Solana Treasury Hits Staking Milestone, But Still Needs Cash

Solana Company, a Nasdaq-listed treasury under the ticker HSDT, earned $2.512 million in staking revenue during the second quarter.

However, this revenue was automatically restaked and did not provide enough cash for operations. In fact, Solana Company used an estimated $11.892 million of cash during the same period.

The company's filing also reveals a $25.389 million realized loss on digital assets, which is an accounting charge rather than an actual cash outflow. This loss was about 10.1 times staking revenue.

To meet its operational needs, Solana Company sold equity and raised $12 million in cash. The company's quarterly filing shows that it relied heavily on asset sales to fund operations, while cash costs exceeded staking revenue.