# EDGAR Filing Document

**Accession Number:** 0001610853
**File Stem:** 0001104659-25-105347
**Filing Date:** 2025-11
**Character Count:** 47604
**Document Hash:** 9e3c705ac59f30afca22fe2de4787088
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-105347.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001104659-25-105347

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251103

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Solana Co
- **CENTRAL INDEX KEY:** 0001610853
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 364787690
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38445
- **FILM NUMBER:** 251442384

**BUSINESS ADDRESS:**
- **STREET 1:** 642 NEWTOWN YARDLEY ROAD
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** 215-944-6100

**MAIL ADDRESS:**
- **STREET 1:** 642 NEWTOWN YARDLEY ROAD
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELIUS MEDICAL TECHNOLOGIES, INC.
- **DATE OF NAME CHANGE:** 20180525

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELIUS MEDICAL TECHNOLOGIES, INC
- **DATE OF NAME CHANGE:** 20180517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELIUS MEDICAL TECHNOLOGIES, INC.
- **DATE OF NAME CHANGE:** 20140613

?xml version='1.0' encoding='ASCII'? SOLANA COMPANY_November 3, 2025

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 3, 2025**

![Graphic](hsdt-20251103x8k001.jpg)

## SOLANA COMPANY
**(Exact name of registrant as specified in its charter)**

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|:---|:---|:---|
| -<br>|  |  |
| **Delaware** | **001-38445** | **36-4787690** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **642 Newtown Yardley Road, Suite 100**<br>**Newtown, PA** |  | **18940** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

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**Registrant's telephone number, including area code: (215) 944-6100**

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, $0.001 par value | HSDT | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01** **Regulation FD Disclosure.**

On November 3, 2025, Solana Company (formerly known as Helius Medical Technologies, Inc.) (the "Company") posted a corporate presentation (the "Investor Update") to its website at www.solanacompany.co/about, which the Company may use from time to time in communications or conferences. A copy of the Investor Update is attached hereto as Exhibit 99.1 and incorporated herein by reference.

On November 3, 2025, the Company also issued a press release. A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Information contained on or accessible through any website reference in this Current Report, Exhibit 99.1 or Exhibit 99.2 attached hereto is not part of, or incorporated by reference in, this Current Report, and the inclusion of such website addresses in this Current Report, including by incorporation by reference of Exhibit 99.1 and Exhibit 99.2, is as inactive textual references only. The information in this Current Report, including in Exhibit 99.1 and Exhibit 99.2 hereto, is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. The Company's submission of this Current Report shall not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

This Current Report, Exhibit 99.1 and Exhibit 99.2 contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on current expectations and are not guarantees of future performance. Further, the forward-looking statements are subject to the limitations listed in Exhibit 99.1, Exhibit 99.2 and in the other reports of the Company filed with the Securities and Exchange Commission, including that actual events or results may differ materially from those in the forward-looking statements.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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 **(d) Exhibits**

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| | |
|:---|:---|
| Exhibit No.  | Description  |
| 99.1 | [Corporate Presentation, dated November 2025](hsdt-20251103xex99d1.htm). |
| 99.2 | [Press Release, dated November 3, 2025](hsdt-20251103xex99d2.htm). |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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|:---|:---|:---|
|  | **SOLANA COMPANY.** | **SOLANA COMPANY.** |
| Dated: November 3, 2025 | By: | /s/ Jeffrey S. Mathiesen |
|  |  | Jeffrey S. Mathiesen |
|  |  | Chief Financial Officer, Treasurer and Secretary |

