BCGAME - Free 5BTC Daily Bonus!- Forward expands its exposure to Solana with new acquisitions.
- Treasury firms face discounts on book value.
- SOL reserves drive sector consolidation strategy.
Forward Industries (NASDAQ: FWDI) has taken another step in its strategy to consolidate the Solana-focused treasury firm segment by submitting proposals to acquire two competitors in the sector: SkyAI (SKYA) and Solana Company (HSDT). This move comes at a time of pressure on several companies that hold SOL on their balance sheets and are facing significant discounts in their market valuations.
The offers were submitted to the boards of directors of both companies and involve exclusively a stock swap. According to information released by Forward itself, Solana Company rejected the initial proposal, while SkyAI has not yet formally responded.
In the case of Solana Company, Forward proposed a transaction with an approximate 10% premium for shareholders. Under the plan presented, each HSDT share would be converted into 0,386 Forward common shares, considering a value of US$1,63 per share of the target company.
For SkyAI, the proposal was also structured entirely in shares, offering a premium of approximately 20% over the company's recent share price.
The move comes just days after another acquisition attempt by Forward. The company had submitted an offer for Solmate, another company linked to the treasury strategy in Solana, but the proposal was ultimately rejected.
Forward currently holds the position of the largest corporate treasury based on SOL. The company owns more than 7 million Solana tokens, a volume greater than the sum of the reserves held by the next three competitors. A large portion of these assets remains staked or allocated to DeFi protocols within the Solana ecosystem.
Meanwhile, several companies in the sector are facing difficulties in sustaining their valuations. Many are trading below their net asset value (NAV), indicating that the market assigns the shares a value lower than the amount actually held in reserves.
The most recent data shows that Solana's treasury companies are trading between 0,34 and 0,76 times their NPV. Forward itself is trading close to 0,69 times its book value based on the company's basic capitalization.
In addition to accumulating SOL, the company has been seeking new sources of revenue. Among the strategies adopted is the use of its assets as collateral for credit operations, freeing up capital for investments in businesses considered to have high returns and low correlation with the cryptocurrency market.
The strategy gains relevance because many companies in the sector acquired large quantities of SOL when the asset was trading above US$200. Despite the recent recovery, some of these companies are still operating under financial pressure due to the token's accumulated decline relative to the highs recorded during the expansion phase of corporate treasuries.
Solana Company holds approximately 2,3 million SOL in reserves, while SkyAI owns around 2 million tokens. Together, they represent a significant portion of the sector that Forward aims to consolidate.
“We see many opportunities, especially in this unbalanced situation, where we can play offensively while others play defensively,” said Navi. “There is room for win-win outcomes.”
Regarding SkyAI, Navi also stated: “SKYA trades at a significant discount to its treasury net asset value, and its recent shift to artificial intelligence has only exacerbated that discount, with its shares significantly underperforming both SOL and its treasury industry competitors since that change.”
The news was received positively by investors. Solana Company shares rose more than 11%, while SkyAI shares advanced almost 13%. Forward, meanwhile, accumulated gains of over 14%, reflecting market interest in its expansion strategy in the Solana-based treasury segment.
