[SCHEDULE 13G] Solana Co Passive Investment Disclosure (>5%)

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Solana Co

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

42328V876

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 42328V876

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,413,279.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,413,279.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,413,279.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Solana Co
(b)	Address of issuer's principal executive offices: 642 Newtown Yardley Road, Suite 100, Newtown, PA, 18940
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class A Common Stock, $0.001 par value per share
(e)	CUSIP No.: 42328V876
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2,413,279 (including 2,179,916 shares issuable upon exercising the warrants)
(b)	Percent of class: 5.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,413,279 (including 2,179,916 shares issuable upon exercising the warrants)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,413,279 (including 2,179,916 shares issuable upon exercising the warrants)
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	02/17/2026

FAQ

What percentage of Solana Co does Polar Asset Management Partners own according to this Schedule 13G for HSDT?

Polar Asset Management Partners reports beneficial ownership of 5.8% of Solana Co’s Class A common stock. This percentage is based on 2,413,279 shares, including 2,179,916 shares issuable upon exercising warrants, as disclosed in the Schedule 13G filing.

How many Solana Co shares does Polar Asset Management Partners beneficially own?

Polar Asset Management Partners beneficially owns 2,413,279 Solana Co Class A common shares. This total includes 2,179,916 shares that could be obtained by exercising warrants, with Polar holding sole voting and sole dispositive power over the entire reported position.

Who is the reporting person in the Solana Co Schedule 13G related to HSDT?

The reporting person is Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada. Polar acts as investment advisor to Polar Multi-Strategy Master Fund, the Cayman Islands fund that directly holds the Solana Co securities referenced.

What role do warrants play in Polar’s ownership of Solana Co shares?

Of the 2,413,279 shares reported, 2,179,916 are shares issuable upon exercising warrants. This means a large portion of Polar’s beneficial ownership reflects potential shares that could be obtained if these outstanding warrants are exercised in the future.

Does Polar Asset Management Partners seek control of Solana Co with this 5.8% stake?

Polar certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of Solana Co. The filing states they are not held in connection with any transaction intended to affect control of the issuer.

What type of entity is Polar Asset Management Partners in this Schedule 13G filing?

Polar Asset Management Partners is described as an investment fund manager, portfolio manager, exempt market dealer, and commodity trading manager. It is registered with the Ontario Securities Commission and files as the investment adviser to the fund that holds Solana Co shares.