TLDR
- After launching institutional borrowing against staked SOL through partnerships with Anchorage Digital and Kamino, Solana Company (HSDT) stock jumped 17% on Friday.
- The firm holds 2.3 million SOL tokens worth nearly $200 million, making it the second-largest publicly traded SOL holder.
- Since the company pivoted to a Solana treasury strategy in September 2024, HSDT shares have remained down 90%.
- The new structure enables institutions to borrow against staked SOL while maintaining custody and earning staking rewards.
- SOL treasury companies are under pressure as the token dropped from $245 to the mid-$80s, forcing firms to rely on staking income rather than price appreciation.
Solana Company (HSDT) stock surged on Friday after the firm announced a new borrowing structure for institutions holding staked SOL. This move provides a lifeline for treasury companies squeezed by falling token prices.
Following the announcement, HSDT shares climbed approximately 17% to around $2.30. The stock had reached an all-time low near $1.80 earlier in the week.
The Nasdaq-listed company partnered with Anchorage Digital and the Solana lending protocol Kamino to facilitate the loans. The structure allows institutions to borrow against natively staked SOL while keeping assets in segregated custody accounts.
Holders can continue to earn staking rewards while accessing on-chain liquidity. They don’t have to unstake or sell tokens to raise capital.
“Institutions desire access to the most efficient sources of on-chain liquidity, but they’re not willing to compromise on custody,” said Nathan McCauley, CEO of Anchorage Digital. “This enables institutions to keep natively staked SOL held with a qualified custodian while using it productively.”
The company holds approximately 2.3 million SOL tokens worth nearly $200 million. According to The Block’s digital asset treasury data, this makes it the second-largest publicly traded holder of SOL.
Treasury Strategy Under Pressure
The company formerly operated as Helius Medical Technologies before switching to a Solana treasury strategy in mid-September 2024. Since then, HSDT shares have dropped roughly 90%.
SOL prices declined 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 hit corporate balance sheets across the sector. Treasury companies now rely more on staking income and alternative yield strategies rather than just price appreciation.
Peers Adopt Similar Strategies
Other treasury companies are pursuing similar approaches. SOL Strategies launched a liquid staking token last month backed by more than 500,000 SOL.
The product generates fees along with the company’s validator and treasury operations. Sharps Technology revealed that its treasury earns approximately 7% annualized staking yield while expanding validator operations.
Upexi reported that staking income now makes up the majority of the company’s revenue. Lower SOL prices led to a $179 million quarterly loss largely due to accounting revaluations.
remains the sector leader with three times Solana Company’s SOL holdings.
The new borrowing structure became operational on Friday, with Anchorage Digital providing custody services and Kamino handling the on-chain lending protocol.
