Solana Company
Solana Company (NASDAQ: HSDT) is a publicly traded digital asset treasury that acquires and stakes Solana (SOL) tokens, serving institutional and retail investors who seek SEC-regulated equity-market exposure to the Solana ecosystem and its on-chain yield.
- Company typePublic
- Founded2017
- HeadquartersNewtown, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Solana Company does
Solana Company (NASDAQ: HSDT), the rebranded corporate identity of Helius Medical Technologies, Inc., is a publicly traded digital asset treasury that acquires and holds Solana (SOL) tokens as its primary reserve asset and earns staking rewards on those holdings. In September 2025 the company completed a $500M+ private placement co-led by Pantera Capital and Summer Capital, pivoted away from its legacy neurotechnology operations, and began accumulating SOL; by year-end 2025 it held digital assets at fair value of $293.7M and had become the second-largest publicly traded holder of SOL, with over 2.3M tokens under custody across Coinbase, BitGo, and Anchorage Digital.
The company's core products are infrastructure-level: the Pacific Backbone Validator Network provides low-latency Solana staking and validation services, initially deployed across Seoul, Tokyo, Singapore, and Hong Kong to serve market makers, HFTs, and traditional finance partners; the Tri-Party Custody Model, built with Anchorage Digital and Kamino, is the first structure enabling institutions to borrow against natively staked SOL while assets remain in qualified custody with 24/7 automated LTV management via Anchorage's Atlas system; and the company participates in the Solana Developer Platform ecosystem alongside Mastercard, Worldpay, and Western Union for stablecoin settlement and cross-border payments.
Revenue is generated almost entirely from staking rewards on its SOL treasury (approximately 6-7% APY, outperforming top-10 validator averages by ~36 basis points in October 2025), which produced $6.0M in FY2025 revenue and $3.6M in Q1 2026. The company raises equity capital through private placements, at-the-market programs, and registered direct offerings — channeled into additional SOL accumulation with the explicit objective of growing SOL per share. It serves institutional investors, family offices, hedge funds, and retail shareholders seeking SEC-regulated, brokerage-accessible exposure to the Solana ecosystem without managing wallets, private keys, or staking operations directly. The Board unanimously rejected an unsolicited $1.48/share acquisition from Forward Industries in June 2026 as substantially undervalued.
Solana Company firmographics
Firmographics- Name
- Solana Company
- Legal name
- Helius Medical Technologies, Inc.
- Website
- https://solanacompany.co
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Solana Company (NASDAQ: HSDT) is a publicly traded digital asset treasury that acquires and stakes Solana (SOL) tokens, serving institutional and retail investors who seek SEC-regulated equity-market exposure to the Solana ecosystem and its on-chain yield.
- Ownership category
- akta.pro rank
Solana Company industry classification
Industry- Product category
- Digital Asset Treasury
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Management of Companies and Enterprises (551)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)
- akta.pro secondary industries
- Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG), Yield Aggregators & Strategy Vaults (FSADAMAF)
Keywords
Where Solana Company is headquartered
LocationHeadquarters
- HQ city
- Newtown
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Solana Company business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D
Revenue model
- Staking Rewards: Primary revenue stream from staking SOL holdings through institutional validators. Current yields approximately 6-7% APY on staked SOL, generated from network inflation, transaction fees, and MEV rewards. Rewards compound automatically every epoch (approximately 2-3 days), with the company reinvesting rewards to grow SOL per share.
- Digital Asset Value Appreciation: Unrealized and realized gains/losses on SOL holdings based on market price movements. Q1 2026 included $89.2M unrealized losses and $6.987M realized losses from strategic sales. Q4 2025 included $178.3M unrealized losses from SOL price decline, partially offset by $526.3M gain from change in fair value of derivative liability.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | N/A - Public equity security |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Solana Company product offering
Product offeringCore offering
Solana Company is a publicly traded digital asset treasury (NASDAQ: HSDT) that acquires, holds, and stakes Solana (SOL) tokens on its balance sheet to grow SOL per share for public market investors. The company generates revenue primarily through institutional staking rewards (~7% APY) and supports its treasury strategy with proprietary validator infrastructure (Pacific Backbone) and a tri-party custody borrowing model integrated with Anchorage Digital and Kamino.
