Solana Company Stock Price, News & Analysis

Solana Company Class A Common Stock (NASDAQ: HSDT) represents equity in Solana Company, a Delaware corporation that combines neurotechnology-focused medical devices with a Solana-centric digital asset treasury strategy. According to company disclosures and recent press releases, Solana Company (formerly known as Helius Medical Technologies, Inc.) operates in the electromedical and electrotherapeutic apparatus manufacturing industry while also functioning as a listed digital asset treasury (DAT) dedicated to acquiring and holding Solana (SOL) tokens.

The company describes itself as a neurotech business in the medical device field focused on neurologic deficits. It uses an orally applied technology platform intended to amplify the brain’s ability to engage physiologic compensatory mechanisms and promote neuroplasticity. This approach is aimed at improving the lives of people dealing with neurologic diseases. Within this neurotech focus, Solana Company has reported clinical and regulatory activity around its PoNS® device, including positive clinical data and an FDA 510(k) submission for a label expansion in stroke, as referenced in its third quarter 2025 financial results press release.

In parallel, Solana Company has expanded its business model to include a dedicated Solana digital asset treasury. The company states that its DAT is created in partnership with Pantera Capital and Summer Capital and is dedicated to acquiring and holding SOL. Its stated 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 long-term growth potential. The company highlights three execution pillars for this strategy: advocacy, capital markets, and treasury management.

From a capital markets perspective, Solana Company has disclosed a significant private investment in public equity (PIPE) transaction, the issuance of various warrants, and the launch of an at-the-market (ATM) program. It has also announced a stock repurchase program authorizing the acquisition of up to a specified dollar amount of its outstanding common stock. These actions are presented by the company as tools to support its goal of maximizing SOL per share and managing its capital structure.

On the treasury management side, Solana Company reports that it acquires SOL and stakes its holdings through institutional-grade validator infrastructure. Press releases describe agreements with providers such as Helius and Twinstake for non-custodial staking services, as well as staking from qualified custody at Anchorage Digital Bank. The company reports that these arrangements allow it to delegate and stake SOL, participate in validator voting, and receive reporting on staked tokens. It has also announced a custody relationship with BitGo for its SOL holdings, emphasizing secure custody and staking infrastructure.

Solana Company’s communications state that its mission as an independent treasury company is to support the growth and security of tokenized networks by serving as a long-term holder of SOL, while continuing development of its neurotech and medical device operations. The company positions itself as a vehicle for institutional participation in the Solana ecosystem, integrating capital markets access, on-chain management, and long-term staking to compound SOL-denominated returns.

In addition to its DAT activities, Solana Company continues to report revenue and expenses related to its legacy medical device operations, including research and development and selling, general and administrative expenses. Its SEC filings and earnings releases provide detail on operating results, unrealized gains or losses on digital assets, and derivative liabilities associated with stapled warrants and other financing instruments.

Corporate governance and structural changes have accompanied this strategic shift. In September 2025, the company filed a Certificate of Amendment to change its name from Helius Medical Technologies, Inc. to Solana Company, effective September 29, 2025. A related amendment to its bylaws was also approved to reflect the new name. The company remains incorporated in Delaware and lists its Class A common stock on The Nasdaq Stock Market LLC under the symbol HSDT.

Solana Company has also reported board and auditor changes. SEC filings describe the election of a new director, affiliated with Pantera Capital, at a special meeting of stockholders, along with the resignation of another director. The company has disclosed the resignation of its previous independent registered public accounting firm and the appointment of a new firm for the fiscal year ending December 31, 2025. These changes are presented in the context of the company’s adoption of a Solana-centric digital asset treasury and related transactions.

For investors and observers, Solana Company represents a hybrid profile: a neurotech medical device issuer in the electromedical and electrotherapeutic apparatus manufacturing sector, combined with a publicly listed digital asset treasury focused on SOL. Its public communications emphasize transparency around SOL holdings, staking performance, and capital markets activity, alongside ongoing clinical and regulatory efforts for its neurotech platform.