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## Exhibit 99.1

#### Exhibit 99.1

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Investor Presentation November 2025 Exhibit 99.1 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 2 Disclaimer This presentation has been prepared by Solana Company (the "Company") solely for information purposes. The information contained in this presentation has been prepared solely to assist interested parties in making their own evaluation with respect to the proposed transaction involving the Company and for no other purpose. Each reader and each prospective investor is strongly encouraged to conduct their own independent investigation and verification of the information, opinions, and financial projections contained herein. This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a "prospectus" within the meaning of the U.S. Securities Act of 1933, as amended (the "Securities Act"). This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. No securities of the Company may be offered or sold in the United States without registration with the United States Securities and Exchange Commission (the "SEC") or an exemption from such registration pursuant to the Securities Act and the rules and regulations thereunder. The information in this presentation is strictly confidential. The recipient of this presentation shall keep this presentation and its contents confidential, shall not use this presentation and its contents for any purpose other than as expressly authorized by the Company and shall be required to return or destroy all copies of this presentation or portions thereof in its possession promptly following request for the return or destruction of such copies. By accepting delivery of this presentation, the recipient is deemed to agree to the foregoing confidentiality requirements. Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained herein. By receiving this presentation, you acknowledge and agree that none of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation speaks as of the date hereof. The information presented or contained in this presentation is subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the Company's future financial position, business strategy, budgets, projected costs, and plans and objectives of management for future operations. These statements refer to many things, including and not limited to, the participation of certain individuals, the future value of any digital asset and/or another cryptocurrency, the amount of the private placement, the ability to secure capital to execute the transaction, the managing of a sophisticated cryptocurrency treasury strategy, and all other statements that are not historical facts, or that are intended to be forward looking statements, should be read as forward looking statements. There are risks associated with the contemplated transactions, including regulatory and legal uncertainty, risks of loss associated with the industry, line of business, trade, customers, and vendors of the Company, and other risks. Historical facts are presented without intent to persuade. These statements can be recognized by the use of words such as "believe," "expect," "anticipate," "potential," "create," "intend," "could," "should," "would," "may," "plan," "seek", "will," "look," "future," "assume," "continue," or the negative of such terms or other variations thereof, or words of similar substance or meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, that could cause actual results to differ materially from those contained in any forward-looking statement and which are inherently subject to significant uncertainties and contingencies that are or may be difficult or impossible to predict and are or may be beyond our control. The Company and its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors and representatives assume no obligation to and do not undertake to update such forward-looking statements to reflect future events or circumstances. All trademarks, service marks, and trade names of any party of their respective affiliates used herein are trademarks, service marks, or registered trade names of such party or its respective affiliate, respectively, as noted herein. Any other product, company names, or logos mentioned herein agree the trademark and/or intellectual property of their respective owners, and their use is not alone intended to, and does not alone imply, a relationship with any party, or an endorsement or sponsorship by or of any party. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the®, TM or SM symbols, but such references are not intended to indicate, in any way, that any party of the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable owner or licensor to these trademarks, service marks and trade names. The Recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Exchange Act and the rules and regulations promulgated thereunder and that the Recipient will neither use, nor cause any third party to use, this presentation or any information contained within in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. The securities that are to be issued by the Company have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed on the merits of the proposed offering of securities or the adequacy or accuracy of this presentation. Actual results may vary greatly from any assumptions or models built in reliance on this document. Results may vary due to market conditions, unforeseen circumstances, competition, a reduction in the demand for such a private placement, an unforeseen change in how regulators in the USA categorize SOL. The transaction contemplated herein is subject to a multitude of risks, uncertainties, and changes. Those include but are not limited to, market conditions, the regulatory landscape defining the particular digital asset, the value of SOL, the ongoing security of the Solana ecosystem, technical and custodial risks, our ability to execute on any of the contemplated transactions subject to SEC compliance and Nasdaq related rules, and other risks of loss. Recipients of this presentation must not construe