Forward Industries has moved to consolidate the Solana digital asset treasury sector, announcing all-stock acquisition proposals for SkyAI Inc. and Solana Company with premiums of 20% and 10%, respectively.
The offers, detailed in public filings, would see Solana Company shareholders receive 0.386 new Forward shares per share, valuing them at about $1.63 each. Solana Company’s board has rejected the proposal, while SkyAI has not issued a formal response.
consolidation push targets discounted valuations
The bid comes as digital asset treasuries tied to Solana trade below their net asset values, putting sustained pressure on their share prices. Market data shows six active SOL treasury firms trading between 0.34 and 0.76 times mNAV. Forward itself trades around 0.69 based on market capitalization and 1.01 on a fully diluted basis.
Forward is attempting to capitalize on this gap by acquiring competitors at a discount, effectively increasing its SOL-per-share exposure. The company already holds more than 7 million SOL tokens, exceeding the combined holdings of its three closest peers. Much of this treasury is staked or deployed in Solana-based decentralized finance applications.
resistance from target companies
The consolidation effort has so far met resistance. Solana Company rejected the proposal, signaling it did not view the terms as favorable. SkyAI has yet to engage publicly, despite Forward expressing disappointment over the lack of response after its offer expired.
This follows Forward’s earlier unsuccessful attempt to acquire Solmate, suggesting ongoing disagreement across the sector over valuations and deal structures.
timing linked to index inclusion
Forward’s strategy is unfolding ahead of its expected inclusion in the Russell 2000 and 3000 indexes later this month. Chief investment officer Navi said the move could improve trading liquidity and broaden access to passive capital flows.
Index inclusion is widely seen as a catalyst that may stabilize share performance and increase visibility among institutional market participants.
solana holdings and market backdrop
The broader Solana treasury space emerged after earlier token discount programs from the Solana Foundation, with these entities now collectively holding more than 16 million SOL. Many acquired tokens at prices above $200, compared to the current level near $76, despite a recent 11% daily gain.
Solana’s price volatility continues to directly impact treasury valuations, shaping both acquisition appetite and resistance from target firms.
expanding capital strategy beyond holdings
Forward has also been using its crypto reserves more actively. Through a financing arrangement with Galaxy, the firm has borrowed against its staked SOL to fund initiatives including the OnRe on-chain reinsurance platform.
This reflects a broader strategy of generating returns beyond staking yields while maintaining significant exposure to Solana.
market reaction
Recent trading reflects renewed momentum across the sector. Solana Company rose 11% to $1.72, SkyAI gained 12.95% to $1.29, and Forward climbed 14% to $4.92.
Attention now centers on whether SkyAI will respond and whether Forward can advance its consolidation strategy in a fragmented and valuation-sensitive market.
As Solana treasuries consolidate, discover key market drivers in today Solana treasuries go global for broader context.
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