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NEWTOWN, Pa. - Solana Company (NASDAQ:HSDT) announced Wednesday that its Board of Directors has approved a stock repurchase program to acquire up to $100 million of the company's outstanding common stock. The announcement comes as the stock trades near its 52-week low of $4.51, having declined over 99% year-to-date according to InvestingPro data.
The open-ended program will allow the company to repurchase shares periodically in the open market and through negotiated transactions, according to a company press release.
As of November 4, 2025, Solana Company has 84,130,257 common shares outstanding, including shares underlying pre-funded and penny warrants.
"For our goal of maximizing SOL per share accumulation, there may be times when the best expected return of our capital is to acquire our own shares," said Joseph Chee, Executive Chairman of Solana Company and Chairman of Summer Capital.
Solana Company describes itself as both a neurotech company focused on neurologic deficits and a digital asset treasury dedicated to acquiring and holding Solana (SOL). The company was created in partnership with Pantera Capital and Summer Capital.
The firm states its digital asset treasury objective is to maximize SOL per share through strategic use of capital markets and on-chain opportunities, providing public market investors with exposure to Solana.
The announcement comes during what the company characterized as a "period of market adjustment" in its press release statement.
In other recent news, Solana Company announced several key developments. The company reported holding over 2.3 million Solana (SOL) tokens, an increase of approximately 1 million tokens since earlier this month, and disclosed cash and stablecoin holdings exceeding $15 million. Shareholders approved all proposals at a special meeting, including the election of Cosmo Jiang from Pantera Capital to the board of directors. Additionally, Solana Company selected BitGo as the custodian for its SOL holdings, aligning with its digital asset treasury strategy.
In a move to enhance transparency, the company decided to proceed with a scheduled registration for the resale of shares from a recent private placement, despite market volatility. This decision was described by Executive Chairman Joseph Chee as a step to establish a foundation of committed long-term shareholders. Solana Company also reported an average gross staking yield of 7.03% APY for October, surpassing the stake-weighted average of the top 10 validators. Lastly, the company highlighted Solana blockchain's leadership in decentralized exchange trading volume and asset issuance market share, with over 23 billion transactions and 2.3 million active wallets year-to-date.
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