anything contained herein as constituting financial, investment, legal, tax or other advice of any kind. Recipients should seek advice from their own advisors as to these matters. For a description of the risks relating to an investment in the Company in connection with the offering, we refer you to "Risk Factors" in the Appendix to this presentation and risk factors discussed in documents that the Company has filed, or will file, with the SEC. No representation, warranty, or understanding, express or implied, is made by any of the above parties regarding this presentation and no reliance should be placed on it in connection with any investment decision. All communications outside of final transaction executed documents should not be relied on and participation in the transaction disclaims previous communications. |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 3 Solana is fast, cheap and accessible ● 912 transactions per second with <400ms block time and consistent uptime ● <$0.01 fees per transaction that enables high volume activities ● Accessible by anyone with a smart phone or internet connection Solana is the most widely adopted blockchain ● 7,500+ new developers onboarded in 2024, more than any other blockchain1 ● 2.3mm average daily active wallets with 23bn+ transactions YTD Solana is a financially productive asset with asymmetric upside ● 7% native staking yield with deflationary fee burning mechanism ● $2bn annualized free cash flow (1H25 annualized) ● 5% of BTC market cap and 23% of ETH market cap Financial institutions are using Solana ● Tokenized Fund by BlackRock, Apollo, Franklin Templeton and more ● Payment rails adoption by PayPal and Stripe Internet Capital Markets 1. Source: Developer Report by Electric Capital as of December 12, 2024 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 0% 20% 40% 60% 80% 100% Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 SOL Relative Share of Real Economic Value Solana Ethereum 4 Solana is the Leading Blockchain Platform Source: Artemis, Blockworks, DeFiLlama, ElectricCapital & CoinMarketCap; Data as of or for the month of September 30, 2025 912 TRANSACTIONS PER SECOND ~$0.001 MEDIAN FEE PER TRANSACTION 78,767,865 AVERAGE DAILY TRANSACTIONS 0 20 40 60 80 100 120 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Solana Average Daily Transactions (in mn) 0 1 2 3 4 5 6 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Solana Daily Active Users (in mn) 0 2,000 4,000 6,000 2020 2021 2022 2023 2024 2025 Monthly Active Developers 3,000+ NEW DEVELOPERS SINCE 2024 Most used L1: Solana leads in new developers, daily transactions (78mm+), and active users, compounding adoption across the ecosystem. Highest revenue ecosystem: With the highest L1 protocol and app revenue, Solana is capturing the largest share of real economic value. |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $0 $50 $100 $150 $200 $250 $300 $350 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 (billions) Solana vs. Ethereum DEX Volumes1 Ethereum Solana Decentralized Finance Solana is #1 blockchain in DEX volumes Solana is the #1 chain used for asset issuance 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Solana Asset Issuance Market Share2 Solana BNB Other Base 1. Source: Artemis as of September 30, 2025 2. Source: Dune Analytics as of September 30, 2025 5 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x $0 $10 $20 $30 $40 $50 $60 $70 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 $0 $2 $4 $6 $8 $10 $12 $14 $16 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 (billions) Stablecoins PayPal launched PYUSD stablecoin on Solana to enable value transfer between crypto wallets and the PayPal ecosystems Stripe enables merchants to accept stablecoin payment through Solana, and offers fiat-to-crypto on-ramp services Solana Stablecoin Transaction Volume Solana Stablecoin Supply Global Platforms Choose Solana POA (PROOF-OF-ADOPTION) Source: Allium as of September 30, 2025 Source: Blockworks Research as of September 30, 2025 (billions) 6 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Solana Use Cases Are Gaining Traction $500mm of real world assets (RWA) tokenized, making Solana one of the fastest growing blockchains for RWA issuance (1) BlackRock and Franklin Templeton launched tokenized MMFs on Solana Real World Asset Tokenization Decentralized Physical Infrastructure Networks (DePIN) Helium, Hivemapper, Geodnet and other DePIN networks leverage Solana's high throughput and low fees to coordinate physical infrastructure at global scale. Solana leads with 58% share of DePIN token market cap.2 DePIN Customers: Decentralized Mapping Decentralized Cellular Decentralized RTK Protocol: 1. RWA.xyz (August 31, 2025) Supported By: 7 2. Based on DePINscan data as of 10/12, adjusted to include Geodnet and Render under Solana and exclude IOTX from IoTeX |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Institutional Capital Flows Are Just Getting Started Market Participation & Integration Ecosystem Visibility & Institutional Access 43 Bitcoin ETFs 165 Public Companies Holding 21 Ethereum ETFs 16 Public Companies Holding 11 Solana ETFs Pending 5 Public Companies Holding SOL ETFs launched in the US and HK in late October 2025, which will broaden distribution and increase capital flows Less than 1% of SOL is currently held by institutions, compared to 7% for ETH and 16% for BTC SOL ETFs Launched Institutions are under-allocated to Solana 8 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 4 Debunking the Bear Case Common Misconceptions Myth Solana only has Memecoins Reality Solana underpins global payments for companies including Visa and Worldpay. It's leading DeFi innovation, with protocols like Jito and MarginFI redefining liquidity and yield. Myth Still in Beta Reality Solana has processed more than 87 billion transactions since launching in 2020. BlackRock and Franklin Templeton are leveraging Solana to tokenize RWAs, transforming how capital markets operate. Myth Centralized Network Reality With over 900 validators and 6,283 nodes operating in 46 countries, Solana runs on a truly global network. No single validator holds more than 3.4% control of the stake. Myth Network Outages Reality Since the last outage in 2024, Solana has supported many billions of annual transactions without interruption. The chain has demonstrated enterprise-level uptime, powering payments, DeFi, and RWAs without disruption. 