TheBlock
Forward Industries (NASDAQ: FWDI), the largest Solana digital asset treasury by an order of magnitude with over 7 million SOL, sent non-binding all-stock acquisition proposals on Monday to two smaller rivals: SkyAI (SKYA) and Solana Company (HSDT). The offers value HSDT at 0.386 newly issued FWDI shares per HSDT share at $1.63, roughly a 10% premium, and float a 20% premium to SKYA's recent price. Solana Company declined the initial approach while SkyAI did not respond, according to the company's announcements.
The move follows Forward's rejected bid for Solmate a week earlier, and lands just before FWDI joins the Russell 2000 and 3000 indexes at the end of the month — a passive-buyer liquidity event that strengthens Forward's negotiating position. CIO Ryan Navi framed the strategy as opportunistic consolidation in a sector where most SOL DATs are trading at meaningful discounts to net asset value, with the six active firms tracked by The Block sitting between 0.34 and 0.76 mNAV.
Why it matters
The Solana DAT complex is structurally smaller than its BTC and ETH counterparts — six active firms hold a combined 16 million SOL, most acquired at prices above $200 while SOL trades near $76. That dislocation has left subscale treasuries unable to cover fixed operating costs, eroding shareholder value even as the underlying asset rebounds. Forward's pitch to HSDT and SKYA shareholders is straightforward: take a premium today, swap into a larger pro forma vehicle with Russell index inclusion behind it, and avoid the alternative — a cash-only wind-down in which token contributors don't even get their SOL back.
Market impact
The market is reading the overtures as credible consolidation. HSDT jumped 11% on Monday to around $1.72, SKYA rose nearly 13% to $1.29, and FWDI added over 14% to $4.92, lifting Forward's basic mNAV toward 0.69 and validating Navi's claim of a 1.01 mNAV on a fully diluted basis. SOL itself gained more than 11% on the day. If Forward closes even one of the deals, it absorbs roughly 2-2.3 million additional SOL, deepening its DeFi and liquid-staking deployment and extending the borrow-against-LST strategy already running with Galaxy.
Frequently asked questions
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What is Forward Industries proposing to acquire?
Forward Industries (NASDAQ: FWDI) sent non-binding all-stock acquisition proposals to SkyAI (SKYA) at a 20% premium and Solana Company (HSDT) at 0.386 new FWDI shares per HSDT share (~$1.63, ~10% premium). HSDT declined the initial offer; SKYA did not respond.
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Why is Forward pursuing Solana DAT consolidation now?
The sector is trading at steep mNAV discounts, with the six active SOL DATs between 0.34 and 0.76 mNAV against SOL acquired mostly above $200. Forward, the largest with over 7M SOL, frames the moment as a chance to play offense while subscale peers struggle with fixed costs and the threat of cash-only wind-downs.
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What is Forward Industries' current position in the Solana DAT sector?
Forward holds over 7 million SOL — more than its next three competitors combined — the majority staked or deployed in Solana DeFi. It borrows against liquid-staked SOL through Galaxy and uses freed-up capital for non-correlated yield, including an investment in the OnRe reinsurance platform.
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How did the market react to the acquisition overtures?
Shares of all three firms rallied on Monday: HSDT rose about 11% to ~$1.72, SKYA gained nearly 13% to ~$1.29, and FWDI climbed over 14% to $4.92. SOL itself was up more than 11% on the day, trading around $76 after dipping to $60 in recent sessions.
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What role does the Russell index inclusion play in the timing?
Forward is set to join the Russell 2000 and 3000 indexes at the end of the month, which brings a structural liquidity boost from passive index buyers. That backdrop strengthens FWDI's negotiating position as it courts smaller DATs and pitches a pro forma company with index eligibility to target shareholders.
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