Solana (HSDT) Company Report

Solana Company completed a PIPE transaction in September 2025, raising over $500 million to fund its new digital asset treasury strategy.
For Q3 2025, the company reported a net loss of $352.8 million, or $32.89 per share, primarily due to a $545.7 million loss on derivative liability and $194.7 million in financing costs from the PIPE transaction, partially offset by a $423.3 million gain from the change in fair value of related derivative liability.
As of September 30, 2025, the company held $124 million in cash and $350.2 million in digital assets at fair value, totaling $474.2 million. In its first month of operation, it increased SOL holdings by approximately $100,000 to over 2.3 million tokens and achieved an average gross staking yield of 7.03% APY in October.
The company has launched an ATM program and announced a share buyback, and is exploring M&A opportunities within the digital asset treasury ecosystem.

Nov 18, 2025, 9:30 PM

Transcript

Solana Company Announces Q3 2025 Results and Strategic Digital Asset Treasury Shift

HSDT

Earnings

New Projects/Investments

Share Buyback

Solana Company successfully closed a $500 million+ PIPE transaction on September 18, 2025, marking a strategic shift to a digital asset treasury strategy focused on maximizing Solana per share accumulation.
For Q3 2025, the company reported revenue of $697,000, which included $342,000 from first-time staking rewards, and a net loss of $352.8 million, or $32.89 per share.
As of September 30, 2025, the company held $124 million in cash and $350.2 million in digital assets at fair value. Its Solana holdings increased by approximately 100,000 tokens to over 2.3 million in the first month of operation, achieving an average gross staking yield of 7.03% APY in October.
The company also advanced its legacy neurotechnology business, successfully executing the PONS stroke registration program study and submitting it for FDA 510(k) designation.

Nov 18, 2025, 9:30 PM

Transcript

Solana Company Reports Q3 2025 Results Amidst Strategic Shift to Digital Asset Treasury

HSDT

Earnings

New Projects/Investments

Solana Company (formerly Helios) successfully raised over $500 million through a PIPE transaction that closed on September 18, 2025, marking a strategic shift to a digital asset treasury (DAT) strategy.
For Q3 2025, the company reported a net loss of $352.8 million, or $32.89 per share, primarily driven by a $545.7 million loss on derivative liability and $194.7 million in financing costs related to the September PIPE transaction.
The company increased its holdings of SOL by approximately 100,000 in its first month of operation, reaching over 2.3 million tokens, and achieved an average gross staking yield of 7.03% APY for October.
As of September 30, 2025, Solana Company held $124 million in cash and $350.2 million in digital assets at fair value, totaling $474.2 million.

Nov 18, 2025, 9:30 PM

Transcript

Solana Company Reports Q3 2025 Financial Results and Strategic Updates

HSDT

Earnings

New Projects/Investments

Share Buyback

Solana Company reported a net loss of $352.8 million, or $32.89 per basic and diluted common share, for the third quarter of 2025, on total revenue of $697,000, which included $342,000 from first-time staking rewards.
The company secured over $500 million in funding through a partnership with Pantera Capital and Summer Capital for its digital asset treasury strategy, and issued cash-exercise warrants for a potential $750 million additional capital raise.
As of September 30, 2025, the company held $124 million in cash and $350.2 million in digital assets at fair value, for a combined total of $474.2 million.
The board approved a stock repurchase program to acquire up to $100 million of outstanding common stock.
The third quarter also saw a $30.5 million unrealized loss on digital assets and a $317.3 million non-operating loss, primarily due to a $545.7 million loss on derivative liability and $194.7 million in financing costs, partially offset by a $423.3 million gain from the change in fair value of derivative liability.

