Solana Company (NASDAQ: HSDT) completed a registered direct offering of 3,076,922 shares of its Class A common stock at a price of $2.60 per share, generating gross proceeds of approximately $8 million and net proceeds of about $7.9 million. The offering was filed under an effective Form S‑3 registration statement (File No. 333‑290429) and was led by Mirae Asset and Hashkey Capital.
The proceeds will be used to support the company’s digital‑asset treasury strategy, provide working capital, and fund general corporate purposes, including further accumulation of Solana (SOL) tokens and expansion of staking activities. The capital raise is intended to strengthen the balance sheet and enable continued investment in the Solana ecosystem.
Purchasers of the shares receive a put option that allows them to require the company to repurchase the shares at the purchase price plus an amount that yields a 7.0% annual internal rate of return upon specified future events, such as a leverage threshold breach or a trading halt. The put option provides downside protection for investors while creating a potential future repurchase obligation for Solana Company.
Solana Company’s recent financial performance underscores the strategic importance of the capital raise. In Q4 2025, the company earned $5.1 million in staking rewards but reported a net loss of $40.9 million for the year, largely due to unrealized losses on digital assets. The new capital infusion is expected to offset these losses and support ongoing staking and token‑acquisition activities.
Executive Chairman Joseph Chee noted that the company’s balance sheet has been strengthened and that sufficient liquidity exists to support ongoing investment activities and long‑term growth, while acknowledging the adverse downturn in the cryptocurrency industry caused by geopolitical uncertainties and market volatility.
The announcement was well received by investors, with a positive market reaction driven by the premium offering price and the protective put option structure.
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