Solana Company Announces Intent to Tokenize HSDT Shares on Superstate’s Opening Bell

Rhea-AI Summary

Solana Company (NASDAQ: HSDT) announced on November 12, 2025 plans to tokenize shares of its HSDT fund on Superstate’s Opening Bell platform, enabling tokenized representations of SEC-registered HSDT shares on the Solana blockchain.

The move aims to provide 24/7 trading, real-time settlement, and enhanced global liquidity while preserving existing regulatory structure and investor protections. Opening Bell launched in May 2025. The initiative follows Solana Company’s $500 million PIPE financing that closed in September 2025, led by Pantera Capital and Summer Capital.

Positive

• Enables 24/7 trading and real-time settlement
• $500 million PIPE closed in September 2025
• Preserves current regulatory structure and investor protections
• Integrates HSDT shares with Solana blockchain liquidity

Negative

• Digital treasury concentrated in SOL holdings
• Tokenized shares issued via a single platform: Opening Bell on Solana

Insights

Capital Markets Analyst

Solana Company will tokenize its SEC‑registered HSDT shares on Superstate, pairing onchain trading with a recent $500 million PIPE.

Solana Company moves traditional shares into a regulated token format on the Solana blockchain via Superstate’s Opening Bell. Tokenized shares will allow 24/7 transfer and real‑time settlement while keeping existing regulatory structure and investor protections. The company also closed a $500 million PIPE in September 2025, providing capital support for its digital asset treasury expansion.

Key dependencies and risks include regulatory compliance, custody and settlement integration, and market adoption of the Opening Bell product. Regulatory treatment and operational controls must remain intact for investor protections to hold. Technical or compliance failures could disrupt liquidity or access despite the stated protections.

Watch for three concrete items: the live token launch timing on Opening Bell, evidence of orderbook depth and trading windows after launch, and any regulatory filings or guidance following the tokenization step. Expect to see initial market structure signals within weeks of the launch and clearer liquidity metrics over Q1 2026.

NEWTOWN, Pa., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Solana Company (NASDAQ: HSDT) (the “Company” or “HSDT”), a publicly listed company that has expanded its business to include a digital asset treasury dedicated to acquiring and holding Solana (SOL), today announced its plans to tokenize shares of its HSDT fund on Superstate’s Opening Bell platform. The initiative marks a major step forward in the Company’s strategy to modernize access to capital markets through regulated, onchain infrastructure.

Upon launch, shareholders will be able to hold and transfer tokenized representations of HSDT shares on Superstate’s Opening Bell, enabling 24/7 trading, real-time settlement, and enhanced global liquidity. The tokenized HSDT will retain its current regulatory structure and investor protections while gaining the efficiency and accessibility of blockchain technology.

“The tokenization of HSDT through Superstate represents a major step toward realizing the vision of global, around-the-clock capital markets, and we believe the majority of that activity will take place on Solana,” said Cosmo Jiang, General Partner at Pantera Capital and Board Director at Solana Company. “Blockchain infrastructure will underpin the next evolution of traditional finance, and Solana Company’s leadership in bringing tokenized assets to market exemplifies the kind of forward thinking that will define this new era.”

The partnership underscores Solana Company’s commitment to driving innovation in real-world-asset (RWA) tokenization and onchain capital markets.

“Solana Company’s real, SEC-registered shares will be available on Solana, accessible in a crypto wallet 24/7. That’s the seismic change in capital markets we’re leading at Superstate,” said Robert Leshner, Chief Executive Officer and Co-Founder of Superstate. “Today’s announcement is a step forward in the momentum shift bringing public capital markets onchain.”

Opening Bell, launched by Superstate in May 2025, is a regulated onchain issuance platform that allows companies to issue and maintain tokenized equity and fund shares on the Solana blockchain. The platform enables compliant, programmable assets to integrate directly with digital finance ecosystems while preserving institutional-grade controls and transparency.

Pantera Capital, an early investor in Superstate and long-time partner to Solana Company, will support the initiative as part of its broader mission to accelerate institutional adoption of tokenized markets.

The partnership follows Solana Company’s $500 million private investment in public equity (“PIPE”) financing, which closed in September 2025 and represented one of the largest digital asset treasury fundraisings of the year. The PIPE was led by Pantera Capital and Summer Capital, alongside participation from strategic investors and other institutional partners focused on the Solana ecosystem. The financing underscored broad institutional support for Solana Company’s strategy to expand its Solana-based digital asset treasury (“DAT”) and accelerate the integration of real-world assets into onchain capital markets.

About Superstate

Superstate is a financial technology firm reshaping public capital markets. They connect financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through on-chain public investment products. Their offerings include Opening Bell, a platform for compliant on-chain equity issuance and tokenization; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com.

About Solana Company

Solana Company (NASDAQ: HSDT) is a leading neurotech company in the medical device field focused on neurologic deficits using orally applied technology platform that amplifies the brain’s ability to engage physiologic compensatory mechanisms and promote neuroplasticity, improving the lives of people dealing with neurologic diseases. It is also a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana (SOL). Created in partnership with Pantera Capital and Summer Capital, Solana Company’s DAT objective is to maximize SOL per share through strategic use of capital markets and on chain opportunities, offering public market investors direct exposure to Solana’s secular growth.

For more information, please visit www.solanacompany.co or follow us on X (@Solana_Company).

Forward Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Forward-looking statements may include, among others, statements in relation to the Company’s future growth and operational progress, the Company’s compliance with Nasdaq requirements, expected enrollment, developments and future plans regarding regulatory entities, receipt of prescriptions and progress of commercialization of the PoNS device in the U.S., the impacts of the current global macroeconomic environment on the Company, product development activities, the safety and effectiveness of the Company’s product, the manufacturing plans for the Company’s product, sufficiency of cash and availability of funds and operating costs and the Company’s ability to continue as a going concern and future liquidity.

These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors-many of which are beyond the Company’s control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of SOL; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 25, 2025, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contacts:
Solana Company	ir@solanacompany.co
Pantera Capital Management LP	ir@panteracapital.com
Summer Capital Limited	pr@summer-cap.com
Superstate Media Contact
comms@superstate.co

FAQ

What did Solana Company (HSDT) announce on November 12, 2025?

Solana Company announced plans to tokenize HSDT shares on Superstate’s Opening Bell platform to enable onchain representations of SEC-registered shares.

How will tokenized HSDT shares trade and settle?

Tokenized HSDT shares will enable 24/7 trading with real-time settlement on the Solana blockchain via Opening Bell.

Does tokenization change HSDT’s regulatory status for shareholders?

No — the tokenized HSDT will retain its current regulatory structure and investor protections while adding onchain access.

What platform and blockchain will host HSDT tokenized shares?

HSDT tokenization will be issued on Superstate’s Opening Bell platform and recorded on the Solana blockchain.

What major financing preceded the tokenization announcement for HSDT?

Solana Company completed a $500 million PIPE in September 2025, led by Pantera Capital and Summer Capital.

When was Opening Bell launched and by whom?

Opening Bell was launched by Superstate in May 2025 as a regulated onchain issuance platform.