Solana Company
HSDTListed Solana treasury company focused on holding and staking SOL
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About Solana Company
Solana Company (Nasdaq: HSDT) is a publicly listed digital asset treasury firm dedicated to acquiring and holding Solana (SOL). Its core business is straightforward: the company accumulates SOL tokens and generates yield through staking, with rewards automatically restaked to compound returns. As of late October 2026, it held over 2.3 million SOL alongside $15 million in cash and stablecoins, achieving a gross staking yield of 7.03% APY—outperforming the top 10 validators' average by roughly 36 basis points.
The company's core value proposition addresses a key market pain point: traditional investors seeking exposure to Solana's growth face technical barriers in directly holding, staking, and securely managing crypto assets. Solana Company provides a regulated, Nasdaq-listed vehicle that handles these complexities, converting on-chain yields into per-share SOL growth. Its competitive edge lies in active on-chain management and institutional-grade validator infrastructure, enabling efficient capital deployment and transparent reporting.
Over the past six months (February–August 2026), the company executed several strategic moves. In Q2 2026, it reported revenue of $2.5 million, primarily from staking, with a gross margin around 97%. However, it posted a net loss of $30.3 million, largely due to $25.4 million in realized losses from digital asset sales and $6.8 million in severance costs related to divesting its legacy PoNS medical device business (completed in Q2, generating $3.1 million in proceeds). The company also deployed its first institutional validator cluster in Tokyo under its Pacific Backbone initiative, partnered with Jito Foundation for Asia-Pacific infrastructure, and completed a $2 million acquisition of a Hong Kong trust company in July. As of June 30, 2026, total assets stood at $176.1 million, with long-term digital assets and staking positions around $147.3 million. Notably, the company's financial position remains sensitive to SOL price volatility, as its treasury is predominantly denominated in SOL.
Solana Company (NASDAQ: HSDT) reported Q2 2026 revenue of $2.5 million, consisting of $2.512 million in staking revenue and $14 thousand in other revenue. Gross profit was $2.4 million, with a gross margin of approximately 97%. Net loss widened to $30.3 million from $9.8 million in the prior-year period. H1 revenue was $6.1 million, with a net loss of $130.1 million.
Evaluation: The company has transformed into a digital asset treasury enterprise, with notable growth in staking revenue. However, the wider net loss was primarily due to unrealized/realized losses on digital assets, severance costs related to the PoNS divestiture, and operational expansion. As of end-June, it holds substantial SOL assets, making results highly sensitive to SOL price volatility.
Solana Company (HSDT) key developments over the past six months:
Q1 2026: Generated $3.6M revenue, primarily driven by SOL staking yield; executed ~$3.5M share repurchases; advanced Pacific Backbone validator infrastructure via Jito partnership; launched first-of-its-kind borrowing against natively staked SOL in qualified custody with Anchorage Digital and Kamino (Feb 2026).
Q2 2026: First institutional validator cluster live in Tokyo; secured first third-party staking commitment of ~500K SOL in July; divested loss-making medical device business and acquired a Hong Kong licensed trust company; staking rewards contributed $2.5M (31.2K SOL); first advisory engagement committed.
Future priorities: Scale Pacific Backbone beyond current cluster and build larger third-party staking book, with first validator rewards expected in Q3; convert advisory pipeline into recognized revenue; continue buybacks with shares trading below NAV to enhance SOL per share.
Joseph Chee (Executive Chairman)
Mr. Chee founded Summer Capital in 2017 and serves as its Chairman. He is also Vice Chairman of AMINA Bank AG, a FINMA-regulated crypto bank. Previously, he spent 17 years at UBS Asia, rising to Head of Investment Banking and Head of Global Capital Markets. He holds a Doctorate in applied finance from the University of Geneva, an EMBA from Tsinghua, an MBA from NYU Stern, and a BS in mechanical engineering from Stevens Institute.