Solana staking rewards circulating through a treasury vault while a separate cash stream funds operations

This Solana Treasury Earned $2.5 Million From Staking. The Cash Trail Tells a Different Story

By Isaac • August 15, 2026 7:09 am • Comments

A publicly traded Solana treasury company just demonstrated why a pile of staking rewards is not the same thing as a self-funding business.

Solana Company, which trades on Nasdaq under the ticker HSDT, recognized $2.512 million in staking revenue during the second quarter. That sounds like a strong result for a company built around holding and staking SOL.

But the cash-flow statement tells a much more complicated story.

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According to a detailed review by CryptoSlate, the company earned roughly 31,200 SOL and automatically restaked those rewards. In other words, the staking income increased the crypto treasury, but it did not put spendable dollars into the operating account.

The report compared the company’s first-half cash-flow statement with its first-quarter filing and estimated that operations used $11.892 million in cash during the second quarter. It also calculated roughly $7.853 million in second-quarter proceeds from digital-asset sales, although those proceeds cannot be matched directly to individual operating expenses.

That accounting trail changes how the quarter should be read. The company’s staking strategy produced real token revenue, while the operating business remained dependent on asset sales, a divestiture and fresh equity capital for dollar liquidity.

That distinction matters because the company still had to fund payroll, professional expenses and the rest of its day-to-day operation. CryptoSlate calculated that second-quarter operating cash use was approximately $11.892 million after comparing the company’s first-half figures with its first-quarter filing.

The company’s quarterly filing with the SEC shows how wide the gap became. For the first half of the year, Solana Company reported $16.723 million in operating cash use and $13.321 million in proceeds from digital-asset sales.

The filing also reported $3.647 million in cash at June 30 and $26.587 million in working capital. That working-capital total included $21 million in current digital assets that management described as readily liquidatable, so much of the company’s financial flexibility still depended on its crypto holdings.

Management disclosed that staked SOL generally requires a two-to-three-day unbonding period before it can be transferred or sold. The filing therefore separates treasury value from immediate cash availability instead of treating the two as interchangeable.

Staking revenue was real—but it was not operating cash

There is nothing imaginary about the staking rewards. The company earned SOL, recognized the revenue and added those tokens back to its staked position.

The problem is timing and liquidity. Restaked SOL is still tied to the treasury strategy.

Turning it into dollars requires the company to unstake and sell tokens, and the filing notes that the unbonding process can take two to three days. The eventual cash value also depends on SOL’s market price and available liquidity at the time of sale.

That is why the headline revenue number cannot be read like ordinary cash revenue from a mature operating business. The treasury may be growing in token terms while the company still needs other sources of dollars to keep the lights on.

Where the money came from

The company did have additional liquidity. It reported $3.647 million in cash at June 30 and $26.587 million in working capital, including $21 million in current digital assets that management described as readily liquidatable.

It also brought in money from outside the staking engine. The company reported $4.242 million in net proceeds from the sale of its PoNS business and raised another $7.9 million through a registered direct equity offering.

The quarter also included digital-asset sales, although those sales should not be treated as a precise dollar-for-dollar match for operating expenses.

The company’s filed second-quarter results reported a $30.256 million net loss. They also included a $25.389 million realized loss on digital assets, but that figure needs careful handling.

The filing adds the realized loss back when reconciling net loss to operating cash flow, which means it was an accounting charge—not a matching $25.389 million cash drain during the quarter.

General and administrative expenses reached $11.116 million. That included $1.4 million in severance tied to terminated PoNS employees and $5.4 million in separation costs for the former chief executive and chief financial officer.

Even after removing those unusually large items, the remaining rough G&A figure still exceeded staking revenue.

The real test for corporate Solana treasuries

This quarter does not prove that the Solana treasury model is broken. It does show exactly where investors should focus.

Staking can produce more SOL and strengthen a treasury’s token position. But a company only becomes self-funding when those rewards can cover its real operating obligations without repeated equity raises, business sales or treasury liquidation.

For Solana Company, the next important numbers will not be staking yield alone. They will be operating costs, cash on hand, the pace of future SOL sales and whether the company can narrow the gap between crypto income and dollar expenses.

That is the tension inside the latest results: the staking engine worked, but the business still needed cash from somewhere else.

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