Company: HSDTW
Filing Date: 2025-11-17
Form Type: 424B7
Source: 0001104659-25-112792
Chunk: 0

Company: Solana Co
Filing Date: 2025-11-17
Form: 424B7
Chunk 0
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Filed pursuant to Rule 424(b)(7)

Registration No. 333-290950

Prospectus Supplement No. 1

(To Prospectus dated October 20, 2025)

<div align='center'>SOLANA COMPANY

37,679,950 Shares of Common Stock
36,261,239 Shares of Common Stock Underlying Pre-Funded Warrants
81,335,308 Shares of Common Stock Underlying Warrants</div>

This Prospectus Supplement No. 1 (this “Supplement”) is
being filed solely to update the information contained in the table in the “Selling Stockholders” section of the prospectus
dated October 20, 2025 (the “Prospectus”), relating to the resale by selling stockholders of Solana Company, a Delaware corporation,
of up to (i) 37,679,950 shares of Class A common stock (the “PIPE Shares”) of the Company, par value $0.001 per share (“Common
Stock”) issued to the investors of the PIPE Offerings (as defined below), (ii) 36,261,239 shares of Common Stock (the “Pre-Funded
Warrant Shares”) underlying pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of Common Stock with
an exercise price per share equal to $0.001 issued to the investors of the PIPE Offerings, (iii) 73,941,189 shares of Common Stock (the
“Stapled Warrant Shares”) underlying stapled warrants (the “Stapled Warrants”) to purchase shares of Common Stock
with an exercise price of $10.134 per underlying share of Common Stock and (iv) 7,394,119 shares of Common Stock (the “Advisor Shares”)
underlying warrants (the “Advisor Warrants”) to purchase shares of Common Stock with an exercise price equal to $0.001 per
share of Common Stock issued to advisors of the Company pursuant to an exemption from the registration requirements of the Securities
Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act.

The PIPE Shares, Pre-Funded Warrants and Stapled
Warrants were issued on September 18, 2025, pursuant to certain Subscription Agreements (collectively, the “Subscription Agreements”)
dated September 15, 2025 in private placement offerings (the “PIPE Offerings”). The Advisor W