Solana Co. (HSDT) is offering 4,369,356 shares of Class A common stock and accompanying warrants to purchase up to 4,369,356 shares in a registered direct offering. The shares are priced at $3.433 each; each warrant is exercisable immediately at $3.776 per share and expires 5.5 years after issuance. The securities are being offered to one institutional investor through affiliated entities, with Clear Street LLC acting as exclusive placement agent on a reasonable best-efforts basis.
Solana expects approximately $14.3 million in net proceeds after placement-agent fees and estimated offering expenses. It currently intends to use the proceeds for accumulating SOL, working capital and general corporate purposes, business expansion, and other strategic initiatives. If all warrants are exercised at $3.776 per share, Solana estimates approximately $16.5 million in additional proceeds. The closing is subject to customary conditions and expected on or around October 1, 2026. Shares outstanding are expected to be 65,104,574 immediately after the offering, assuming none of the warrants are exercised; 60,735,218 shares were outstanding as of September 29, 2026. No established public trading market exists for the warrants, and Solana does not expect one to develop or plan an exchange or trading-system listing.
HSDT entered into agreements for a registered direct offering of 4,369,356 Class A shares at $3.433 per share, together with warrants to purchase up to 4,369,356 shares at $3.776 per share. The offering is expected to close on or about October 1, 2026, subject to customary closing conditions. HSDT expects approximately $15 million in gross proceeds and $14.3 million in net proceeds; the placement agent is entitled to a cash fee of 4.0% of gross proceeds plus reimbursement of certain expenses.
HSDT plans to use net proceeds for accumulating SOL, working capital, general corporate purposes, business expansion and other strategic initiatives. Its press release also describes potential stock buybacks under its authorized program and acquiring Solana to grow its treasury if HSDT determines that is attractive to shareholders. As of September 24, 2026, HSDT and its subsidiaries held 2.3 million SOL and $2.3 million in cash and stablecoin holdings, with total NAV of $278 million based on a SOL price of $119. The release states that the share purchase price was a 5% premium to NAV per share and the warrant exercise price was a 10% premium.
Solana Co (HSDT) received an ownership update from investment entities managed by Pantera Capital and Daniel W. Morehead through an Amendment No. 2 to Schedule 13D. On September 11, 2026, Pantera Blockchain Fund exercised 1,000,000 Cash Pre-Funded Warrants for Class A Common Stock at $0.001 per share, resulting in an aggregate cash payment of $1,000 to Solana Co and the issuance of 1,000,000 shares.
After this exercise, the filing reports a total of 61,458,703 Solana Co common shares outstanding (including the new shares). Pantera-managed funds collectively hold 5,987,319 shares, or about 9.74% of the outstanding stock, and Daniel W. Morehead is deemed to beneficially own 5,997,319 shares, or about 9.76%, including 10,000 shares he holds directly. Each reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
Solana Co (HSDT) reported that officer Tjandrasuwita Agustina Gani, who serves as Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary, received a grant of stock options. The award covers 88,817 Stock Options (Right to Buy) shares of Class A common stock at an exercise price of $2.10 per share, with no cash paid at grant. The options vest in four equal annual installments of 25% each, beginning one year after the vesting commencement date of July 6, 2026, and will be fully vested on the four-year anniversary of that date, subject to continued service. Following this grant, the reporting person holds 88,817 stock options directly.
Solana Co (symbol HSDT) reports that Solana Rocket Holdings Limited and its controlling shareholder, CHUNG Wai Shing, together are deemed to beneficially own 6,376,746 shares of Class A Common Stock, equal to 9.99% of the class as of August 12, 2026, under a Beneficial Ownership Blocker.
The position consists of 3,004,154 shares of Common Stock, pre-funded warrants to purchase up to 215,966 shares, and cash stapled warrants to purchase up to 14,823,426 shares. Beneficial ownership is calculated using 60,458,703 shares outstanding plus 3,372,592 shares issuable upon partial warrant exercise, with all voting and dispositive power shared between the Reporting Persons.
Solana Company has transformed into a digital asset treasury focused on Solana (SOL), with results now dominated by crypto-mark-to-market effects. For the six months ended June 30, 2026, it reported a net loss of $130.1 million, compared with $13.7 million a year earlier, driven mainly by $86.8 million of unrealized losses and $32.4 million of realized losses on SOL-related positions and investments.
Total assets were $176.1 million, of which SOL and related exposures were central: direct SOL and Locked PIPE SOL fair value was $151.8 million (86.2% of assets), and total SOL exposure was 2,319,919 tokens valued at $170.6 million at a SOL price of $73.54. Digital assets receivable and a digital asset fund investment added further locked and staked SOL exposure. Staking revenue reached $6.1 million for the first half, with minimal cost of revenue.
The company generated a $3.1 million gain on the sale of its legacy PoNS medical device business, but also recorded $6.8 million of severance, contributing to $16.3 million in general and administrative expenses for the half. Operating cash outflow was $16.7 million; cash stood at $3.6 million and working capital at $26.6 million, including $21.0 million of readily saleable digital assets. Management states this liquidity should cover at least 12 months, though the balance sheet remains highly sensitive to SOL price and market liquidity.
Solana Company reported sharply higher revenue but substantially larger losses for the quarter ended June 30, 2026. Revenue rose to $2.5 million, almost all from staking on SOL holdings, compared with $43 thousand a year earlier. Gross profit was $2.4 million, for a gross margin of about 97%, versus a gross loss previously.
Operating costs rose significantly as the business shifted to a digital asset treasury and infrastructure model. General and administrative expenses were $11.1 million, and net operating expenses reached $35.1 million, driven by expansion initiatives and $6.8 million of severance tied to divesting the PoNS medical device business. Loss from operations widened to $32.7 million, and net loss was $30.3 million versus $9.8 million in the prior-year quarter.
Total assets were $176.1 million at June 30, 2026, including $3.6 million of cash and cash equivalents and significant digital asset holdings and exposure. During the quarter, the company completed a $7.9 million registered direct offering and repurchased about $2.3 million of stock, retiring 1.3 million shares.
Solana Co granted CEO and President Chee Choon Wee a stock option covering 923,000 shares of Class A Common Stock at an exercise price of $1.65 per share. The option vests 50% immediately and 50% in four equal quarterly installments through the first anniversary of the grant and expires on July 30, 2036.
Summer Wisdom Holdings Ltd, a ten percent owner of Solana Co, reported an internal restructuring of its indirect holdings of Class A Common Stock. On May 11, 2026, an affiliate, Fusion Summer Limited, made a pro‑rata distribution-in-kind of 1,453,277 shares of Class A Common Stock to one of its members for no consideration. Following this transaction, Summer Wisdom is reported as beneficially owning 5,377,125 Class A Common shares indirectly through Fusion Summer.
Summer Wisdom Holdings Ltd, a more than ten percent owner of Solana Co, reports its initial beneficial ownership of the company’s securities. It indirectly holds 6,830,402 shares of Class A Common Stock through Fusion Summer Limited. It also holds Strategic Advisory Warrants directly, exercisable at $0.001 per share for 2,218,236 underlying Class A shares, subject to a 9.99% Beneficial Ownership Blocker, so these warrants are not currently exercisable. In addition, it indirectly holds Cash Stapled Warrants tied to 6,830,402 underlying Class A shares at an exercise price of $10.134 per share, expiring in 2028.