Solana Company shares jump 17% as firm rolls out borrowing against staked SOL

Solana Company shares (NASDAQ: HSDT) jumped roughly 17% on Friday after the firm unveiled a structure allowing institutions to borrow against natively staked SOL while keeping assets in custody, aiming to unlock liquidity from treasury holdings during a prolonged downturn for Solana-linked stocks.

The Nasdaq-listed firm, formerly Helius Medical Technologies, partnered with and Solana lending protocol Kamino to enable loans backed by SOL that remain staked and held in segregated custody accounts at Anchorage. In practice, it allows holders to continue earning staking rewards while unlocking onchain borrowing liquidity rather than needing to unstake or sell tokens to raise capital.

Shares of Solana Company rose to around $2.30 following the announcement, rebounding from an all-time low near $1.80 earlier this week. The stock nevertheless remains down around 90% since the company pivoted to a Solana treasury strategy in mid-September last year.

Solana Company is currently the second-largest publicly traded holder of SOL, with roughly 2.3 million tokens on its balance sheet worth nearly $200 million. Sector leader Forward Industries holds three times that amount.

SOL treasury survival mode

The launch comes as publicly listed Solana treasury companies continue to face pressure after SOL slid from roughly $245 when Solana Company rebranded in September to about $70 last week before recovering toward the mid-$80 range.

Falling token prices have weighed heavily on corporate balance sheets, pushing firms to rely more on staking income and alternative yield strategies instead of price appreciation alone.

Several peers are also moving in similar directions.

SOL Strategies last month launched a liquid staking token backed by more than 500,000 SOL, adding a fee-generating product alongside its validator and treasury operations, while Sharps Technology recently disclosed its treasury is earning roughly 7% annualized staking yield while expanding validator operations.

Meanwhile, Upexi said staking income now accounts for the majority of company revenue, even as lower SOL prices drove a $179 million quarterly loss largely tied to accounting revaluations.