Solana treasury firms are resisting acquisition makes an attempt by Forward Industries, with two companies rejecting proposed mixtures and a 3rd permitting its provide to run out with out responding.
Forward said Monday that Solana Firm (HSDT), previously Helius Medical Applied sciences, rejected an all-stock proposal that will have given its shareholders 0.386 newly issued Forward shares for every HSDT share. In response to Forward, the provide valued HSDT at $1.63 per share.
“On June twelfth, HSDT responded that its board voted to say no Forward’s provide and selected to not interact in additional dialogue. We’re upset and shocked that the HSDT board has chosen to reject Forward’s provide with none dialogue or communication,” Forward mentioned in its press launch.
Forward additionally said SkyAI didn’t reply to an acquisition proposal valuing the corporate at $1.55 per share earlier than the provide expired Friday. Individually, Brera Holdings rejected a nonbinding all-stock proposal from Forward on June 9 that valued its shares at $7.19 every.
The responses complicate Forward Industries’ efforts to consolidate public firms with publicity to Solana (SOL). The corporate has argued that combining Solana-focused companies would create larger scale and liquidity than working as standalone firms.
Prime 10 Solana treasury firms by holdings. Supply: CoinGecko
Forward has positioned itself as the biggest Solana treasury firm, holding about 7 million SOL acquired for almost $1.6 billion, in response to CoinGecko. The corporate launched its treasury technique in September 2025 and has since staked its holdings.
Associated: Sharplink, Forward Industries among crypto firms considered for Russell indexes
CoinGecko information reveals that Forward’s tokens are at present value roughly $525 million, implying an unrealized loss of over $1 billion from the reported acquisition prices.
Treasury companies face stress to realize scale
August Widmer, a associate at funding agency Echo Base, instructed Cointelegraph in an announcement that buyers misplaced curiosity in treasury firms over the previous 12 months as a result of the automobiles had been typically riskier and fewer environment friendly than devoted structured merchandise.
“Now, companies are compelled to desperately attempt to consolidate in an effort to seize sufficient market share to maintain themselves afloat,” Widmer mentioned.
Widmer added that consolidation would be the solely viable path for the sector, however argued that the rejections confirmed that smaller operators weren’t but ready to just accept that end result.
“Consolidation is the one viable choice and few companies have earned their proper to be unbiased,” Widmer mentioned, including that the denials point out that “there’s nonetheless additional to fall on this market earlier than that actuality is accepted.”
Forward didn’t instantly reply to a request for remark.
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