SOL Treasury Giant Forward Industries Plans to Buy Smaller Solana DATs

Forward wants to become the consolidator of the Solana treasury sector

Forward Industries is taking the next step in its transformation from a legacy manufacturing company into the world's largest Solana treasury firm.

The Nasdaq-listed company revealed that it has approached multiple smaller Solana treasury companies with acquisition proposals, arguing that consolidation could create stronger and more liquid vehicles for investors. The strategy mirrors the consolidation playbook often seen in traditional finance, where larger players absorb smaller competitors trading at discounted valuations.

Forward recently disclosed non-binding all-stock proposals for Solana Company (HSDT) and SkyAI (SKYA). Under the proposed terms, HSDT shareholders would receive a roughly 10% premium, while SkyAI shareholders would receive a premium of approximately 20% through newly issued Forward shares.

Solana treasury firms are trading at steep discounts

Forward's acquisition push comes at a challenging time for the broader Solana treasury sector.

Many publicly traded Solana treasury companies currently trade below their market-value net asset value (mNAV), meaning investors value the companies at less than the market value of their underlying SOL holdings. That dynamic has become increasingly common as Solana's price remains well below the levels where many treasury firms accumulated their positions.

Forward itself holds approximately 7 million SOL, making it the largest Solana treasury company on the market. According to company disclosures, much of that position was accumulated at an average cost near $232 per token, while SOL has recently traded closer to the $74-$85 range, leaving the company with substantial unrealized losses.

Management believes these discounted valuations create an opportunity to acquire SOL exposure through equity transactions rather than purchasing tokens directly in the market.

Some acquisition targets are already pushing back

Forward's consolidation efforts have not received a warm welcome from every target.

According to company filings, Solana Company's board formally rejected Forward's proposal and declined to enter discussions. Meanwhile, SkyAI did not respond before the offer's deadline expired. Forward described the lack of engagement as disappointing and suggested that discussions could have benefited shareholders of both companies.

Despite the setbacks, management appears committed to pursuing additional opportunities.

Chief Investment Officer Ryan Navi recently stated that mergers could strengthen the position of treasury firms operating within the Solana ecosystem by creating larger, more liquid public vehicles with improved access to capital markets.

Why consolidation could reshape the Solana treasury trade

The acquisition push highlights a broader trend emerging across crypto treasury companies.

As more firms adopt digital asset treasury strategies, investors are beginning to focus less on headline token holdings and more on metrics such as mNAV, liquidity, and capital efficiency. Companies trading at persistent discounts may find themselves vulnerable to acquisition offers from larger peers with stronger balance sheets and higher market valuations.

The Solana treasury sector now reportedly controls more than $1.39 billion worth of SOL across roughly 20 public companies, making it one of the fastest-growing segments of the digital asset market.

If Forward succeeds in acquiring even a handful of smaller rivals, it could accelerate consolidation across the industry and establish a blueprint for how crypto treasury companies scale in the future.