Forward Industries, the largest publicly traded Solana treasury company, announced that its unsolicited takeover bids for two competing Solana-accumulating firms were rejected. The proposals targeted The Solana Company (HSDT) and Brera Holdings (SLMT), offering all-stock combinations where their shareholders would receive Forward Industries (FWDI) shares. Forward expressed disappointment, stating that HSDT's board rejected the offer without discussion. Brera also rejected the proposal last week without engagement. Additionally, Forward made an offer to SkyAI (SKYA), another Solana treasury firm, but received no response by the June 12 expiration. Forward believes these combinations would benefit shareholders and strengthen the Solana ecosystem. Shares of Forward surged over 14% on Monday to $4.89, as Solana (SOL) rose nearly 11% to around $75 amid a broader market rally following a US peace deal with Iran. Other Solana treasury firms also gained: Brera up 7%, HSDT nearly 12%, and SKYA 14%. Forward holds over 7 million SOL (acquired for ~$1.6 billion) with more than $1 billion in unrealized losses at current prices.

Key facts

• Forward Industries proposed acquisitions to three Solana treasury rivals.
• The Solana Company and Brera Holdings rejected the offers without discussion.
• SkyAI did not respond before the offer expired on June 12.
• Shares of all firms surged Monday as Solana rose nearly 11%.
• Forward holds over 7 million SOL with unrealized losses exceeding $1 billion.

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