Solana Company

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.

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

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

• Digital asset treasury
• Solana staking
• Validator infrastructure
• Institutional crypto custody
• Public crypto treasury

Headquarters

HQ city

Newtown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core 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.

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature2 records

Partnerships

Eight partnerships are on record, tiered strategic, supporting and core.

• MastercardstrategicTechnology or Integration · 18 June 2026Mastercard serves as a technology partner in the Solana Developer Platform launched by the Solana Foundation, enabling stablecoin settlement capabilities for enterprise and institutional adoption.
• WorldpaystrategicTechnology or Integration · 18 June 2026Worldpay is a technology partner in the Solana Developer Platform supporting cross-border blockchain payments and stablecoin settlement infrastructure.
• Western UnionstrategicTechnology or Integration · 18 June 2026Western Union is a technology partner in the Solana Developer Platform, collaborating on cross-border payment solutions and USDPT stablecoin initiatives for international remittances.
• JitosupportingTechnology or Integration · 23 February 2026Jito 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).
• KaminocoreTechnology or Integration · 13 February 2026Kamino 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 CustodycoreTechnology or Integration · 10 October 2025Coinbase 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.
• BitGocoreTechnology or Integration · 10 October 2025BitGo 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 DigitalcoreTechnology or Integration · 10 October 2025Anchorage 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

Direct 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

• Xx.com/Solana_Company
• LinkedInlinkedin.com/company/helius-solana-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds16 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solana Company