Forward Industries' attempt to consolidate Solana-focused treasury companies has stalled after two firms formally rejected its acquisition proposals and a third offer lapsed without any response. The failed bids highlight resistance within the emerging Solana treasury sector to consolidation efforts, suggesting these firms prefer to remain independent rather than merge under a single umbrella entity. Solana treasury companies, which hold SOL as a primary reserve asset similar to how MicroStrategy holds Bitcoin, have grown in number as institutional interest in the network has increased. Forward Industries' outreach represented one of the first visible attempts to roll up these entities, but the lack of receptiveness signals that founders and backers of these firms may hold differing views on valuation, strategy, or the long-term value of remaining standalone operations.
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