HSDT on Nasdaq

Solana Co

We are a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”).3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerHSDT on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersPhiladelphia, Pennsylvania1
  • Incorporated inDE2
  • Business address1650 Market Street, Suite 3600, Philadelphia, Pa 191032
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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We are a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”). Solana Company’s DAT objective is to maximize SOL per share through strategic use of capital markets and onchain opportunities, offering public market investors direct exposure to Solana.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1006.8%Gross margin4
-44496.4%Operating margin4
-7461.7%Net margin4
5.4%Revenue growth, 20254
-13.6%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 77% of the revenue Solana Co broke down this way in fiscal 2025.

  1. Product$420.0K477%down 12% from 2024
  2. Product and Service, Other$128.0K423%up 191% from 2024
Products and services by year
Products and services20242025
Product$476.0K$420.0K
Product and Service, Other$44.0K$128.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue2¢$500.0K
  • Research and development13¢$3.5M
  • Selling, general and admin85¢$23.1M

Out of $548.0K in revenue.4 The company lost money this year.

Financial statements

Revenue567894$548.0K in 2025−63% since 2019
0$500.0K$1.0M$1.5M2019: $1.5M$1.5M20192020: $661.0K$661.0K2020−56%2021: $493.0K$493.0K2021−25%2022: $778.0K$778.0K2022+58%2023: $605.0K$605.0K2023−22%2024: $520.0K$520.0K2024−14%2025: $548.0K$548.0K2025+5%
Gross profit567894$5.5M in 2025+749% since 2019
-$2.0M0$2.0M$4.0M$6.0M2019: $650.0K$650.0K20192020: $273.0K$273.0K2020−58%2021: $224.0K$224.0K2021−18%2022: $324.0K$324.0K2022+45%2023: $61.0K$61.0K2023−81%2024: -$62.0K-$62.0K20242025: $5.5M$5.5M2025
Operating income567894-$243.8M in 2025+916% since 2019
-$300.0M-$200.0M-$100.0M02019: -$24.0M-$24.0M20192020: -$14.4M-$14.4M2020−40%2021: -$18.1M-$18.1M2021+26%2022: -$15.5M-$15.5M2022−14%2023: -$12.4M-$12.4M2023−20%2024: -$13.9M-$13.9M2024+12%2025: -$243.8M-$243.8M2025+1654%
Net income567894-$40.9M in 2025+318% since 2019
-$60.0M-$40.0M-$20.0M02019: -$9.8M-$9.8M20192020: -$14.1M-$14.1M2020+44%2021: -$18.1M-$18.1M2021+28%2022: -$14.1M-$14.1M2022−22%2023: -$8.8M-$8.8M2023−37%2024: -$11.7M-$11.7M2024+33%2025: -$40.9M-$40.9M2025+248%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Staking revenue$5.5M
Product sales and other revenue$548.0K$520.0K
Total revenue$6.0M$520.0K
Cost of revenue$500.0K$582.0K
Gross profit (loss)$5.5M-$62.0K
Selling, general and administrative expenses$23.1M$10.2M
Research and development expenses$3.5M$3.7M
Unrealized loss on digital assets and digital assets receivable$208.9M
Realized loss on digital assets$12.1M
Unrealized loss on digital assets fund investment$2.1M
Realized gain on digital asset derivatives-$316.0K
Total operating expenses$249.4M$13.8M
Loss from operations-$243.8M-$13.9M
Interest expense, net-$635.0K-$17.0K
Foreign exchange gain (loss) and other income$785.0K-$803.0K
Change in fair value of derivative liability$937.7M$3.0M
Loss on derivative liability-$539.7M
Financing costs-$195.2M
Nonoperating income, net$202.9M$2.2M
Loss before provision for income taxes-$40.9M-$11.7M
Provision for income taxes$0$0
Net loss-$40.9M-$11.7M
Foreign currency translation adjustments-$594.0K$1.0M
Comprehensive loss-$41.5M-$10.7M
Basic (in dollars per share)-$1.85-$3,282.26
Diluted (in dollars per share)-$1.85-$3,282.26
Basic (in shares)22.0M shares3.6K shares
Diluted (in shares)22.0M shares3.6K shares

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Leadership

Who has led Solana Co, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Philippe Deschamps2015–2020
  2. Dane Andreeff2020–2026
  3. Choon Wee Chee2026–now

Chair

  1. Choon Wee Chee2026–now

President

  1. Philippe Deschamps2015–2020
  2. Dane Andreeff2020–2026
  3. Choon Wee Chee2026–now

Chief financial officer

  1. Amanda Tseng2015
  2. Joyce N. Laviscount2015–2021
  3. Jeffrey S. Mathiesen2021–2026
  4. Agustina Gani Tjandrasuwita2026–now

Chief operating officer

  1. Joyce N. Laviscount2015–2021
  2. Agustina Gani Tjandrasuwita2026–now
20202025
Board members and other officers (22)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAntonella S. Favit-Von Pelt named Jan 31, 202541

Former names

  • HELIUS MEDICAL TECHNOLOGIES, INCMay 17, 2018 to May 17, 20182
  • HELIUS MEDICAL TECHNOLOGIES, INC.Jun 16, 2014 to Sep 29, 20252

