Forward Inc. shares jumped 8.6% on Tuesday morning despite failed attempts to acquire several Solana-focused digital asset treasuries, as the company presses ahead with a consolidation strategy in a weakening token market.
Acquisition bids rejected
Forward’s proposals were turned down by multiple targets, including Solana Company (HSDT), SkyAI Inc. (SKYA), and Solmate (SLMT). Solana Company said its board unanimously rejected the unsolicited offer, arguing it undervalued the business.
Each proposal offered a share-for-share exchange at a 1:1 ratio, representing a premium of roughly 10% to 30%. SkyAI allowed its offer to expire without formal acceptance, while Solmate also declined to proceed.
Mixed market reaction
Trading activity across the sector was uneven following the announcements. HSDT shares dropped as much as 6%, while SKYA gained 2% and SLMT rose more than 11%. Earlier movements had been even more volatile, reflecting speculative trading tied to takeover expectations.
Forward’s own stock moved higher, signaling that traders see potential in its broader consolidation push despite setbacks.
Consolidation push gains urgency
Forward is attempting to scale up in a fragmented Solana treasury market, where multiple firms hold relatively small reserves of the token. The company currently holds more than seven million Solana tokens, far exceeding rivals that typically manage about two million each.
The strategy comes as Solana’s price remains under pressure, down about 10% in June and roughly 77% below its all-time high. This weakness is straining treasury firms whose valuations are closely tied to crypto holdings, increasing pressure to consolidate.
Dispute over alleged coordination
Tensions have escalated beyond rejected bids. In a June 12 filing, Solmate accused Forward of acting alongside undisclosed partners, including RockawayX and Viktor Fischer, in an effort to gain control.
Forward denied the claims, stating it acted independently and calling the allegations groundless. The dispute has since expanded, with legal action filed against RockawayX and Fischer tied to a separate failed deal.
Financial position and upcoming catalyst
Forward reports a fully diluted modified net asset value (mNAV) of 1.01, a metric commonly used by digital asset treasuries. The company also generates revenue through ventures such as its stake in the OnRe reinsurance platform and uses low-interest loans backed by staked Solana.
It is set to join the Russell 2000 and 3000 indexes at the end of the month, a move expected to improve liquidity and broaden trading participation.
Fragmented market backdrop
The Solana treasury ecosystem expanded in part due to earlier token sales by the Solana Foundation at discounted rates, which led to a wider distribution of holdings across firms. That structure is now contributing to increased consolidation attempts.
At the same time, many smaller treasuries face rising pressure to cover operating costs, which can reach several million dollars per quarter even when most assets are staked. Forward’s aggressive acquisition strategy reflects a view that scale may be necessary to sustain operations in a prolonged downturn.
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