Company: HSDTW
Filing Date: 2025-09-15
Form Type: 424B5
Source: 0001104659-25-089776
Chunk: 1

Company: Solana Co
Filing Date: 2025-09-15
Form: 424B5
Chunk 1
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 See “Plan of Distribution” beginning on page S-19 for additional information regarding the compensation to be paid to the Sales Agents. We have also agreed to provide indemnification and contribution to the Sales Agents with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Under the terms of the Sales Agreement, we also may sell our common stock to the Sales Agents, as principals for their own accounts, at a price agreed upon at the time of sale. If we sell our common stock to the Sales Agents, as principals, we will enter into a separate agreement with the Sales Agents, setting forth the terms of such transaction, and we will describe the agreement in a separate prospectus supplement or pricing supplement.

Investing in our common stock involves a high degree of risk. You should read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before you make your investment decision. See “Risk Factors” beginning on page S-9of this prospectus supplement and page 5of the accompanying prospectus, and under similar headings in the other documents incorporated by reference herein, to read about risks that you should consider before making a decision to purchase shares of our common stock.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.**

#### Clear StreetMaxim Group LLC
<div align='center'>**The date of this prospectus supplement is September 15, 2025.**</div>

TABLE OF CONTENTS

Prospectus Supplement

| ​                                                     | ​ | ​ | Page |   |      |   | ​ |
| ABOUT THIS PROSPECTUS SUPPLEMENT                      | ​ | ​ | ​    | ​ | S-ii | ​ | ​ |
| PROSPECTUS SUPPLEMENT SUMMARY                         | ​ | ​ | ​    | ​ | S-1  | ​ | ​ |
| RISK FACTORS                                          | ​ | ​ | ​    | ​ | S-9  | ​ | ​ |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION | ​ | ​ | ​    | ​ | S-15 | ​ | ​ |
| USE OF PROCEEDS                                       | ​ | ​ | ​    | ​ | S-17 | ​ | ​ |
| DIVIDEND POLICY                                       | ​ | ​ | ​