Timeline

  1. Aug 4, 2026New chief executive Choon Wee Chee becomes CEO12
  2. Oct 26, 2020New chief executive Dane Andreeff becomes CEO13
  3. May 14, 2015New chief executive Philippe Deschamps becomes CEO14

Filings

300 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 84 major events, 75 insider forms, 33 large holders, 1 private raises, 87 other. The latest 20:

  1. Sep 30, 2026424B5 EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 15, 2026SCHEDULE 13D/A EDGAR
  4. Aug 24, 20264 EDGAR
  5. Aug 24, 2026SCHEDULE 13G/A EDGAR
  6. Aug 14, 202610-Q EDGAR
  7. Aug 14, 20268-K EDGAR
  8. Aug 4, 20264 EDGAR
  9. Jul 13, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jul 13, 20263 OWNERSHIP DOCUMENT EDGAR
  11. Jun 4, 20264 EDGAR
  12. Jun 4, 20264 EDGAR
  13. May 29, 20268-K EDGAR
  14. May 29, 2026424B5 EDGAR
  15. May 29, 2026SD EDGAR
  16. May 26, 20264 EDGAR
  17. May 26, 20264 EDGAR
  18. May 26, 20264 EDGAR
  19. May 26, 20264/A EDGAR
  20. May 26, 2026SCHEDULE 13D/A EDGAR

The 300 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 21 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 14, 2023ANDREEFF DANEPresident and CEOBuy5,000$8.10$40.5KForm 4
Dec 1, 2023ANDREEFF DANEPresident and CEOBuy643$6.45$4.1KForm 4
Dec 1, 2023ANDREEFF DANEPresident and CEOBuy2,006$6.45$12.9KForm 4
Nov 30, 2023ANDREEFF DANEPresident and CEOBuy641$6.37$4.1KForm 4
Nov 30, 2023ANDREEFF DANEPresident and CEOBuy2,000$6.37$12.7KForm 4
Aug 30, 2023ANDREEFF DANEPresident and CEOBuy5,000$7.64$38.2KForm 4
Aug 28, 2023ANDREEFF DANEPresident and CEOBuy5,078$6.37$32.3KForm 4
Dec 16, 2022ANDREEFF DANEPresident and CEOBuy80,041$0.25$20.0KForm 4
Nov 23, 2022ANDREEFF DANEPresident and CEOBuy85,640$0.31$26.5KForm 4
Nov 23, 2022ANDREEFF DANEPresident and CEOBuy89,300$0.31$27.7KForm 4
Nov 22, 2022ANDREEFF DANEPresident and CEOBuy10,300$0.28$2.9KForm 4
Nov 22, 2022ANDREEFF DANEPresident and CEOBuy10,000$0.28$2.8KForm 4
Nov 17, 2022ANDREEFF DANEPresident and CEOBuy106,541$0.34$36.2KForm 4
Nov 16, 2022ANDREEFF DANEPresident and CEOBuy10,000$0.32$3.2KForm 4
Sep 13, 2022ANDREEFF DANEPresident and CEOBuy150,000$0.53$79.5KForm 4
Sep 12, 2022ANDREEFF DANEPresident and CEOBuy8,868$0.54$4.8KForm 4
Aug 25, 2022ANDREEFF DANEPresident and CEOBuy74,800$0.63$47.1KForm 4
Aug 24, 2022ANDREEFF DANEPresident and CEOBuy25,200$0.65$16.4KForm 4
Dec 17, 2021ANDREEFF DANEPresident and CEOBuy5,100$5.25$26.8KForm 4
Dec 17, 2021MATHIESEN JEFFREY SCFO and TreasurerBuy3,000$5.31$15.9KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 21, 2025Raised $3.7 million in a private offering of equity Form D: 18 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Pantera Capital Partners LP4,987,319$8.2M8.1%+1,100,000
Kathmere Capital Management, LLC4,594,960$7.6M0.4%No change
Arrington Capital Management, LLC658,908$1.1M1.2%No change
BlackRock, Inc.632,919$1.0M0.0%+171,717
VR Advisory Services Ltd581,310$959.2K0.1%No change
LPL Financial LLC560,434$924.7K0.0%+13,173
Vanguard Capital Management LLC555,980$917.4K0.0%+231,429
Geode Capital Management, LLC512,017$845.2K0.0%+141,413
Saba Capital Management, L.P.316,051$521.5K0.0%+250,841
Yorkville Advisors Global, LP300,000$495.0K0.6%−785,000
Avenir Tech Ltd290,655$479.6K0.1%No change
Vanguard Fiduciary Trust Co255,383$421.4K0.0%+103,992
Rockefeller Capital Management L.P.244,904$404.1K0.0%−100,000
Quattro Financial Advisors LLC209,000$344.9K0.1%No change
State Street Corp145,600$240.2K0.0%No change
Morgan Stanley136,476$225.2K0.0%−83,441
Cetera Investment Advisers117,400$193.7K0.0%−500
Wolverine Asset Management LLC114,167$188.4K0.0%New
XTX Topco Ltd113,255$186.9K0.0%+66,443
Northern Trust Corp108,075$178.3K0.0%+38,821
Citadel Advisors LLC59,742$98.6K0.0%New
Millennium Management LLC59,071$97.5K0.0%+361
Jane Street Group, LLC57,349$94.6K0.0%New
Grant Private Wealth Management Inc25,005$41.3K0.0%No change
Red Reef Advisors LLC21,406$35.3K0.0%−3,000

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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