Product overview
Solana Company is a single unified product offering — a publicly listed digital asset treasury (NASDAQ: HSDT) that acquires and manages Solana (SOL) tokens on its balance sheet. The company's core offering centers on its digital asset treasury strategy, which is enhanced by several interconnected infrastructure products: the Pacific Backbone Validator Infrastructure provides global low-latency staking and validation services; the Tri-Party Custody Model enables institutional borrowing against staked SOL through integrations with Anchorage Digital and Kamino; and the company participates in the Solana Developer Platform ecosystem which connects to payment partners like Mastercard, Worldpay, and Western Union for stablecoin settlement and cross-border payments. Together, these products position Solana Company as a comprehensive institutional-grade SOL treasury with yield-generating infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Solana Company Digital Asset Treasury (NASDAQ: HSDT) A publicly listed digital asset treasury (NASDAQ: HSDT) dedicated to acquiring and holding Solana (SOL) tokens as its primary reserve asset and growing SOL per share through capital markets activities, staking operations, and on-chain yield generation. Targeted at institutional and retail investors seeking regulated Solana exposure through brokerage and retirement accounts.
- Pacific Backbone Validator Infrastructure Global low-latency infrastructure network connecting Seoul, Tokyo, Singapore, and Hong Kong that supports Solana staking and validator operations. Designed to reduce staking and validation costs and improve performance for market makers, high-frequency traders, and traditional finance partners.
- Tri-Party Custody Model for Institutional Staked SOL Borrowing Institutional infrastructure enabling borrowers to access on-chain liquidity against natively staked SOL while assets remain in qualified custody at Anchorage Digital Bank. Integrates Kamino's Solana-based lending markets and Anchorage's Atlas collateral management system for 24/7 automated loan-to-value oversight, allowing institutions to earn staking rewards while accessing liquidity.
Companies that use Solana Company
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Solana Company technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature2 records
Solana Company partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered strategic, supporting and core.
- MastercardstrategicMastercard serves as a technology partner in the Solana Developer Platform launched by the Solana Foundation, enabling stablecoin settlement capabilities for enterprise and institutional adoption.
- WorldpaystrategicWorldpay is a technology partner in the Solana Developer Platform supporting cross-border blockchain payments and stablecoin settlement infrastructure.
- Western UnionstrategicWestern Union is a technology partner in the Solana Developer Platform, collaborating on cross-border payment solutions and USDPT stablecoin initiatives for international remittances.
- JitosupportingJito is a key Solana validator infrastructure partner for Solana Company's Pacific Backbone buildout. The partnership advances validator infrastructure through high-speed, low-latency network connections across APAC region (Seoul, Tokyo, Singapore, Hong Kong).
- KaminocoreKamino collaborates with Solana Company and Anchorage Digital on the tri-party custody model enabling institutional borrowing against staked SOL. Kamino's Solana-based decentralized lending protocol provides the on-chain liquidity markets where institutions can access borrowing power while assets remain in qualified custody.
- Coinbase CustodycoreCoinbase serves as one of three custodians for Solana Company's digital asset treasury, providing institutional-grade custody for SOL holdings. Coinbase Prime offers enterprise-level security with multi-signature setups and insurance coverage for digital asset custody.
- BitGocoreBitGo provides institutional digital asset custody services for Solana Company's SOL treasury holdings, offering multi-sig wallet technology and regulatory compliance infrastructure for crypto treasury management.
- Anchorage DigitalcoreAnchorage Digital serves as custodian and collateral manager for Solana Company's digital assets, including the innovative tri-party custody model enabling institutions to borrow against natively staked SOL. The Atlas collateral management system provides 24/7 automated oversight of loan-to-value ratios.
Scale indicators7 records
Recent moves8 records
Expansion highlights6 records
Solana Company competitors and assessment
Company assessmentDirect peers
- Strategy (formerly MicroStrategy): Strategy pioneered the digital asset treasury model with Bitcoin, and Solana Company explicitly models its SOL treasury strategy after Strategy's playbook. Both are publicly traded equities whose primary value driver is the per-share growth of their respective crypto holdings, raising capital through equity and debt issuances.