2 3 9 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Solana can be analyzed like a tech stock 2021 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1H25 Daily Active Users 0.3 0.8 0.8 0.6 0.6 1.1 0.7 0.4 0.3 0.3 0.2 0.7 1.2 1.6 3.8 5.9 4.2 4.8 4.8 % Y/Y 85% 41% -12% -39% -50% -76% -72% 82% 351% 511% 1801% 768% 242% 202% 202% Transactions 3,107 1,505 2,070 5,347 4,508 2,953 4,119 2,809 3,309 3,010 2,275 3,747 6,327 6,380 5,700 7,500 8,578 8,948 17,526 % Y/Y 45% 96% 99% -47% -27% 2% -45% 33% 91% 112% 151% 100% 36% 40% 38% Average Fee $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.02 $0.04 $0.03 $0.11 $0.10 $0.03 $0.06 Revenue $0.3 $1.3 $5.6 $20.9 $11.6 $6.5 $4.9 $3.5 $3.8 $3.5 $4.2 $17.5 $127.6 $263.6 $195.8 $825.8 $819.1 $271.8 $1,090.9 % Y/Y 3381% 408% -13% -83% -68% -46% -14% 403% 3286% 7462% 4600% 4612% 542% 3% 179% Validator Expenses $1.3 $7.2 $16.5 $41.9 $20.4 $11.8 $6.8 $4.8 $4.3 $4.4 $5.1 $12.2 $31.1 $38.9 $36.2 $63.8 $61.6 $38.1 $99.7 Free Cash Flow -$1.0 -$6.0 -$10.9 -$21.0 -$8.8 -$5.4 -$1.9 -$1.3 -$0.6 -$1.0 -$0.9 $5.4 $96.6 $224.7 $159.6 $762.0 $757.4 $233.7 $991.1 % Y/Y 798% -10% -82% -94% -93% -82% -54% N/M N/M N/M N/M 14141% 684% 4% 208% Source: Artemis, Blockworks Research 10 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Global Payments TAM ($bn) $240,000 x Monetization % 0.2% Revenue TAM ($bn) $480 x Penetration % 10% SOL Revenue Potential ($bn) $48 Multiple 40x SOL Valuation ($bn) $1,920 (1) Run-rate free cash flow defined as 2Q25 annualized "Real Economic Value", as measured by Blockworks $- $500 $1,000 $1,500 $2,000 $2,500 Solana Ethereum Bitcoin Market Cap Comparison (in $bn) ~4x ~20x Upside Potential Valuation & Potential Upside We believe the valuation is attractive from multiple vantage points • Relative to growth: ~70x run-rate free cash flow(1), which grew 120%+ Y/Y implies 0.6x PEG (compares to S&P 500 ~3.0x PEG) • Relative to peers: 5% of BTC and 23% of ETH despite more users and transactions, faster growth, and stronger profitability Upside is compelling • Solana has the potential to be the settlement layer for all transactions, starting with global payments ($210tn GPV) • Solana's throughput is higher than what is handled by our existing financial rails (e.g. Visa, Mastercard) • 10% penetration of global payments would imply >15x upside Potential Solana Network Value A financially productive network delivering ~$1.8bn in annualized real economic value and 7% staking yield 11 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Why DATs? 12 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Raised YTD For DATs Total DAT Market Capitalization Digital Asset Treasury Companies What are they? • Digital Asset Treasury companies (DATs) are public companies whose primary strategy is to accumulate digital assets on their balance sheet; DATs do so through a combination of capital markets activities and yield generation • Strategy (ticker MSTR, formerly known as Microstrategy), was the first company to pursue this strategy using Bitcoin and is now a $90bn market cap company What do DATs provide investors? • DATs provide exposure to the underlying token combined with the additional optionality and advantages of an actively managed corporate wrapper • DATs are public equities that are accessible via retail brokerage accounts, rather than needing to open a crypto exchange account or go on-chain • As a result, DATs can produce returns that exceed that of the underlying token and can be easier to access for a wide swath of investors Industry Overview Spanning Across The Globe United States Japan UK France Canada Including: How Big is the Market?1 1. Figures as of September 26, 2025 13 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Over just five years, digital assets have expanded from niche Bitcoin reserves into next-generation institutional treasuries in Ethereum & Solana Figures as of September 26, 2025 Timeline: Key Events Digital Asset Treasuries MSTR purchased its first BTC; the stock has returned over 2,100% since the pivot New Generation SOL DATs including STSS, FORD, BREA and Pantera-sponsored HSDT launched August 2020 August/September 2025 Metaplanet announced its pivot to BTC treasury strategy; the stock has returned over 1,300% since the pivot April 2024 DAT trend commenced in the US; Pantera was an anchor investor in the launch of first generation DATs, including SOL DAT DFDV and BTC DAT CEP April 2025 BMNR launched with a strategic anchor investment from Pantera; stock surged over 25x within the first week; Fundstrat's Tom Lee serves as Chairman June 2025 14 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x DAT Investment Thesis Why buying MSTR at 2.0x mNAV may make sense vs buying spot • Buying MSTR at 2.0x mNAV means buying 0.5 BTC instead of 1.0 BTC via spot • However, if MSTR can grow BTC-per-share 50%/year for two years, by the end of year two each share of MSTR has 1.1 BTC – more than the 1.0 BTC from simply buying spot • MSTR has grown BTC-per-share ~75% in 2024 and ~26% YTD, for reference By growing the balance sheet, it is possible to own more units of Bitcoin by owning MSTR as opposed to buying spot, even if buying MSTR at a premium Digital Asset Treasury Illustrative Example companies can grow underlying Units/Share, resulting in more token ownership over time as compared to holding spot How do DATs work? DATs seek to grow their balance sheet in an accretive way to increase units per share, primarily using the following tools: • Issue stock at a premium when trading volume is robust with investor interest • Issue convertible debt, preferred and other equity-linked securities, effectively selling call options, or monetizing high volatility • Acquiring other DATs that are trading below 1.0x mNAV • Generate staking rewards, DeFi yield, and other operating income Business model is