The Solana Company posted a $30.3 million net loss for the second quarter as accounting write-downs on its SOL holdings overwhelmed the business. Staking still turned a profit, but shares of the Nasdaq-listed treasury firm fell on the print, and rivals holding other tokens reported the same split.
The Solana Company's Q2 loss reached $30.3 million, driven almost entirely by write-downs on its crypto holdings rather than weak operations. Investors punished the print anyway: shares of the Nasdaq-listed digital-asset treasury firm, which trades under the ticker HSDT and holds SOL on its balance sheet, fell 5.56% and closed Friday at $1.70.
Staking still delivered a profit
The operating business worked. Staking generated nearly all of the $2.5 million in revenue, and gross margin landed close to 97%. Validators earned 31,200 SOL for the company during the quarter, and the protocol then restaked those tokens automatically.
However, accounting rules force treasury firms to mark holdings down when token prices drop, and SOL slid hard through the spring. As a result, the paper value of the company's stack shrank even as the underlying staking business stayed profitable.
By June 30, total assets stood at $176.1 million, with long-term digital asset positions making up $147.3 million of that figure and cash at just $3.6 million. Liabilities stayed light at $6.4 million, so stockholders' equity held near $165.6 million across 57.4 million shares outstanding.
Chairman and CEO Joseph Chee pointed to strategy rather than the headline number, saying: "This quarter was defined by execution of our integrated flywheel strategy". The first half tells a harsher story, though: revenue reached $6.1 million, yet the company still reported a net loss of $130.1 million, or $1.66 per share.
SOL weakness drags down every treasury stock
SOL changes hands near $75, down roughly 62% over the past year, though the token still ranks seventh by market value at about $43.8 billion.
Rivals report the same pattern: Forward Industries absorbed $69 million in Solana treasury writedowns last quarter, while Bit Digital posted a $107.2 million quarterly loss on its Ethereum stack.
Not every treasury bled. Hyperion DeFi booked a record profit of $31 million on Hyperliquid, underscoring how much the model depends on the direction of a single token.
Capital kept arriving regardless. The Solana Company raised $7.9 million through a direct offering led by Mirae Asset, with HashKey Capital joining the round. Management also retired 1.3 million shares for $2.3 million during the quarter, and $5.9 million so far this year.
Yet the treasury thesis still hinges entirely on SOL. Should the token rebound, the same accounting rules that created the $30.3 million loss would swing the figure back the other way.
Source: BeInCrypto
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