- Upexi: Upexi is a publicly traded Solana treasury company that has accumulated significant SOL holdings. It competes directly with Solana Company for institutional and retail capital seeking Solana exposure through regulated equity vehicles.
- DeFi Development Corp: DeFi Development Corp (DFDV) is a public Solana-focused treasury accumulating SOL on its balance sheet. It directly competes with Solana Company for the same investor base and pursues a similar SOL per share growth strategy.
- Forward Industries: Forward Industries is a Solana treasury peer that submitted an unsolicited $1.48/share acquisition proposal for Solana Company in June 2026. It pursues a similar SOL accumulation strategy and represents the closest comparable peer in both strategy and scale.
Broad incumbents
- Coinbase Global: Coinbase is one of Solana Company's three custodians and a broad crypto exchange/custodian. As a publicly traded platform with diversified revenue, it provides a benchmark for institutional crypto infrastructure scale but competes more broadly across the digital asset ecosystem.
- Galaxy Digital: Galaxy Digital is a diversified digital asset financial services firm offering trading, asset management, and staking. It overlaps with Solana Company's institutional treasury/yield focus but operates across multiple crypto assets and services rather than specializing in SOL.
- Marathon Digital Holdings: Marathon is a large publicly traded crypto treasury (Bitcoin-focused) that uses corporate balance sheet to accumulate digital assets. While it pursues a different asset, it shares the public-market DAT model that Solana Company emulates.
Others
- BitGo: BitGo is one of Solana Company's institutional custodians and a leading crypto custody provider. While not a direct competitor in the treasury space, it is a key infrastructure partner whose competitive positioning affects Solana Company's service economics.
- Anchorage Digital: Anchorage Digital Bank is Solana Company's qualified custodian for the tri-party custody model. It enables institutional borrowing against staked SOL, making it both a critical infrastructure partner and a potential future competitor in institutional crypto services.
- Pantera Capital: Pantera Capital co-led Solana Company's $500M+ private placement and holds a board observer seat. As the first US institutional asset manager focused on blockchain, Pantera is a strategic capital partner and ecosystem enabler rather than a direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Solana Company social profiles
Digital presenceSolana Company financial estimates
Financial estimateRevenue estimate
Valuation estimate
Solana Company leadership team
Management profileNumber of profiles
Profiles4 records
Solana Company funding detail
Funding detailFunding overview
Funding rounds16 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Solana Company M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Solana Company
What does Solana Company do?
Solana Company is a publicly traded digital asset treasury (NASDAQ: HSDT) that acquires, holds, and stakes Solana (SOL) tokens on its balance sheet to grow SOL per share for public market investors. The company generates revenue primarily through institutional staking rewards (~7% APY) and supports its treasury strategy with proprietary validator infrastructure (Pacific Backbone) and a tri-party custody borrowing model integrated with Anchorage Digital and Kamino.
Is Solana Company a public or private company?
Solana Company is a public company. It is classified as public and is currently operating.
When was Solana Company founded?
Solana Company was founded in 2017. It employs 1 to 10 people.
Where is Solana Company based?
Solana Company is headquartered in Newtown, United States, in the North America region.
How does Solana Company make money?
Two revenue lines are on record. Staking Rewards are the primary driver. The others are digital Asset Value Appreciation.
Who are Solana Company's main competitors?
Direct peers on record are Strategy (formerly MicroStrategy), Upexi, DeFi Development Corp and Forward Industries. Broad incumbents are Coinbase Global, Galaxy Digital and Marathon Digital Holdings. Others are BitGo, Anchorage Digital and Pantera Capital.
Does Solana Company have an API?
No public API is recorded for Solana Company.
What industry is Solana Company in?
Solana Company's product category is Digital Asset Treasury. Its primary akta.pro industry code is FSADAHAL, Treasury Management & Corporate Crypto Yield Programs, with a secondary code of FSAPAEAG, Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield). Its NAICS code is 525 and its SIC code is 6199.