% respectively. SOL has gained nearly 11% in 24 hours, trading around $75, with Bitcoin recently at $65,860. Forward currently trades at roughly 0.69x mNAV, while some competing Solana treasury firms trade at premiums above net asset value, a divergence that could add pressure for consolidation as firms compete for liquidity and institutional relevance.

August Widmer, a partner at investment firm Echo Base, said in a statement that investors lost interest in treasury companies over the past year because the vehicles were generally riskier and less efficient than dedicated structured products. "Now, firms are forced to desperately try to consolidate in an effort to capture enough market share to keep themselves afloat," Widmer said, adding that the rejections show "there's still further to fall in this market before that reality is accepted." A representative for Forward Industries did not immediately respond to requests for comment.