Solana treasury firms resist Forward Industries’ consolidation push
Forward Industries’ attempt to consolidate Solana treasury companies is facing resistance. Solana Company (HSDT), formerly Helius Medical Technologies, rejected Forward’s all-stock offer, which valued HSDT at $1.63 per share. Forward said HSDT’s board declined to engage further. SkyAI did not respond before Forward’s $1.55-per-share offer expired, and Brera Holdings separately rejected a nonbinding all-stock proposal valued at $7.19 per share. The setbacks complicate Forward’s effort to build a larger Solana-focused public company platform. Forward has argued that combining Solana treasury firms would improve scale and liquidity versus standalone operations. It currently positions itself as the largest Solana treasury company, holding about 7 million SOL, though those holdings are now worth far less than the reported acquisition cost, implying a large unrealized loss. The rejections also highlight broader pressure on treasury companies, which face waning investor interest and may need consolidation to survive.
