TheBlock
Solana Company (HSDT) reported $3.4 million in third-quarter revenue, up from $697,000 a year earlier, with approximately $3.3 million coming from staking. The digital asset treasury firm earned 30,800 SOL in staking rewards during the quarter and restaked them. Year-to-date revenue reached $9.5 million.
Why it matters
The company held roughly 2.4 million SOL with a fair value of $288.2 million as of Sept. 30. It reported an average net staking yield of 5.9% APY on its treasury holdings, compared with the Solana network's average of 4.9% APY.
Its Pacific Backbone validator infrastructure went live during the quarter, connecting financial hubs including Seoul, Tokyo, Singapore and Hong Kong. The cluster had about 1.3 million SOL delegated at quarter-end, including 1 million SOL from third parties.
Market impact
The results show how staking can generate revenue for a corporate SOL treasury, while validator infrastructure can attract stake from outside holders. Gross profit rose to $2.7 million from $594,000 a year earlier, with the company reporting an approximately 82% gross margin.
Solana Company also priced an approximately $15 million registered direct offering at a 5% premium to net asset value per share and used the proceeds to buy about 125,000 SOL. It repurchased roughly $2.8 million of Class A common stock during the quarter.
Frequently asked questions
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How much of Solana Company's Q3 revenue came from staking?
Approximately $3.3 million of the company's $3.4 million in quarterly revenue came from staking.
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How did the company's staking yield compare with Solana's network average?
Solana Company reported an average net staking yield of 5.9% APY on its treasury holdings, compared with the network's average of 4.9% APY.
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How much SOL did Pacific Backbone have delegated at quarter-end?
The validator infrastructure cluster had about 1.3 million SOL delegated, including 1 million SOL from third parties.
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What did Solana Company do with its quarterly staking rewards?
The company earned 30,800 SOL in staking rewards during the quarter and restaked them.
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How did the company use proceeds from its registered direct offering?
It used proceeds from the approximately $15 million offering to purchase about 125,000 SOL.
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