analogous to that of balance-sheet based financial companies, including banks, insurance companies and REITs 15 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 16 Core Engine: DAT Value Creation Levers Holding Spot Solana Company Solana-per-Share Growth (SPS) mNAV Expansion Token Price Increase Drivers of Return Capital Markets Activity ● Issue stock at a premium ● Monetize volatility through convertible bonds, warrants and other securities ● Accretive Consolidation of other DATs Income Generation ● Staking – capture inflation, Jito MEV, and validator block rewards ● DeFi yield – provide liquidity and earn yield across leading Solana protocols ● Operating business income mNAV Expansion ● Higher Growth in Solana-per-Share (SPS) justifies a higher Market Cap / NAV ratio Solana Price ● Fastest growing blockchain with the highest transaction revenue ● Pending ETF approval is a catalyst to unlock institutional capital ● ~2% of SOL supply is in DATs vs 4% of BTC and 4% of ETH |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 6/30/25 10/19/25 BMNR Price Growth Contribution 17 Case Study: BitMine Immersion Technologies (BMNR) Transaction Overview ● BitMine Immersion (BMNR) launched in late June; Pantera was a strategic anchor investor ● BMNR has become the largest ETH DAT with 3.2mm ETH acquired ● BMNR has returned ~11x for PIPE investors in 3 months mNAV Expansion ETH Price The Playbook: Three Key Levers To Stock Price Growth 1 2 3 There can be no assurance that investments made in the future will have similar characteristics or results. Token Per Share Growth – capital markets and income yield Token Price Increase – catalysts for growth and the long-term investment merit of the underlying token mNAV Expansion – higher growth in Tokens Per Share and token price justifies a higher premium to Net Asset Value Ether-per-Share (EPS) |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 18 Strategy & Sources of Differentiation Global Marketing Introduce Solana to TradFi audience through: ● Advocate for Solana within TradFi—bridge public-market investors into the ecosystem. ● Consistent storytelling across major financial media to drive brand awareness. ● Establish sell-side research coverage and global market education (U.S., Asia, Europe), especially in less tapped Asia capital centers including Hong Kong. ● Position HSDT as "The Public Gateway to Solana." Asset Management ● Pantera's DAT leadership: 20+ DAT investments, 150+ evaluated pitches, $400M+ deployed. ● Active accumulation: Market-aware SOL purchases to enhance token-per-share growth. ● Yield generation: Native staking (~7%) + DeFi opportunities to amplify returns. ● Alignment with Solana Foundation: Long-term ecosystem partnership and governance participation. Capital & Liquidity ● Offer exposure through innovative issuance — equity, options, preferred, convertibles, warrants. ● Deepen liquidity through tokenized stock, ETF inclusion, and multi-market listings outside the US ● Serve as an institutional bridge between crypto-native and equity investors. ● Actively manage balance sheet and capital structure to expand investor base and trading volume. A multi-channel strategy to expand global awareness, deepen liquidity, and enhance token accumulation |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Founder & Chairman Executive Chairman Joseph Chee Director Cosmo Jiang General Partner Advisor Dan Morehead Founder & Managing Partner CEO Dane Andreeff CFO Jeff Mathiesen Solana Company DAT Management Team PoNS Executive Team Solana Company Board & Executive Leadership 19 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Pantera DAT Credentials & Milestones Evaluated Pitches Made Investments Launched Funds Pantera Digital Asset Treasury Funds: DAT Fund I (July Launch) DAT Fund II (Aug Launch) Combined Capital Raised: Our DAT Expertise Led Us Here… ~$400mm Invested in DATs Ahead of HSDT Partnership with the Solana Foundation to establish its collaboration and commit to joint initiatives Featured In: Recent Milestones: Pantera anchored the earliest wave of DATs: DFDV CEP Through early conviction and strategic investments, Pantera laid the groundwork for the emergence of the DAT industry this year. 20 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x DATs are helping shape the digital assets industry Long-term permanent capital vehicles Advocating and assisting token ecosystem A "third leg" balancing Foundation and Labs Active Ecosystem Participant (e.g. DeFi, Governance, Incubation) Access to a new investor base Future of DATs 21 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAT Market x Consolidation • We believe we are nearing the end of the "genesis" phase of new DAT launches and are entering the execution and consolidation phase where high quality DAT with quality management teams may consolidate the smaller ones • Over the long term, we expect there to be 2-3 major DATs for each of the large cap assets, with the rest unable to sustain the flywheel and likely to trade at or below 1.0x mNAV • ASST acquisition of SMLR was the first industry example HSDT intends to be a participant in market consolidation 22 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x 23 Investors Are Increasing Digital Asset Allocations A broader theme in 2025 has been the embrace of digital assets by traditional equity investors • Coinbase was added to the S&P 500 Index in May 2025 and Robinhood in Sep 2025 • Digital-assets equities like Robinhood and Coinbase have outperformed • Digital-asset IPOs have received a strong reception, including CRCL, BLSH, FIGR and GEMI • DATs have collectively raised over $20bn1 of capital across multiple geographies -50% 0% 50% 100% 150% 200% 250% Jan 25 Feb 25 Mar 25 May 25 Jun 25 Jul 25 Sep 25 Crypto Stock YTD Performance versus S&P500 Index This adoption story remains in the early stages – most investors remain at 0%2, that is the opportunity 1. Source: Pantera Internal Tracking 2. Source: Bank of America Global Fund Manager Survey S&P 500® |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x HSDT www.SolanaCompany.co Nasdaq Ticker: Follow us: @Solana_Company 24 |