Business Model and Revenue Drivers

Based on the company’s own descriptions, Solana Company’s business model has two principal components. First, it develops and commercializes neurotech medical devices intended to address neurologic deficits through an orally applied technology platform that promotes neuroplasticity. Second, it operates a Solana-focused digital asset treasury that seeks to accumulate SOL and generate staking rewards and other on-chain income.

The company’s third quarter 2025 financial results press release identifies revenue components including staking rewards income and other revenue. It also details cost of revenue, operating expenses, research and development spending, and unrealized gains or losses on digital assets. Non-operating items include losses and gains related to derivative liabilities and financing costs associated with the PIPE transaction and stapled warrants.

Regulatory and Listing Context

Solana Company’s Class A common stock trades on Nasdaq under the symbol HSDT. The company has also disclosed that its shares were voluntarily delisted from the Toronto Stock Exchange in 2021 and that it has applied to cease to be a reporting issuer in multiple Canadian jurisdictions. It states that, if its application is granted, it will no longer be required to file continuous disclosure documents in those Canadian jurisdictions but will continue to file all required materials under U.S. securities law and Nasdaq rules.

Strategic Focus and Partnerships

Company press releases describe strategic relationships that support its DAT strategy. These include partnerships with Pantera Capital and Summer Capital in connection with the PIPE financing and the creation of the Solana-focused treasury, as well as arrangements with staking and custody providers such as Helius, Twinstake, Anchorage Digital Bank, and BitGo. The company has also announced plans to tokenize HSDT shares on Superstate’s Opening Bell platform, with the goal of enabling tokenized representations of its shares to trade onchain while retaining existing regulatory structure and investor protections.

Frequently Asked Questions (FAQ)

• What does Solana Company do?
  Solana Company describes itself as a neurotech company in the medical device field focused on neurologic deficits, using an orally applied technology platform to promote neuroplasticity. It has also expanded its business to operate a Solana-focused digital asset treasury dedicated to acquiring and holding SOL tokens.
• What is HSDT?
  HSDT is the Nasdaq ticker symbol for Solana Company’s Class A common stock. Shares of HSDT represent an ownership interest in Solana Company, a Delaware corporation.
• How is Solana Company involved with Solana (SOL)?
  The company states that it has established a digital asset treasury dedicated to acquiring and holding SOL. Its objective is to maximize SOL per share through strategic use of capital markets and on-chain opportunities, including staking its SOL holdings through institutional-grade validators.
• What industry is Solana Company in?
  According to the provided classification, Solana Company operates in the electromedical and electrotherapeutic apparatus manufacturing industry within the broader manufacturing sector. It also identifies itself as a listed digital asset treasury focused on Solana.
• What is the PoNS device mentioned by the company?
  In its third quarter 2025 financial results press release, Solana Company refers to the PoNS® device in the context of positive clinical data and an FDA 510(k) submission for a label expansion in stroke. The company presents PoNS as part of its neurotech and medical device operations.
• Has the company changed its name?
  Yes. An SEC Form 8-K filed in September 2025 reports that the company changed its name from Helius Medical Technologies, Inc. to Solana Company, effective September 29, 2025, through a Certificate of Amendment to its Certificate of Incorporation.
• Where is Solana Company incorporated and listed?
  SEC filings identify Solana Company as a Delaware corporation with its Class A common stock listed on The Nasdaq Stock Market LLC under the symbol HSDT.
• Does Solana Company still file reports in Canada?
  A November 2025 press release states that the company has applied to securities regulators in certain Canadian jurisdictions for an order that it has ceased to be a reporting issuer there. The company indicates that, if granted, it would no longer file continuous disclosure documents in those jurisdictions but would continue to file under U.S. securities law and Nasdaq rules.
• How does Solana Company describe its digital asset treasury strategy?
  The company describes its strategy as maximizing SOL per share through ecosystem advocacy, disciplined accumulation, and active treasury management with institutional-grade staking, supported by capital markets transactions such as PIPE financings, warrants, and ATM programs.
• Is Solana Company still active?
  The most recent press releases and SEC filings provided, including third quarter 2025 financial results and multiple Form 8-K filings, indicate that Solana Company continues to operate, report financial results, and trade on Nasdaq under the symbol HSDT.