Company: HSDTW
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001104659-25-066159
Chunk: 2

Company: Solana Co
Filing Date: 2025-07-07
Form: 424B5
Chunk 2
---
 | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| RISK FACTORS                                      | ​ | ​ | ​    | ​ |  5 | ​ | ​ |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | ​ | ​ | ​    | ​ |  5 | ​ | ​ |
| USE OF PROCEEDS                                   | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| DESCRIPTION OF CAPITAL STOCK                      | ​ | ​ | ​    | ​ |  7 | ​ | ​ |
| DESCRIPTION OF DEBT SECURITIES                    | ​ | ​ | ​    | ​ | 11 | ​ | ​ |
| DESCRIPTION OF WARRANTS                           | ​ | ​ | ​    | ​ | 18 | ​ | ​ |
| LEGAL OWNERSHIP OF SECURITIES                     | ​ | ​ | ​    | ​ | 20 | ​ | ​ |
| PLAN OF DISTRIBUTION                              | ​ | ​ | ​    | ​ | 23 | ​ | ​ |
| LEGAL MATTERS                                     | ​ | ​ | ​    | ​ | 25 | ​ | ​ |
| EXPERTS                                           | ​ | ​ | ​    | ​ | 25 | ​ | ​ |
| WHERE YOU CAN FIND MORE INFORMATION               | ​ | ​ | ​    | ​ | 25 | ​ | ​ |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE | ​ | ​ | ​    | ​ | 25 | ​ | ​ |

S-i

TABLE OF CONTENTS

### ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement and the accompanying prospectus relate to the offering of our common stock. You should read this prospectus supplement, the accompanying prospectus, the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, and any free writing prospectus that we may authorize for use in connection with this offering, in their entirety before making an investment decision. You should also read and consider the information in the documents to which we have referred you in the section of this prospectus supplement entitled “Where You Can Find More Information” and “Incorporation by Reference.” These documents contain important information that you should consider when making your investment decision.

This document is divided in two parts. The first part is this prospectus supplement, which describes the specific terms of the offering of the common stock and also adds to and updates information contained in the accompanying prospectus and