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Forward Industries Proposes All-Stock Deal to Solana Company, Board Rejects
On June 15, Forward Industries, Inc. (NASDAQ: FWDI) disclosed that it had submitted a non‑binding, all‑stock business‑combination proposal to the board of Solana Company (NASDAQ: HSDT). Three days earlier, on June 12, HSDT’s board had voted to decline the offer and to forgo any further discussion.
Under the terms outlined in Forward’s press release, each HSDT shareholder would receive 0.386 newly issued Forward shares for every HSDT share held. The calculation was based on a 10 % premium to HSDT’s closing price of $1.48 on the day preceding the proposal, valuing the offer at roughly $1.63 per HSDT share. Forward said the transaction would provide HSDT shareholders with a meaningful premium and a more liquid exposure to Solana through Forward’s shares, which are slated to join the Russell 2000 and 3000 indices.
Forward has positioned itself as the largest Solana treasury operator in the world. Since launching its treasury strategy in September 2025, the company has accumulated more than 6.8 million SOL tokens, staked the majority of them on its high‑performance validator network, and issued the liquid staking token fwdSOL. The firm also raised $1.65 billion in a private placement led by Multicoin Capital, Galaxy Digital and Jump Crypto.
In the proposal, Forward’s chief investment officer, Ryan Navi, emphasized that the two companies share a common goal of accelerating Solana’s ecosystem growth while creating shareholder value. He described the offer as a partnership approach, noting that Forward’s treasury strategy could complement HSDT’s operations and that the combined entity would be better positioned to deliver on promises to investors.
HSDT’s board, however, declined the offer without engaging in further dialogue. The press release stated that the board was “disappointed and surprised” by the decision, and that Forward had expected a conversation to determine whether a mutually beneficial arrangement could be reached.
Forward’s outreach to Solana Company is part of a broader effort to consolidate the Solana treasury sector. Earlier in June, the firm also submitted similar all‑stock proposals to Brera Holdings (SLMT) and SkyAI (SKYA). Both Brera and SkyAI rejected the offers, while SkyAI has not yet responded to the deadline.
The potential consolidation of Solana treasury firms carries implications for liquidity, staking rewards, and DeFi protocol funding on the network. Forward’s strategy to become the “Berkshire Hathaway of Solana” relies on continued growth of SOL per share and the ability to deploy capital into high‑yield protocols. The firm’s valuation is therefore closely tied to SOL’s price volatility and the regulatory environment surrounding digital asset holdings.
At present, Forward’s proposal remains unaccepted, and the company has not announced alternative targets. HSDT continues to operate independently, maintaining its own treasury and staking operations. Forward’s shares, which are expected to be added to major U.S. indices, remain listed on Nasdaq, while the fwdSOL token continues to trade on Solana‑based exchanges.
In summary, Forward Industries’ attempt to merge with Solana Company was rejected by HSDT’s board, leaving the two firms separate. The outcome underscores the challenges of consolidating Solana treasury operators in a market where each entity seeks to protect its own strategic interests. Future developments will depend on whether Forward can identify other compatible partners or whether HSDT will reconsider a potential partnership under different terms.
Under the terms outlined in Forward’s press release, each HSDT shareholder would receive 0.386 newly issued Forward shares for every HSDT share held. The calculation was based on a 10 % premium to HSDT’s closing price of $1.48 on the day preceding the proposal, valuing the offer at roughly $1.63 per HSDT share. Forward said the transaction would provide HSDT shareholders with a meaningful premium and a more liquid exposure to Solana through Forward’s shares, which are slated to join the Russell 2000 and 3000 indices.
Forward has positioned itself as the largest Solana treasury operator in the world. Since launching its treasury strategy in September 2025, the company has accumulated more than 6.8 million SOL tokens, staked the majority of them on its high‑performance validator network, and issued the liquid staking token fwdSOL. The firm also raised $1.65 billion in a private placement led by Multicoin Capital, Galaxy Digital and Jump Crypto.
In the proposal, Forward’s chief investment officer, Ryan Navi, emphasized that the two companies share a common goal of accelerating Solana’s ecosystem growth while creating shareholder value. He described the offer as a partnership approach, noting that Forward’s treasury strategy could complement HSDT’s operations and that the combined entity would be better positioned to deliver on promises to investors.
HSDT’s board, however, declined the offer without engaging in further dialogue. The press release stated that the board was “disappointed and surprised” by the decision, and that Forward had expected a conversation to determine whether a mutually beneficial arrangement could be reached.
Forward’s outreach to Solana Company is part of a broader effort to consolidate the Solana treasury sector. Earlier in June, the firm also submitted similar all‑stock proposals to Brera Holdings (SLMT) and SkyAI (SKYA). Both Brera and SkyAI rejected the offers, while SkyAI has not yet responded to the deadline.
The potential consolidation of Solana treasury firms carries implications for liquidity, staking rewards, and DeFi protocol funding on the network. Forward’s strategy to become the “Berkshire Hathaway of Solana” relies on continued growth of SOL per share and the ability to deploy capital into high‑yield protocols. The firm’s valuation is therefore closely tied to SOL’s price volatility and the regulatory environment surrounding digital asset holdings.
At present, Forward’s proposal remains unaccepted, and the company has not announced alternative targets. HSDT continues to operate independently, maintaining its own treasury and staking operations. Forward’s shares, which are expected to be added to major U.S. indices, remain listed on Nasdaq, while the fwdSOL token continues to trade on Solana‑based exchanges.
In summary, Forward Industries’ attempt to merge with Solana Company was rejected by HSDT’s board, leaving the two firms separate. The outcome underscores the challenges of consolidating Solana treasury operators in a market where each entity seeks to protect its own strategic interests. Future developments will depend on whether Forward can identify other compatible partners or whether HSDT will reconsider a potential partnership under different terms.
