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NEW YORK - Solana Company (NASDAQ:HSDT), a digital asset treasury focused on acquiring and holding Solana (SOL), announced Monday the election of Cosmo Jiang, General Partner at Pantera Capital, to its Board of Directors. The $239.38 million market cap company is scheduled to report earnings on November 14, according to InvestingPro data.
The company also released a new investor update highlighting Solana blockchain's growth metrics. According to the company statement, the Solana network currently leads all Layer 1 blockchains in decentralized exchange trading volume and asset issuance market share, with over 23 billion transactions year-to-date and 2.3 million active wallets.
The update noted that stablecoin transaction volume on Solana has reached record levels, supported by integrations with PayPal, Stripe and Western Union. Solana's stablecoin market cap currently sits at over $14.5 billion, according to the company.
"I am honored to be elected to the Board and will work together with HSDT's management to refine our focus on compounding SOL by holding and capturing sustainable on-chain yield in a secure, institutional framework," said Jiang in the press release.
Joseph Chee, Executive Chairman of Solana Company and Chairman of Summer Capital, stated that adding Jiang's experience "will boost our effort to make Solana Company the institutional-grade choice for access to SOL."
Solana Company describes itself as one of the largest Solana-focused digital asset treasuries globally. The company stated its strategy involves ecosystem advocacy, disciplined accumulation, and active treasury management with institutional-grade staking to maximize SOL per share. Despite these ambitions, InvestingPro data shows the company is not profitable over the last twelve months, with a concerning gross profit margin of -89.15%.
The announcement comes as digital asset markets continue to evolve, with Solana Company positioning itself as a publicly traded vehicle for SOL exposure. Investors should note that HSDT's stock has faced significant challenges, with InvestingPro showing a 98.43% price decline over the past year and a Price to Book ratio of 39.72. InvestingPro's comprehensive Research Report, available for HSDT and 1,400+ other US equities, provides deeper insights into what really matters for investors considering exposure to digital asset companies.
In other recent news, Solana Company announced the approval of all proposals at a special shareholder meeting, including the election of Cosmo Jiang to the board of directors. The company has significantly increased its holdings of Solana tokens to over 2.3 million, marking an increase of approximately 1 million tokens since early October. Solana Company also reported cash and stablecoin holdings exceeding $15 million, which it plans to leverage for its digital asset strategy. Additionally, Solana Company has entered into custody agreements with Coinbase, BitGo, and Anchorage Digital to secure its SOL holdings, highlighting its commitment to digital asset security. Despite market volatility, Solana Company proceeded with a scheduled registration for the resale of shares from a recent private placement, a decision described as a step towards establishing a foundation of committed long-term shareholders. The company has also selected BitGo as a custodian for its SOL holdings, further solidifying its digital asset treasury strategy. These developments reflect Solana Company's ongoing efforts to strengthen its position in the digital asset market.
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