TheBlock
Forward Industries (FWDI), the largest Solana digital asset treasury, saw its stock climb as much as 8.6% on Tuesday even as every smaller SOL DAT it approached publicly rejected its acquisition offer. The bids — non-binding proposals to buy Solana Company (HSDT), SkyAI (SKYA), and Solmate (SLMT) by minting new FWDI shares at a 1:1 ratio with a 10% to 30% premium — were each turned down, with Solana Company's board calling the proposal one that "substantially undervalues the Company." Forward has since argued it is still in active dialogue with the targets.
The reaction split the sector: HSDT fell as much as 6% on the news, while SLMT jumped more than 11% and SKYA added 2%, suggesting investors are reading the rejected bids as openings for a higher offer rather than dead ends. Solmate's June 12 response went further, accusing Forward of coordinating secretly with market maker RockawayX and investor Viktor Fischer as an undisclosed "group" in what it called a hostile takeover — a claim Forward denied in a subsequent SEC filing as baseless and aimed at blocking the deal.
Why it matters
The bids landed because the Solana DAT landscape is unusually crowded. The Solana Foundation's discounted token sales helped seed more than a dozen SOL treasuries, and Forward is the only one with a fully diluted mNAV above 1.0 — sitting at 1.01, per company disclosure — while most peers trade below the value of their underlying SOL stacks. Forward also holds over 7 million SOL, roughly 3x the next three largest SOL DATs combined, and runs cash-generating operations including a strategic investment in the OnRe reinsurance platform plus low-interest Galaxy loans backed by staked SOL.
Forward CIO Ryan Navi framed the consolidation thesis to The Block as offensive M&A in a dislocation: many smaller treasuries cannot cover quarterly SG&A — Forward's alone runs about $4.5 million — even with their full holdings staked, leaving them dependent on SOL price appreciation to stay solvent. "I don't think there needs to be 20 Solana DATs," Navi said.
Frequently asked questions
-
Why did Forward Industries' stock rise if its acquisition bids were rejected?
FWDI gained as much as 8.6% on Tuesday despite all three target SOL DATs turning down its non-binding offers, as investors focused on the upcoming Russell 2000 and 3000 index inclusions and the prospect of a higher, renegotiated bid rather than the rejections themselves.
-
Which Solana treasuries rejected Forward's acquisition bid?
Solana Company (HSDT), SkyAI (SKYA), and Solmate (SLMT) all rejected Forward's non-binding proposals, which offered new FWDI shares at a 1:1 ratio with a 10% to 30% premium.
-
What did Solmate accuse Forward of in its rejection response?
Solmate's June 12 response alleged Forward was coordinating secretly with market maker RockawayX and investor Viktor Fischer as an undisclosed group in what it called a hostile takeover. Forward denied the claim in a subsequent SEC filing.
-
Why is Forward positioned differently from other Solana DATs?
Forward is the only major SOL DAT with a fully diluted mNAV above 1.0, sits at 1.01 per company disclosure, holds over 7 million SOL versus roughly 2 million for the next three largest peers, and runs cash-generating operations including OnRe reinsurance and Galaxy-backed loans.
-
What is Forward's argument for consolidating the Solana DAT sector?
Forward CIO Ryan Navi argued many smaller SOL DATs cannot cover their SG&A overhead even with full holdings staked, leaving them dependent on SOL price appreciation. Forward's quarterly SG&A alone is about $4.5 million, and the firm believes the sector does not need 20 separate Solana treasuries.
CryptoSlate
CoinTelegraph
WatcherGuru
Lookonchain
WuBlockchain