NEWTOWN, PA — Solana Company (NASDAQ: HSDT) unveiled a sweeping shift in its business strategy with the launch of a dedicated digital asset treasury designed to acquire and hold Solana (SOL) tokens, marking one of the industry’s most aggressive corporate pivots toward blockchain-based treasury management.
The company’s third-quarter results reflect the early impact of the move, driven in part by a $508 million private investment in public equity (PIPE) transaction that closed Sept. 18 and helped fund Solana Company’s new SOL-focused treasury. The firm has also secured more than $500 million in additional committed funding from Pantera Capital and Summer Capital to support the initiative.
Executive Chairman Joseph Chee called the digital treasury strategy a landmark step forward. “With the added commitment and support of Pantera and Summer, we believe that we are positioned well to accelerate growth and drive value,” Chee said. “These initiatives position Solana for sustained growth and long-term success within the DAT landscape.”
The company issued cash-exercise warrants enabling up to $750 million in additional capital and launched an at-the-market (ATM) facility to raise further funds. Solana Company also authorized a stock repurchase program of up to $100 million.
Alongside its blockchain ambitions, the company reported progress in its medical device business. New clinical data showed that its PoNS therapy delivered clinically meaningful improvements in gait deficit compared to controls, and the firm submitted a 510(k) filing to the FDA seeking label expansion for use in stroke rehabilitation.
Financial results for the quarter were heavily influenced by the PIPE financing and related derivative accounting. Revenue rose to $697,000, including $342,000 in first-time staking rewards tied to its digital asset holdings. Cost of revenue fell to $103,000. Operating expenses, however, surged to $36 million from $3.9 million a year earlier, reflecting advisory fees, warrant-related expenses and a sharp increase in non-cash charges.
The company posted a loss from operations of $35.5 million and a net loss of $352.8 million, driven by a $545.7 million loss on derivative liabilities and $194.7 million in financing costs related to the PIPE transaction, partially offset by a $423.3 million gain from changes in fair value.
As of Sept. 30, Solana Company held $124 million in cash and $350.2 million in digital assets, for a combined $474.2 million in liquid resources. The company reported 75.9 million common shares and pre-funded warrants outstanding.
Chee said the company’s combined strategy — digital assets, capital markets activity and continued advocacy around its medical technologies — positions Solana Company for a new phase of expansion.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.