Solana (NASDAQ:HSDT) executives on Monday highlighted what Executive Chairman Joseph Chee called a “transformative year” in 2025, underscored by the September closing of a $500+ million PIPE transaction and a shift from what he described as a passive holding structure to a “multifaceted platform” built around capital markets activity, digital asset treasury management, and ecosystem marketing and partnerships.
Management outlines three-part strategy
Chee framed the company’s business model around three “distinct activities” intended to grow SOL per share and support the Solana ecosystem: capital markets, asset management, and marketing/partnership.
Chee also reviewed the company’s outreach efforts as a designated DAT partner to the Solana Foundation, particularly across Asia-Pacific, including participation in industry events such as Solana Breakpoint Abu Dhabi, Solana Accelerate Consensus Hong Kong, Hong Kong FinTech Week, TOKEN2049, GTC, and Japan Fintech Week. He said the company has also engaged mainstream financial media, naming CNBC and Bloomberg, and has worked with banks and analysts to promote coverage of Solana and the company.
Staking results and on-chain yield plans
Director Cosmo Jiang, who is also a general partner at Pantera Capital, said Pantera has served as asset manager for the digital asset treasury since the PIPE closed in September 2025. Jiang argued the digital asset treasury market has moved from a “genesis phase” into an “execution and consolidation phase,” with differentiation increasingly tied to operator strength, institutional sponsorship, transparency, and disciplined capital management.
Jiang said Solana Company had staked “substantially all” of its SOL holdings as of December 31, 2025. For the fourth quarter, he reported the company’s “internal calculations” showed an average net staking yield of 6.8%, compared with a system-wide average of 6.2% using Blockworks benchmarking data. Year-to-date in 2026, Jiang said the company’s staking yield was 7.0% APY versus a 6.0% system-wide average.
He attributed outperformance to validator selection, active MEV capture, and rebalancing, and said rewards are automatically restaked. He also discussed an announced collaboration involving Anchorage Digital and Kamino that could expand yield generation. Jiang said the company is in “early stages” and believes the structure has the potential to add 100 to 200 basis points of yield across the asset base.
During Q&A, Jiang said the Anchorage partnership “has not yet taken off,” adding that the company is “still working out the kinks” and wants to deploy in a risk-managed way. He highlighted opportunities on Kamino including private credit-related yields and “housing-backed financing opportunities such as SolanaPrime,” which he said yields “in the 7%+ range,” as well as stablecoin yields “in the 6%+ range.” Jiang said the company believes it can borrow at roughly 3% to 4% to pursue that spread, but reiterated the intention to proceed in a controlled manner.
Capital markets toolkit: ATM issuance and buybacks
Jiang said the company has used both issuance and repurchases to increase SOL per share. Early in the fourth quarter, when the stock traded “well above 1.0 times NAV,” he said the ATM program raised “over $29 million,” with proceeds deployed primarily into SOL purchases. When digital asset markets pulled back and the company’s valuation fell below 1.0 times NAV, Jiang said buybacks became an accretive option.
He reported the company executed “over $3 million” in share repurchases year-to-date under a buyback program adopted in November, funded “primarily by the sale of Solana at prices that were accretive to NAV per share.” Jiang characterized the ability to issue when trading at a premium and buy back when trading at a discount as a key value-creation mechanism.
Looking to 2026, Jiang said the company is evaluating “the full spectrum” of capital formation alternatives, including:
- Convertible debt
- Warrant-linked structures
- Strategic M&A
In response to analyst questions about additional structures, Jiang also referenced preferred equity and “structured equity notes” that could involve selling common “above NAV” with “additional kickers above NAV.” He said the company would aim to “sell our volatility at a price that makes sense” if using warrants in convertibles or structured equity.
Chee added that “highly selective strategic” capital markets transactions also reflect a desire to bring “high-quality strategic investors” onto the shareholder register—investors that can enhance credibility and potentially support business build-out tied to the Solana ecosystem.
Treasury update and financial results
Jiang reported that as of December 31, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins, with diluted share count of 84.1 million shares (including common shares and in-the-money warrants). As of March 27, 2025, he said the company held 2.33 million SOL tokens and had a diluted share count of 82.6 million shares. Jiang said that, measured from the start of the digital asset treasury strategy on September 18, SOL per share increased by 14% over six months.
CFO Jeff Mathiesen said fourth-quarter revenue was $5.2 million, including $5.1 million of staking revenue. For full-year 2025, total revenue was $6 million, including $5.5 million of staking revenue, compared with $0.5 million for full-year 2024.
Mathiesen reported fourth-quarter SG&A expenses of $13 million, up from $2.2 million in the prior-year quarter, driven primarily by increased non-cash compensation, salaries and wages, digital asset management and custodian fees, and legal and professional fees tied to implementing the digital asset treasury strategy. R&D was $0.9 million, in line with the prior-year period.
Total operating expenses in the fourth quarter were $206.1 million, compared to $3.1 million in Q4 2024. Mathiesen said operating expenses included non-cash charges, including $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million of realized loss on digital intangible assets, and $2.1 million of unrealized loss on digital assets on investment, which he attributed to a decline in the value of SOL.
The company reported a fourth-quarter loss from operations of $201.1 million, compared with a $3.1 million loss a year earlier. However, Mathiesen said non-operating income in the quarter was $526.6 million, including a $526.3 million gain from a change in the fair value of derivative liability related to stapled warrants from the September PIPE transaction. The company reported net income of $325.6 million, or $4.25 per basic and diluted share, based on weighted average shares of 76.6 million.
For full-year 2025, Mathiesen reported a net loss of $40.9 million, or a loss of $1.85 per basic and diluted share, compared to a net loss of $11.7 million in 2024.
At year-end, Mathiesen said Solana Company had $7.3 million in cash and approximately $293.7 million of digital assets, comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable, and $5.6 million in a digital assets fund investment, for combined total assets of $303 million and shareholders’ equity of $300.9 million.
On expense expectations, Mathiesen told analysts that fourth-quarter SG&A was elevated due to non-cash compensation and higher legal and professional fees associated with establishing the new business, adding that “some of that should come out of our future costs,” though costs may fluctuate depending on business activity.
Pacific Backbone roadmap and views on tokenization
Chee also highlighted two February announcements: the Anchorage Digital and Kamino collaboration, and the “Pacific Backbone,” a roadmap to invest in a low-latency cluster across Asia-Pacific, beginning with nodes connecting Seoul, Tokyo, Singapore, and Hong Kong. He said the effort is intended to support staking and validation, diversify revenue streams, and help address what management sees as under-served Solana network infrastructure in the region.
Chee said the company plans to begin activating nodes “immediately,” adopt new technologies in the second half of 2026, and launch liquidity-related products and services within 12 to 18 months, including services he said are expected to include DeFi, liquid staking, AMM, RPC, and execution offerings for institutional partners.
In response to a question on real-world asset (RWA) tokenization, Jiang said Solana’s speed, low fees, and distribution position it as “one of the most compelling networks for RWA tokenization.” He cited Blockworks Research statistics, saying Solana is the number three blockchain for RWAs with $1.7 billion on-chain and the number two network for tokenized stocks with over $260 million of value locked, and said Blockworks data shows Solana facilitated “almost 98% of tokenized equity spot volume by blockchain.”
Chee added that he believes liquidity for tokenized assets will be supported over time by stablecoins and crypto-based payments, particularly in cross-border trade, and said the company is focusing on Asia in part due to the region’s cross-border payment activity.
About Solana (NASDAQ:HSDT)
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