Forward Industries pushes Solana treasury consolidation as sector nears $1.4b

Forward Industries [NASDAQ: FWDI] is pushing to consolidate the rapidly growing Solana treasury-company sector after publicly revealing that Solana Company [NASDAQ: HSDT] rejected its acquisition proposal without discussion.

In a June 15 statement, Forward said it made a non-binding all-stock merger proposal to HSDT but received a response on June 12 indicating that HSDT’s board had voted to decline the offer and avoid further engagement.

The proposal arrives as publicly traded Solana treasury firms continue expanding rapidly. According to CoinGecko data, 20 public companies now collectively hold more than 18.4 million SOL worth roughly $1.39 billion. 

Forward currently controls the sector’s largest treasury with more than 7 million SOL holdings.

Forward pitches itself as dominant Solana treasury platform

Forward said it approached HSDT because the current market environment requires “cooperation and strategic action” to maximize shareholder value and accelerate Solana ecosystem growth.

Under the proposal, HSDT shareholders would receive 0.386 newly issued Forward shares for each HSDT share. This represents a roughly 10% premium to HSDT’s closing stock price before the offer was submitted.

Forward framed the merger as part of a broader strategy to become what it called the “Berkshire Hathaway of Solana.”

The company said it has already expanded beyond passive treasury accumulation by staking most of its SOL through validator infrastructure. Also, it has launched the fwdSOL liquid staking token and deployed capital directly into Solana-based protocols.

“We believe that combining our efforts with HSDT’s would be mutually beneficial for both companies, their stockholders, and the broader Solana community,” said Forward Chief Investment Officer Ryan Navi.

Solana treasury sector becomes increasingly crowded

The proposal also highlights growing competition among public companies positioning themselves as institutional Solana exposure vehicles.

CoinGecko’s treasury tracker shows Forward holding roughly 7 million SOL, while HSDT holds approximately 2.06 million SOL.

Several other firms, including DeFi Development Corp., Upexi, and Sharps Technology, have also accumulated large Solana positions as treasury strategies tied to crypto ecosystems continue spreading beyond Bitcoin.

The data further suggests the market is beginning to differentiate between treasury-company structures.

Forward currently trades at roughly 0.69x mNAV, while some competing treasury firms trade at premiums above net asset value.

That divergence may increase pressure for consolidation as companies compete for liquidity, institutional relevance, and shareholder attention.

Treasury firms evolve beyond passive crypto exposure

The merger proposal reflects a broader shift occurring across crypto treasury companies.

Rather than functioning solely as passive asset holders, many treasury firms are increasingly positioning themselves as ecosystem capital allocators tied to validator infrastructure, staking systems, protocol investments, and blockchain-native financial services.

The trend has become particularly visible across Solana-focused firms, where companies are competing to establish themselves as the dominant institutional gateway for public-market SOL exposure.

Forward also noted that its shares are expected to join the Russell 2000 and Russell 3000 indices in the coming weeks, potentially strengthening its institutional-market positioning.

Final Summary

• Forward Industries publicly announced that HSDT rejected its merger proposal amid intensifying competition among Solana treasury firms.
• The Solana treasury-company sector now holds more than $1.39 billion worth of SOL across 20 public companies.