Solana Treasury Firms Reject Forward Acquisition Offers

Several publicly traded companies with Solana-focused treasury strategies have pushed back against takeover attempts by Forward Industries, with two firms formally rejecting acquisition proposals and another allowing an offer to lapse without responding.

Forward announced on Monday that Solana Company (HSDT), formerly known as Helius Medical Technologies, declined an all-stock acquisition proposal that would have provided shareholders with 0.386 newly issued Forward shares for each HSDT share. According to Forward, the offer valued HSDT at approximately $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 a statement.

The company also revealed that SkyAI did not respond to a separate acquisition proposal valuing its shares at $1.55 each before the offer expired on Friday. In addition, Brera Holdings rejected a nonbinding all-stock proposal on June 9 that valued its shares at $7.19 apiece.

Consolidation efforts face resistance

The rejections represent a setback for Forward Industries’ strategy of consolidating publicly listed companies with exposure to Solana (SOL). Forward has argued that combining multiple Solana-focused treasury firms could create larger, more liquid entities with stronger market positions than individual companies operating independently.

According to CoinGecko data, Forward currently ranks as the largest Solana treasury company, holding approximately 7 million SOL acquired at a reported cost of nearly $1.6 billion. The company adopted its treasury strategy in September 2025 and has since staked its holdings to generate additional yield.

However, current market conditions have significantly impacted the value of those assets. CoinGecko estimates that Forward’s SOL holdings are now worth roughly $525 million, implying an unrealized loss of more than $1 billion compared to the reported acquisition cost.

Treasury sector faces growing pressure

Industry observers suggest the failed acquisition attempts highlight broader challenges facing digital asset treasury companies. August Widmer, partner at investment firm Echo Base, told Cointelegraph that investor interest in treasury firms has weakened over the past year as these structures have often proven less efficient and riskier than specialized investment products.

“Now, firms are forced to desperately try to consolidate in an effort to capture enough market share to keep themselves afloat,” Widmer said. He argued that consolidation may ultimately be necessary for many firms in the sector, but noted that the recent rejections indicate smaller companies are not yet prepared to pursue that path. “Consolidation is the only viable option and few firms have earned their right to be independent,” Widmer said, adding that the pushback suggests “there’s still further to fall in this market before that reality is accepted."

Sources:

https://www.globenewswire.com/news-release/2026/06/15/3311844/0/en/forward-industries-announces-letter-of-intent-to-acquire-solana-company-hsdt.html

https://www.globenewswire.com/news-release/2026/06/15/3311836/0/en/forward-industries-announces-letter-of-intent-to-acquire-skyai-inc-skya.html

https://www.globenewswire.com/news-release/2026/06/09/3309351/0/en/announcing-forward-s-letter-of-intent-to-brera-holdings-plc-slmt.html

https://cointelegraph.com/news/solana-treasury-firms-reject-forward-industries-offers

https://www.coingecko.com/en/treasuries/companies/forward-industries

https://www.coingecko.com/en/treasuries/solana