Welcome to our dedicated page for Solana Co SEC filings (Ticker: HSDT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Our SEC filing database is enhanced with expert analysis from Rhea-AI, providing insights into the potential impact of each filing on Solana Co's stock performance. Each filing includes a concise AI-generated summary, sentiment and impact scores, and end-of-day stock performance data showing the actual market reaction. Navigate easily through different filing types including 10-K annual reports, 10-Q quarterly reports, 8-K current reports, proxy statements (DEF 14A), and Form 4 insider trading disclosures.
Designed for fundamental investors and regulatory compliance professionals, our page simplifies access to critical SEC filings. By combining real-time EDGAR feed updates, Rhea-AI's analytical insights, and historical stock performance data, we provide comprehensive visibility into Solana Co's regulatory disclosures and financial reporting.
Solana Company (HSDT) has transformed into a listed digital asset treasury focused on acquiring and holding Solana tokens (SOL), aiming to maximize SOL per share through capital markets activity, staking and selective DeFi strategies. The treasury is expected to remain highly concentrated in SOL, with significant portions staked via institutional custodians and validators to earn yield, while managing liquidity through unstaked SOL, liquid staking tokens, cash and stablecoins.
The company also maintains, to a lesser extent, its legacy neurotechnology business built around the PoNS medical device, which is cleared or authorized for multiple gait and balance indications in the U.S. and Canada and has been commercially available in those markets for several years.
Solana Company, formerly Helius Medical Technologies, reported a major shift in scale and business mix for 2025 as it executed its digital asset treasury strategy focused on Solana (SOL).
Fourth-quarter 2025 revenue was $5.2 million, up from $0.2 million a year earlier, driven by $5.1 million in staking rewards. However, total operating expenses surged to $206.1 million, including large non-cash losses tied to digital assets, producing a $201.1 million operating loss. A $526.3 million gain from the change in fair value of derivative liability lifted quarterly net income to $325.6 million, or $4.25 per share, versus a $3.9 million loss previously.
For full year 2025, revenue reached $6.0 million versus $0.5 million in 2024, but operating expenses climbed to $249.4 million, driven by an $208.9 million unrealized loss on digital assets and receivables, $12.1 million realized digital asset loss and a $2.1 million unrealized loss on a digital asset fund investment. The company recorded non-operating income of $203.0 million, mainly from eliminating a derivative liability, partly offset by $195.2 million in financing costs, resulting in a $40.9 million net loss for 2025, or $1.85 per share.
As of December 31, 2025, Solana Company held $7.3 million in cash and $293.7 million in digital assets at fair value, for total assets of $303.9 million and stockholders’ equity of $300.9 million, compared with $3.5 million in total assets and $1.1 million in equity a year earlier. Common shares outstanding were 43.7 million at year end and 55.0 million as of March 27, 2026, with additional in-the-money warrants outstanding in both periods.
Registration for resale of 155,646,217 shares of Class A common stock is being declared in a Post-Effective Amendment No. 2 to the Form S-3 to permit selling stockholders to resell securities previously issued in PIPE Offerings and to certain advisors. The amendment states no new securities are being registered and the company will receive no proceeds from secondary resales.
The prospectus covers specified categories: 38,049,663 PIPE Shares, 36,261,239 Pre-Funded Warrant Shares, 81,335,315 Stapled Warrant Shares, and 7,394,119 Advisor Shares for resale by named selling stockholders under Rule 415(a)(5). The filing also describes an ATM program (up to $92.8M) and notes aggregate PIPE gross proceeds of approximately $500M received in September 2025.
Solana Company filed a Post-Effective Amendment No. 1 to its Form S-3 to register an at‑the‑market shelf of up to $1,000,000,000 of securities, including Class A common stock, preferred stock, debt securities, warrants and units. The amendment adds disclosure required for a registrant that will no longer qualify as a “well-known seasoned issuer.”
The prospectus states offerings may occur from time to time under Rule 415(a)(5). As of March 27, 2026, there were 55,034,047 shares of Class A common stock outstanding and the last reported Nasdaq sale price was $1.92 per share. The filing lists multiple warrant series and large pre-funded/stapled warrant counts granted in connection with prior subscription agreements.
Kathmere Capital Management, LLC reported beneficial ownership of 4,594,960 shares of Class A Common Stock of Solana Co, equal to 8.7% of the class as of 02/24/2026. The filing lists Kathmere with sole dispositive power over 4,594,960 shares and no voting power reported.
Solana Company, formerly known as Helius Medical Technologies, Inc., reported its current capital structure. As of February 20, 2026, the Company has 52,802,604 shares of common stock issued and outstanding. In addition, it has pre-funded warrants outstanding that are exercisable for 23,930,181 shares of common stock.
Polar Asset Management Partners Inc., an Ontario-based investment manager, reported beneficial ownership of Class A common stock of Solana Co. Polar is the investment advisor to Polar Multi-Strategy Master Fund, which directly holds the securities.
Polar reports beneficial ownership of 2,413,279 shares, including 2,179,916 shares issuable upon exercising warrants, representing 5.8% of Solana Co’s Class A common stock as of the event date. Polar has sole voting and dispositive power over these shares and certifies they were acquired and are held in the ordinary course of business, not to change or influence control of Solana Co.
Solana Rocket Holdings Limited and CHUNG Wai Shing have amended their ownership report for Solana Co. They jointly report beneficial ownership of 4,192,186 shares of Class A common stock, representing 9.99% of the company as of December 31, 2025.
The position is made up of 3,529,754 common shares plus pre-funded warrants for up to 10,743,213 shares and cash stapled warrants for up to 14,823,426 shares, all held by Solana Rocket. A “Beneficial Ownership Blocker” prevents them from exercising warrants if it would push their stake above 9.99%.
The 9.99% figure is calculated using 41,301,400 shares outstanding as of November 17, 2025, plus 662,432 shares issuable on partial warrant exercise. Voting and dispositive power over all 4,192,186 shares is reported as shared.
Solana Company (HSDT) reported a transformational Q3 2025 as it pivoted into a Solana token (SOL) treasury strategy funded by large equity and warrant financings. Total assets rose to $475.9 million from $3.5 million at year-end 2024, driven mainly by $350.2 million of SOL at fair value, including $59.1 million of restricted, vesting SOL. The company generated $0.7 million of quarterly revenue, mostly from SOL staking rewards and other income, but recorded a net loss of $352.8 million for the quarter and $366.4 million year-to-date, largely due to non-cash derivative and financing charges tied to newly issued stapled and advisor warrants.
Cash and cash equivalents increased to $124.1 million, and management states that prior going concern doubts have been alleviated based on current liquidity and forecasts. However, the balance sheet now includes a $625.2 million Level 3 derivative liability for 2025 stapled warrants and a large concentration of value in SOL, whose price fell 37% between September 30 and November 17, 2025. Shares outstanding expanded sharply to 41.3 million by mid-November, reflecting reverse splits, offerings, private placements, and warrant exercises, and a $100 million stock repurchase plan was authorized but not yet used.
Solana Company, formerly known as Helius Medical Technologies, Inc., reported that it issued a press release announcing its financial results for the quarter ended September 30, 2025. The release also includes a business update and details for a conference call to discuss these results and recent corporate highlights. This information is provided as Exhibit 99.1 and is furnished, not filed, under the securities laws, meaning it is not automatically incorporated into other SEC filings unless specifically referenced.