Two companies that manage treasury operations on the Solana blockchain have turned down acquisition proposals from Forward Industries. A separate offer sent to a third firm expired without a response, according to details that emerged recently.
The Rejected Offers
Forward Industries, the firm behind the buyout attempts, made formal proposals to acquire two Solana-focused treasury firms. Both targets evaluated the terms but ultimately declined. The reasons for the rejections were not disclosed, and the companies have not commented publicly.
These firms handle digital assets and investment portfolios for various projects building on Solana. Their willingness to stay independent suggests a broader caution about consolidation in the ecosystem.
An Unanswered Proposal
A third Solana treasury firm received an acquisition offer from Forward Industries as well. That proposal was never acknowledged. It sat without a reply until the expiration date, effectively ending that potential deal.
What prompted the silence is unclear. The firm may have considered the offer insufficient or decided not to engage at all.
The identities of all three firms have not been confirmed. Forward Industries has not detailed the financial terms of any of the offers.
The string of failed approaches leaves Forward Industries without a clear path into the Solana treasury sector. The company has not announced whether it will pursue other targets or shift its strategy.
For now, the Solana firms continue to operate on their own, and the question of why the third offer was simply left unanswered remains open.
