Solana treasury firms reject Forward proposals

• Forward Industries' attempts to acquire three Solana-focused treasury companies have failed to gain support.
• Solana Company and Brera Holdings rejected acquisition proposals, while SkyAI allowed an offer to expire without responding.
• The outcome highlights growing pressure on crypto treasury firms to achieve scale amid weaker investor interest in the sector.

Forward Industries said three acquisition attempts involving Solana-focused treasury companies failed after two firms rejected proposals and a third did not respond before an offer expired.

The company proposed acquiring Solana Company formerly Helius Medical Technologies, in an all-stock transaction that Forward said valued HSDT at US$1.63 per share.

“We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” said Forward Industries.

Forward also said SkyAI did not respond to an offer valuing the company at US$1.55 per share, while Brera Holdings rejected a separate nonbinding proposal that valued its shares at US$7.19 each.

The company has argued that consolidating Solana (CRYPTO:SOL) treasury firms could improve scale and liquidity across the sector; following the announcement there was no disclosed share price reaction.

Forward said it holds approximately 7 million Solana tokens acquired for nearly US$1.6 billion as part of a treasury strategy launched in September 2025.

According to CoinGecko data cited in the report, those holdings are currently valued at about US$525 million, while investment firm Echo Base said consolidation may become increasingly important as crypto treasury companies face pressure from weaker investor demand and funding conditions.

At the time of reporting, Solana price was $73.36.