Nov 18, 2025, 9:20 PM

8-K

Solana Company Announces Board Election and Investor Update

HSDT

Board Change

New Projects/Investments

Solana Company (HSDT) announced the election of Cosmo Jiang, General Partner at Pantera Capital, to its Board of Directors on November 3, 2025.
The company also released its latest corporate presentation, the "Investor Update," detailing Solana's accelerating adoption across real-world asset tokenization, decentralized finance, and payments.
The Investor Update highlights Solana's network leadership in decentralized exchange (DEX) trading volume and asset issuance market share, with over 23 billion transactions year-to-date and 2.3 million active wallets.
Solana's stablecoin market cap has reached over $14.5 billion, supported by integrations with PayPal, Stripe, and Western Union.

Nov 3, 2025, 2:25 PM

8-K

Solana Company Announces Updated SOL Holdings and Staking Performance

HSDT

New Projects/Investments

Revenue Acceleration/Inflection

Solana Company reported over 2.3 million SOL and more than $15 million in cash and stablecoins as of October 29, 2025.
The company's SOL holdings increased by approximately 0.1 million since its last update on October 6, 2025.
For the month of October (through October 27th), the average gross staking yield was 7.03% APY, outperforming the stake-weighted average of the top 10 validators by approximately 36 basis points.

Oct 29, 2025, 8:05 PM

8-K

Solana Company Executive Chairman Outlines Strategic Vision and Capital Allocation

HSDT

New Projects/Investments

Solana Company (HSDT) is proceeding with the scheduled registration for resale of shares from a recent private placement, a decision made to establish a foundation of committed long-term shareholders and reach market equilibrium despite current market volatility.
The company aims to be a leading Solana Digital Asset Treasury (DAT), offering institutional investors optimal exposure to Solana, and plans to maximize SOL per share through active accumulation and strategic capital deployment.
Solana Company intends to generate 7%+ yield via institutional-grade staking and will leverage capital markets to acquire additional Solana, with a long-term goal of becoming the "Berkshire Hathaway of the Solana ecosystem".

Oct 20, 2025, 10:10 PM

8-K

Solana Company (HSDT) Adds Coinbase, BitGo, and Anchorage Digital as Custodians

HSDT

New Projects/Investments

Solana Company (HSDT), formerly Helius Medical Technologies, Inc., has entered into agreements with Coinbase, BitGo, and Anchorage Digital to serve as custodians for its digital assets treasury strategy.
This initiative is aimed at continuing to amass SOL, the native asset of the Solana Network, reflecting a disciplined and scalable approach to maximizing shareholder value and strengthening the foundation for HSDT’s strategy.
As an independent treasury company, HSDT's mission is to support the growth and security of tokenized networks by serving as a long-term holder of $SOL, alongside its ongoing neurotech and medical device operations.

Oct 10, 2025, 12:00 PM

Press Release

Helius Medical Technologies Continues Solana Token Accumulation

HSDT

New Projects/Investments

Helius Medical Technologies (HSDT) has continued its digital asset treasury strategy, accumulating over 2.2 million SOL tokens.
The company's combined Solana holdings (valued at $232.50 per SOL as of October 6th) and cash holdings, which exceed $15 million, now total over $525 million.
This accumulation, which includes a ~7% native staking yield on SOL, has resulted in holdings exceeding the initial capital raise amount from the private placement that closed on September 18th in less than three weeks.
HSDT aims to maximize shareholder value through this strategy, while also continuing its neurotech and medical device operations.

Oct 6, 2025, 12:00 PM

Press Release

Helius Medical Technologies, Inc. Announces Name Change to Solana Company and Letter of Intent with Solana Foundation

HSDT

New Projects/Investments

Revenue Acceleration/Inflection

Helius Medical Technologies, Inc. (HSDT) has changed its corporate name to Solana Company, effective September 29, 2025, while retaining its HSDT ticker symbol.
The company entered into a non-binding letter of intent with the Solana Foundation, committing to "Solana By Design" terms, which include conducting all on-chain activity solely on Solana (SOL) and engaging in joint initiatives.
HSDT will have the option to purchase SOL tokens from the Solana Foundation at a discount and continues its digital asset treasury strategy, utilizing cash from a recent $500 million PIPE financing.