Crypto Firm's Cash Crisis Threatens Solana Holdings
UK-based Supernova Digital Assets is struggling to stay afloat after its cash reserves plummeted to just £3,000. The company's latest accounts reveal that it has millions of pounds worth of crypto holdings, including 32,771 Solana ($SOL) tokens valued at £2 million, but it urgently needs replacement financing to avoid further token sales.
Supernova reported a total loss of £4 million in the six-month period ending April 30, with a significant portion of that coming from a £2.8 million crypto fair-value loss. The company's existing lender switch has stalled, leaving it reliant on an alternative provider to secure cheaper funding without having to sell its assets at depressed valuations.
The AMINA Bank facility provides up to $1 million at SOFR plus 8%, but Supernova is seeking better terms from a new lender. Discussions with the unnamed alternative provider are reportedly advanced, targeting lower borrowing costs and improved loan-to-value terms.