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| &nbsp;&nbsp;![GRAPHIC](hsdt-20251103xex99d1g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x Risk Factors Risks Related to the Company's Business, SOL Strategy and Holdings The Company's financial results and the market price of the Company's shares of common equity may be affected by the prices of SOL. Investing in SOL will expose the Company to certain risks associated with SOL, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in its electronic, virtual form and decentralized network. The Company will have broad discretion in how it executes its SOL strategy, including the timing of purchases and sale of SOL and SOL-related products. The Company may not execute its strategy effectively, which could affect its results of operations and cause its stock price to decline. A significant decrease in the market value of the Company's SOL holdings could adversely affect its ability to satisfy its financial obligations under debt financings. Unrealized fair value gains on its SOL holdings could cause the Company to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022. Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact the Company's business. SOL and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty. SOL is a highly volatile asset, and fluctuations in the price of SOL are likely to influence the Company's financial results and the market price of the Company's shares of common equity. SOL and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty. The availability of spot exchange-traded products ("ETPs") for other digital assets may adversely affect the market price of its listed securities. The Company's SOL strategy will subject it to enhanced regulatory oversight. SOL trading venues may experience greater fraud, security failures, or regulatory or operational problems than trading venues for more established asset classes. The concentration of SOL holdings may enhance the risks inherent in the Company's SOL strategy. The Company's SOL holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents. If the Company or its third-party service providers experience a security breach or cyber-attack and unauthorized parties obtain access to its SOL assets, the Company may lose some or all of its SOL assets and its financial condition and results of operations could be materially adversely affected. The Company will face risks relating to the custody of its SOL, including the loss or destruction of private keys required to access its SOL and cyberattacks or other data loss relating to its SOL. Regulatory changes reclassifying SOL as a security could lead to the Company's classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of SOL and the market price of the Company's listed securities. The Company is not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers. The Company's SOL strategy exposes it to risk of non-performance by counterparties. 25 |

