Forward Industries says three Solana treasury acquisition bids were rejected or ignored as SOL DAT firms trade below net asset value.
Solana News
Forward Industries (NASDAQ: FWDI), the publicly traded company holding the largest Solana (SOL) digital asset treasury (DAT) among its peers, announced on June 16 that three of its recent acquisition proposals had been rejected or ignored. Solana Company (HSDT) turned down Forward's offer without any prior discussion, while SkyAI (SKYA) did not respond before the proposal's June 12 expiration date. A third bid, submitted to Brera Holdings (SLMT) approximately one week prior, had also been declined without any engagement from that board.
Each proposal sought an all-stock business combination, with shareholders of the targeted firms set to receive newly issued FWDI shares in exchange. Forward offered HSDT shareholders 0.386 FWDI shares per HSDT share at $1.63, representing a premium of approximately 10%, and offered SkyAI shareholders a premium of approximately 20% over that company's recent trading price.
Ryan Navi, Forward's chief investment officer, said the firm is actively seeking consolidation opportunities across the SOL DAT sector as smaller companies contend with falling token prices and elevated fixed costs. Forward holds more than 7 million SOL, a position larger than its three closest competitors combined. The majority of that holding is staked or deployed in Solana DeFi, and the firm acquired its full position for approximately $1.6 billion.
SOL DAT Sector Trades Below Net Asset Value
The six active SOL digital asset treasury companies are all trading between 0.34 and 0.76 times their net asset value (NAV), a level that implies investors currently value each firm below the total worth of its holdings. Forward trades at 0.69 times NAV on a basic market cap basis, though Navi said that figure rises to 1.01 when calculated on a fully diluted basis.
Most DAT firms acquired their SOL above $200 per token during the height of treasury formation, when the Solana Foundation was also offering discounted token arrangements to support new entrants. The six companies collectively hold more than 16 million SOL. The token was trading near $73 on June 16, having fallen as low as $60 in the days prior. Forward's position carries more than $1 billion in unrealized losses at current prices.
Forward is set to join both the Russell2000 and Russell 3000 indexes at the end of June, a milestone Navi said will bring passive institutional inflows to FWDI shares. The firm has also borrowed against its liquid-staked SOL through an arrangement with Galaxy and deployed the freed capital into the OnRe reinsurance platform as part of what Navi described as a non-correlated yield strategy.
Related Article: Forward Industries Posts 319% Revenue Jump but $283.1M Loss on SOL Decline
Wind-Down Risk Shapes Forward's Deal Terms
Navi argued that smaller SOL treasury firms facing prolonged price declines risk being pushed into formal wind-down proceedings if they cannot consolidate or generate sufficient revenue. A wind-down would most likely produce cash-only shareholder distributions, meaning investors who contributed SOL to a collective strategy would not receive those tokens back. "There's room for win-win outcomes," Navi said, framing Forward's proposals as a path for shareholders of subscale firms to receive a price premium while maintaining SOL exposure through a larger combined entity.
SkyAI, formerly known as Sharps Technology, had pivoted its corporate strategy toward artificial intelligence before Forward's approach, a move Navi said deepened that company's treasury discount and caused its shares to underperform both SOL and sector peers since the shift. Forward said in a statement that "subscale treasury companies" face structural challenges from fixed operating costs that persistently erode shareholder value in a prolonged downturn.
SOL gained approximately 11% over the prior 24 hours on June 15 to trade near $73, as broader crypto markets rose following eased geopolitical tensions. Shares across the listed SOL treasury sector moved higher alongside the token. FWDI climbed more than 14% to approximately $4.92, HSDT rose roughly 12% to $1.72, SKYA gained around 13% to $1.29, and SLMT advanced more than 7% to $4.71.
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