TLDR
- Solana Company (HSDT) stock jumped 17% Friday after launching institutional borrowing against staked SOL through partnerships with Anchorage Digital and Kamino
- The firm holds 2.3 million SOL tokens worth nearly $200 million, making it the second-largest publicly traded SOL holder
- HSDT shares remain down 90% since the company pivoted to a Solana treasury strategy in September 2024
- The new structure allows institutions to borrow against staked SOL while maintaining custody and earning staking rewards
- SOL treasury companies face pressure as the token dropped from $245 to mid-$80s, forcing firms to rely on staking income over price appreciation
Solana Company (HSDT) stock surged Friday after the firm announced a new borrowing structure for institutions holding staked SOL. The move offers a lifeline for treasury companies squeezed by falling token prices.
HSDT shares climbed roughly 17% to around $2.30 following the announcement. The stock had hit an all-time low near $1.80 earlier in the week.
The Nasdaq-listed company partnered with Anchorage Digital and Solana lending protocol Kamino to enable the loans. The structure allows institutions to borrow against natively staked SOL while keeping assets in segregated custody accounts.
Holders can continue earning staking rewards while accessing on-chain liquidity. They don’t need to unstake or sell tokens to raise capital.
“Institutions want access to the most efficient sources of onchain liquidity, but they aren’t willing to compromise on custody,” said Nathan McCauley, CEO of Anchorage Digital. “This allows institutions to keep natively staked SOL held with a qualified custodian while using it productively.”
Solana Company holds approximately 2.3 million SOL tokens worth nearly $200 million. That makes it the second-largest publicly traded holder of SOL, according to The Block’s digital asset treasury data.
Treasury Strategy Under Pressure
The company formerly operated as Helius Medical Technologies before pivoting to a Solana treasury strategy in mid-September 2024. Since then, HSDT shares have dropped roughly 90%.
SOL prices fell from around $245 when Solana Company rebranded to about $70 last week. The token has since recovered to the mid-$80 range.
Falling prices have hammered corporate balance sheets across the sector. Treasury companies now rely more heavily on staking income and alternative yield strategies rather than price appreciation alone.
Peers Adopt Similar Strategies
Other Solana treasury companies are pursuing comparable approaches. SOL Strategies launched a liquid staking token last month backed by more than 500,000 SOL.
The product generates fees alongside the company’s validator and treasury operations. Sharps Technology disclosed its treasury earns roughly 7% annualized staking yield while expanding validator operations.
Upexi reported that staking income now accounts for the majority of company revenue. Lower SOL prices drove a $179 million quarterly loss largely tied to accounting revaluations.
Forward Industries remains the sector leader with three times Solana Company’s SOL holdings.
The new borrowing structure went live Friday with Anchorage Digital providing custody services and Kamino handling the on-chain lending protocol.
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