Solana Company, a publicly listed firm trading on NASDAQ under the ticker $HSDT, has announced an $8 million registered direct offering of Class A common stock, with plans to allocate part of the proceeds to the purchase of additional $SOL. The move marks a notable shift in activity for a firm that holds approximately 2.3 million $SOL in its digital asset treasury.
The offering involves the sale of 3,076,922 shares at a purchase price of $2.60 per share, generating gross proceeds of about $8 million. The round was led by global institutional investor Mirae Asset, with participation from HashKey Capital.
Beyond accumulating $SOL, the company stated that it will use the funds for working capital, business expansion, and broader strategic initiatives.
The agreement includes a put option that allows investors to require Solana Company to repurchase shares under certain conditions. The repurchase price includes the original purchase price plus an additional amount that ensures a 7.0% annual internal rate of return.
This structure reflects a cautious capital environment, where investors seek downside protection while maintaining exposure to potential upside from crypto-linked treasury strategies.
January Marks the Last Major $SOL Treasury Purchase
According to Artemis data, January 2026 was the last time a Solana-focused digital asset treasury executed a significant acquisition of $SOL. On January 13, Upexi entered a securities purchase agreement with Hivemind Capital Partners involving a convertible note backed by locked $SOL, with an aggregate principal of about $36 million.
That transaction increased Upexi’s treasury holdings to over 2.4 million $SOL, up from approximately 2.2 million just days earlier on January 7. Since then, treasury activity across the sector has remained muted.
The absence of large-scale accumulation reflects a broader slowdown following a sharp market correction that reshaped the risk profile of digital asset treasuries.
Market Drawdown Pressured Solana Treasuries
There has been a strain on digital asset treasuries after a rapid downturn erased billions in unrealized value. $SOL has dropped over 60%% over the last 6 months.
The impact on Solana-focused treasury firms was severe. According to Blocksworks data, Solana Company saw a drop of about 85% while Upexi recorded an estimated 80% decline in the value of its treasury. Forward Industries’ holdings fell by around 79%. Sharps Technology and DeFi Development Corp also experienced declines of roughly 70% and 64%, respectively.
These losses remained unrealized, but weakened balance sheets and reduced investor confidence. As equity valuations compressed, companies faced tighter capital conditions and increased scrutiny over treasury-first strategies.
A Potential Turning Point for Treasury Activity
Solana Company’s decision to raise capital and signal renewed accumulation may indicate a shift in sentiment. The planned purchase of $SOL comes after months of reduced activity, suggesting that some firms may view current price levels as an opportunity rather than a risk.
Meanwhile, spot ETFs continue to attract inflows since the last major purchase of $SOL by a Solana DAT.
Funds have recorded cumulative net flows of $252.47 million since January, in sharp contrast to muted activity in DAT land.
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