News coming from Forward Industries (NASDAQ: FWDI), the largest publicly traded Solana treasury company by SOL Holdings, as it proposed all-stock acquisitions to three rival companies. They were dismissed or ignored by all, a complete whitewash that makes the company’s consolidation thesis much more difficult to implement than management had signaled.
The result leaves Forward sitting on more than 7 million SOLs purchased at an average price well above current market prices, with no external growth to show for its M&A efforts.
The three targets were Solana Company (NASDAQ: HSDT), Brera Holdings (NASDAQ: SLMT), and SkyAI (NASDAQ: SKYA), formerly known as Sharps Technology.
Each holds its own SOL treasury, and each is now independently listed after refusing to accept FWDI equity in return.
In terms of crypto M&A, Forward offered HSDT shareholders 0.386 FWDI shares per HSDT share, implying approximately $1.63 per share, a 10% premium to HSDT’s previous close.
SLMT holders were offered 1.54 shares of FWDI per share, implying $7.19 and a 30.7% premium to Brera’s 10-day VWAP. SKYA was offered 0.367 shares of FWDI per share at an implied price of $1.55, a 20% premium to its previous close of $1.29.
Brera’s board rejected the offer on June 6, saying the proposal was not in the company’s best interest. Solana Company’s board of directors voted to decline around June 12 and chose not to engage in further discussions. SkyAI simply did not respond before the June 12 expiration date.
“We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication. We believe that opening a dialogue is in the best interests of both companies and their respective shareholders.”
Forward issued this statement regarding the Solana company’s rejection, adding that “the current market environment requires cooperation and strategic action to deliver on the promises made to our shareholders.”
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Solana News: The arithmetic behind the rejections
Forward acquired nearly 7 million SOL last year for around $1.6 billion, with an average inflow of around $232 per token.
With SOL trading near $75 on Monday, this position results in over $1 billion in unrealized losses. The all-stock structure of each offering means that target shareholders would receive equity from FWDI, which is itself a leveraged proxy on a deep underwater SOL position.
This context almost certainly explains why three separate councils refused without negotiation. Accepting FWDI shares means inheriting this excess loss through diluted equity rather than through own SOL equity.
The dynamic is reminiscent of the pressure Strategy has faced with its Bitcoin treasury, where large unrealized losses are compressing the stock’s premium and making stock acquisitions harder to sell.
Forward’s $4 billion offering program gives it capital firepower to continue accumulating SOLs directly, but it doesn’t resolve the governance frictions that caused each target to walk away from those proposals.
The Solana DAT micro-sector now holds ~16.2 million SOL across ~6 public companies, with ~7 million Forward well ahead of competitors like Upexi (~2.4 million SOL) and hoards HSDT and SKYA in the 2.0-2.3 million SOL range.
Forward’s pitch was in effect to consolidate this fragmented exposure into a single dominant entity, a quasi-ETF proxy for institutional equity investors who want SOL exposure via a listed vehicle.
The targets have so far decided they are worth more independence. This calculation could change if SOL recovers significantly from current levels and reduces Forward’s unrealized loss, but at $75, the argument is difficult to make in a boardroom.
Monday’s rally sent all four stocks higher simultaneously
This rejection news occurred alongside a broad market move driven by news of a U.S.-Iran peace deal that pushed risk assets higher across the board.
SOL gained nearly 11% in 24 hours to trade around $75, lifting all shares in the Solana Treasury complex.
FWDI jumped more than 14% to $4.89. SKYA jumped 14%, HSDT almost 12% and SLMT more than 7% to $4.71.
The symmetrical movement is its own signal: when the macroeconomic catalyst is large enough, all four symbols move together regardless of trade status, which partly undermines Forward’s consolidation logic.
The broader trend that crypto treasury stocks create idiosyncratic risk for public companies plays out across multiple tokens, AVAX treasury vehicle AVAT has demonstrated similar price volatility dynamics since its debut on Nasdaq, highlighting how concentrated exposure to a single treasury token directly translates into stock price fluctuations.
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The article Solana News: Forward Industries was excluded from three Solana acquisition bids appeared first on Cryptonews.
