Solana treasury companies are resisting acquisition attempts by Forward Industries, with two firms rejecting proposed combinations and a third allowing its offer to expire without responding.
Forward said Monday that Solana Company (HSDT), formerly Helius Medical Technologies, rejected an all-stock proposal that would have given its shareholders 0.386 newly issued Forward shares for each HSDT share. According to Forward, the offer valued HSDT at $1.63 per share.
“On June 12th, HSDT responded that its board voted to decline Forward’s offer and chose to not engage in further discussion. We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” Forward said in its press release.
Forward also said SkyAI did not respond to an acquisition proposal valuing the company at $1.55 per share before the offer expired Friday. Separately, Brera Holdings rejected a nonbinding all-stock proposal from Forward on June 9 that valued its shares at $7.19 each.
The responses complicate Forward Industries’ efforts to consolidate public companies with exposure to Solana (SOL). The company has argued that combining Solana-focused firms would create greater scale and liquidity than operating as standalone companies.
Top 10 Solana treasury companies by holdings. Source: CoinGecko
Forward has positioned itself as the largest Solana treasury company, holding about 7 million SOL acquired for nearly $1.6 billion, according to CoinGecko. The company launched its treasury strategy in September 2025 and has since staked its holdings.
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CoinGecko data shows that Forward’s tokens are currently worth approximately $525 million, implying an unrealized loss of over $1 billion from the reported acquisition costs.
Treasury firms face pressure to gain scale
August Widmer, a partner at investment firm Echo Base, told Cointelegraph 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.
Widmer added that consolidation may be the only viable path for the sector, but argued that the rejections showed that smaller operators were not yet prepared to accept that outcome.
“Consolidation is the only viable option and few firms have earned their right to be independent,” Widmer said, adding that the denials indicate that “there’s still further to fall in this market before that reality is accepted.”
Forward did not immediately respond to a request for comment.
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