In brief
- Solana Company (HSDT) opened resale for investors following a $500 million raise led by Pantera Capital and Summer Capital
- Shares fell more than 20% Monday after the resale registration took effect, expanding the tradable float.
- Leadership says proceeding now, rather than waiting for calmer markets, demonstrates conviction and transparency in its Solana-based treasury model
Solana Company (NASDAQ: HSDT), formerly known as Helius Medical Technologies, says it is playing offense as it opens resale for private investors, a move that could test confidence in its new Solana-linked digital asset treasury.
The company finalized its resale registration on Monday, granting private-placement investors the right to sell shares tied to its digital asset treasury pivot.
The filing unlocked previously restricted stock from its September funding round, allowing early backers to offload positions and triggering a sharp sell-off in HSDT shares.
“We’re playing the long game, and we’re inviting you to join us. We’re playing offense, not defense. Thank you for your trust and partnership,” Joseph Chee, executive chairman of Solana Company, said in a statement.
HSDT shares opened at $8.92 and closed at $6.87 on Monday, according to Nasdaq data, marking a steep 22% intraday decline as resale eligibility for private investors took effect.
About 60% of the company’s value was wiped out over the past week, with daily trading volume rising on October 15 from less than 1 million shares to about 4.6 million by Monday.
Its leadership argues that opening the resale window now, rather than waiting for calmer markets, shows confidence in the firm’s long-term strategy and commitment to transparency.
“Markets can be volatile, and digital asset treasury companies will continue to experience volatility with the broader macro market,” Chee explained.
The same resale registration statement details how Solana Company raised roughly $500 million in mid-September through twin private placements: one is funded in cash and the other in Solana (SOL) tokens, pulled from investors including Pantera Capital and Summer Capital.
Proceeds were used to accumulate SOL for the firm’s new digital asset treasury strategy, while the registration allows those private investors to resell their shares publicly once approved by the SEC.
Before turning to Solana, Helius was a medical device maker. To date, Solana Company ranks as the second-largest publicly traded Solana treasury firm with 2.2 million SOL held, as of early October.
Solana Company’s approach combines staking-based yield, the accumulation of SOL during market dislocations, and the use of a listed vehicle for regulated market access. The structure ostensibly shifts price discovery to equity investors, instead of token holders.
But unlike earlier corporate Bitcoin treasuries, the model embeds Solana exposure directly into the stock, concentrating both performance and risk within a single market instrument.
“When the non-believers are flushed out, HSDT can continue to accrete Solana per share. We can buy aggressively when others are fearful,” Chee wrote. “We believe we can compound Solana per share holdings through disciplined capital allocation.”
Decrypt reached out to Solana Company, Pantera Capital, and Summer Capital for further comment, but did not immediately receive a response.
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