Solana Company's Q3 revenue jumps to $3.4M, almost entirely from staking its own SOL

Solana Company (Nasdaq: HSDT), a digital asset treasury firm, reported third-quarter revenue of $3.4 million, up from $697,000 in the same quarter a year earlier, according to a Wednesday press release reported by The Block. Nearly all of it — about $3.3 million — came from staking the company's own SOL holdings. Year-to-date revenue reached $9.5 million.

As of Sept. 30, the firm held roughly 2.4 million SOL, valued at about $288.2 million, with total assets of $292.6 million. It said it earned an average net staking yield of 5.9% APY on its treasury over the quarter, above the Solana network's average of 4.9% APY, collecting 30,800 SOL in rewards that were then restaked. Gross profit was $2.7 million, an 82% gross margin, versus $594,000 a year earlier.

CEO Joseph Chee called it a "milestone quarter," citing the launch of what the company calls Pacific Backbone — a staking and validator cluster spanning Seoul, Tokyo, Singapore and Hong Kong — and the arrival of third-party stake. Pacific Backbone had about 1.3 million SOL delegated to it at quarter's end, including 1 million SOL from outside institutions. The company also said it priced an approximately $15 million registered direct offering at a 5% premium to net asset value per share, used the proceeds to buy roughly 125,000 SOL, and repurchased about $2.8 million of its Class A common stock.

Key facts

• Q3 revenue: $3.4 million, vs. $697,000 a year earlier; ~$3.3 million from staking (The Block, citing company press release).
• Year-to-date revenue: $9.5 million (company press release via The Block).
• Treasury: ~2.4 million SOL, fair value ~$288.2 million as of Sept. 30; total assets $292.6 million (company).
• Net staking yield: 5.9% APY, vs. network average 4.9%; 30,800 SOL earned and restaked (company).
• Gross profit $2.7 million, ~82% margin (company).
• ~$15 million registered direct offering at a 5% premium to NAV; ~125,000 SOL bought; ~$2.8 million stock repurchased (company).

The real-world read

Treat these figures with care: every number here originates with Solana Company's own press release, reported by The Block but not independently audited in this account. The "milestone" framing is the company's, and the headline growth is less dramatic than it looks — revenue is almost entirely a function of staking rewards on a treasury that the firm has been actively buying, so more SOL and a higher SOL price mechanically produce more "revenue." The claimed 5.9% net yield beating the network's 4.9% is the company's own measurement; no third party verifies it here. The 1 million SOL of third-party stake is the genuinely new data point — outside capital, not just the firm's own coins — but the press release doesn't name those institutions or disclose fee terms. And raising equity at a premium to NAV to buy more of the token whose price drives the balance sheet is the standard digital-asset-treasury flywheel, not evidence of an operating business beyond staking.

Not financial advice.

Sources

• The Block (Olga Kharif/editorial), "'Milestone quarter': Solana Company reports Q3 revenue growth driven by staking rewards," Nov. 12, 2026 — reputable secondary reporting; all figures sourced to the company's Wednesday press release, i.e. interested-party disclosures not independently verified here.