Forward Industries (NASDAQ: FWDI), the largest publicly traded Solana treasury firm by SOL holdings, has struck out on its consolidation strategy after all three of its acquisition attempts were either rejected or ignored.

The company proposed all-stock deals to Solana Company (NASDAQ: HSDT), Brera Holdings (NASDAQ: SLMT), and SkyAI (NASDAQ: SKYA), but none moved forward. As a result, Forward is left holding over 7 million SOL—acquired at significantly higher prices—without securing any external growth from its M&A efforts.

Each of the target firms maintains its own SOL treasury and continues to operate independently after declining FWDI equity.

The offers were structured as share-for-share transactions. HSDT shareholders were offered 0.386 FWDI shares per share, valuing the deal at approximately $1.63, a 10% premium. Brera investors were offered 1.54 FWDI shares per share, implying $7.19 and a 30.7% premium to its 10-day VWAP. SkyAI’s offer came in at 0.367 FWDI shares per share, valuing it at $1.55, a 20% premium to its prior close.

Brera rejected the proposal on June 6, stating it did not serve shareholder interests. Solana Company followed around June 12, declining the offer and opting not to pursue further discussions. SkyAI did not respond before the deadline.

Forward expressed frustration, particularly with Solana Company’s decision to decline without engagement, emphasizing that dialogue could have created mutual value. The company added that current market conditions call for coordinated strategic moves to meet shareholder expectations.

Solana News: Why the Strategy Fell Short

Forward accumulated nearly 7 million SOL at a total cost of around $1.6 billion, with an average entry price near $232 per token.

With SOL now trading close to $75, the position carries more than $1 billion in unrealized losses. Because the acquisition offers were entirely stock-based, target shareholders would have received FWDI equity—effectively taking on exposure to a company tied to a deeply underwater SOL position.

This likely explains the uniform rejection. Accepting FWDI shares would mean inheriting that loss exposure through equity rather than holding SOL directly.

The situation mirrors challenges seen across crypto treasury firms, where large unrealized losses compress equity valuations and make stock-funded acquisitions less attractive.

Although Forward retains access to a $4 billion at-the-market program to continue building its SOL position, it does little to resolve the governance concerns that led all three targets to walk away.

The Solana treasury segment currently holds about 16.2 million SOL across roughly six public companies. Forward leads with around 7 million SOL, followed by Upexi at approximately 2.4 million, while HSDT and SKYA each hold between 2.0 and 2.3 million SOL.

Forward’s strategy aimed to consolidate this fragmented exposure into a single dominant public vehicle—a proxy for institutional investors seeking Solana exposure through equities. For now, those targets appear to value independence more highly.

That dynamic could shift if SOL prices rebound and reduce Forward’s unrealized losses, but at current levels, the consolidation argument remains difficult to justify.

Market Reaction: Macro Forces Take Over

The rejection news coincided with a broader rally in risk assets following geopolitical developments, including a U.S.-Iran peace announcement.

SOL climbed nearly 11% in 24 hours to around $75, lifting all Solana-linked equities. FWDI surged more than 14% to $4.89, SKYA rose 14%, HSDT gained nearly 12%, and SLMT advanced over 7% to $4.71.

The synchronized movement underscores a key point: when macro catalysts dominate, all related equities tend to move in tandem regardless of individual deal outcomes—undercutting part of Forward’s consolidation thesis.

More broadly, the episode highlights a growing trend in crypto treasury equities, where concentrated exposure to a single token introduces heightened volatility into public company valuations and amplifies equity market risk.