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Project Overview
Forward Industries (Nasdaq: FORD) is an innovative company focused on providing innovative product design, manufacturing, procurement, and distribution services to the world's leading companies, spanning the entire chain from concept design to global supply chain logistics. Forward Industries is becoming a Solana Treasury Company.
Forward Industries' Proposal to Acquire Solana Company Parent HSDT Rejected
Odaily reports, Nasdaq-listed Forward Industries has confirmed that it submitted a non-binding proposal to the board of directors of Helius Medical Technologies (HSDT), the parent company of Solana Company, for an all-stock business combination. The HSDT board voted on June 12 to reject the offer and stated that it would not engage in further discussions regarding the transaction.Forward Industries expressed that it is "disappointed and surprised" by this decision, adding that it believes initiating dialogue is in the best interests of both companies and their shareholders. The proposal is indicative in nature, with specific valuation, exchange ratio, and subsequent plans yet to be disclosed.
SOL treasury Forward Industries launches acquisition offer for Brera Holdings, rejected after 30.7% premium
Forward Industries (@FWDind), the largest treasury company on Solana, has submitted a non-binding all-stock acquisition proposal to Brera Holdings PLC (SLMT) (@Solmate). Brera Holdings holds 2.1 million SOL. The offer valued SLMT at a 30.7% premium, but Brera rejected the proposal. (SolanaFloor)
Multiple crypto firms appear on the preliminary inclusion list for the Russell Index; Bitmine and Galaxy may join the Russell 1000.
FTSE Russell announced the preliminary inclusion list for the Russell 3000 Index, which includes crypto-related companies such as Sharplink, Forward Industries, Gemini, Galaxy Digital, and Bitmine Immersion Technologies. Among them, Sharplink—valued at approximately $1.2 billion—and Forward Industries—valued at roughly $350 million—may qualify for inclusion in the Russell 2000; Bitmine and Galaxy Digital—which has a market capitalization of approximately $11.55 billion—may meet the eligibility threshold for the Russell 1000. The Russell 3000 tracks the 3,000 largest U.S.-listed companies by market capitalization. The final list will be updated on June 5, June 12, and June 18, and will take effect after the U.S. market close on June 26.
Forward Industries’ Q1 Revenue Soars 319%, but SOL Asset Impairment Widens Net Loss to $283 Million
According to The Block, Forward Industries, the treasury company of Solana, released its Q1 2026 financial report, reporting quarterly revenue of $13 million—a 319% year-on-year increase—primarily driven by SOL staking rewards. However, the company recorded a $201.7 million digital asset loss and an $85.1 million crypto-asset impairment, both stemming from the decline in the fair value of its SOL holdings (SOL fell 33.7% during the quarter), resulting in a net loss of $283.1 million—far exceeding the $1.5 million net loss reported in the same period last year. As of the end of March, the company held approximately 7.04 million SOL and had accumulated 201,200 staking rewards, nearly all of which remained staked. Additionally, in March, the company signed a loan agreement with Galaxy Digital, drawing an initial $40 million, while simultaneously advancing cost-cutting initiatives and share buybacks (reducing basic share capital by 7.4%).
Related news
Forward Industries' Proposal to Acquire Solana Company Parent HSDT Rejected
Odaily reports, Nasdaq-listed Forward Industries has confirmed that it submitted a non-binding proposal to the board of directors of Helius Medical Technologies (HSDT), the parent company of Solana Company, for an all-stock business combination. The HSDT board voted on June 12 to reject the offer and stated that it would not engage in further discussions regarding the transaction.Forward Industries expressed that it is "disappointed and surprised" by this decision, adding that it believes initiating dialogue is in the best interests of both companies and their shareholders. The proposal is indicative in nature, with specific valuation, exchange ratio, and subsequent plans yet to be disclosed.
SOL treasury Forward Industries launches acquisition offer for Brera Holdings, rejected after 30.7% premium
Forward Industries (@FWDind), the largest treasury company on Solana, has submitted a non-binding all-stock acquisition proposal to Brera Holdings PLC (SLMT) (@Solmate). Brera Holdings holds 2.1 million SOL. The offer valued SLMT at a 30.7% premium, but Brera rejected the proposal. (SolanaFloor)
Unrealized losses exceed $10 billion! Strategy's BTC position sees unrealized loss of $11.07 billion, Bitmine's ETH position sees unrealized loss of $9.58 billion
According to Lookonchain monitoring, during the market downturn, Strategy's BTC position saw an unrealized loss of $11.07 billion, Bitmine's ETH position saw an unrealized loss of $9.58 billion, SharpLink's ETH position saw an unrealized loss of $1.59 billion, Metaplanet's BTC position saw an unrealized loss of $1.38 billion, and Forward Industries' SOL position saw an unrealized loss of $1.13 billion.
Forward Industries deposited 455,800 SOL tokens into Coinbase Prime, valued at approximately $31.87 million.
According to on-chain analytics platform Lookonchain (@lookonchain), since launching its Solana treasury strategy in September 2025, Forward Industries has spent approximately $1.59 billion to purchase 6.83 million $SOL tokens at an average price of $232.08 per token. The current market value of these 6.83 million SOL tokens is only about $458.6 million, resulting in an unrealized loss exceeding $1.13 billion. After remaining dormant for roughly one month, the company recently deposited 455,784 SOL tokens (worth approximately $31.87 million) into Coinbase Prime.
Multiple crypto firms appear on the preliminary inclusion list for the Russell Index; Bitmine and Galaxy may join the Russell 1000.
FTSE Russell announced the preliminary inclusion list for the Russell 3000 Index, which includes crypto-related companies such as Sharplink, Forward Industries, Gemini, Galaxy Digital, and Bitmine Immersion Technologies. Among them, Sharplink—valued at approximately $1.2 billion—and Forward Industries—valued at roughly $350 million—may qualify for inclusion in the Russell 2000; Bitmine and Galaxy Digital—which has a market capitalization of approximately $11.55 billion—may meet the eligibility threshold for the Russell 1000. The Russell 3000 tracks the 3,000 largest U.S.-listed companies by market capitalization. The final list will be updated on June 5, June 12, and June 18, and will take effect after the U.S. market close on June 26.
SharpLink and Forward Industries to Join Russell Indices
Odaily Ethereum reserve company SharpLink and Solana reserve company Forward Industries will be included in the Russell 2000 and Russell 3000 indices following the FTSE Russell annual reconstitution, effective at the opening of U.S. stock markets on June 29.SharpLink currently holds 868,699 ETH, valued at nearly $1.8 billion, making it the second-largest publicly traded Ethereum reserve company after Bitmine. The company stated that its inclusion in the indices will enhance its institutional visibility and help attract capital tracking the benchmarks.Forward Industries, currently the largest publicly traded Solana reserve company, holds approximately $585 million in SOL. The company believes that index inclusion will support its long-term strategy of driving "per-share SOL holdings growth."According to FTSE Russell data, approximately $12.2 trillion in assets are benchmarked against the Russell U.S. indices. This adjustment is also seen as the first instance of non-Bitcoin crypto reserve companies entering the major Russell index system, meaning index investors will gain indirect exposure to ETH and SOL. (The Block)