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## Exhibit 99.2

**Exhibit 99.2**

**Solana Company (NASDAQ: HSDT) Releases Investor Update**

**NEWTOWN, Pa., Nov. 3, 2025** – Solana Company (NASDAQ: HSDT) (the "Company" or "HSDT"), a publicly listed digital asset treasury dedicated to acquiring and holding Solana (SOL), today announced the release of its latest corporate presentation (the "Investor Update") and the election of Cosmo Jiang, General Partner at Pantera Capital, to the Board of Directors (the "Board").

The Investor Update highlights Solana's accelerating adoption across real-world asset tokenization, decentralized finance, and payments. The network now leads all Layer 1 blockchains in decentralized exchange (DEX) trading volume and asset issuance market share, with over 23 billion transactions year-to-date and 2.3 million active wallets. Stablecoin transaction volume on Solana has also reached record levels, supported by integrations with PayPal, Stripe and Western Union, while Solana's stablecoin market cap currently sits at over $14.5B.

Solana Company continues to advance its mission to maximize SOL per share through ecosystem advocacy, disciplined accumulation, and active treasury management with institutional-grade staking. The Company remains one of the largest Solana-focused digital asset treasuries globally, operating with long-term alignment to the Solana ecosystem.

"Our strategy remains grounded in transparency, conviction, and disciplined execution," said Cosmo Jiang, General Partner at Pantera Capital and Board Director at Solana Company. "I am honored to be elected to the Board and will work together with HSDT's management to refine our focus on compounding SOL by holding and capturing sustainable on-chain yield in a secure, institutional framework."

"Congratulations to Cosmo on his election to the Board. In a period of market adjustment, our strategic focus remains unwavering, as does our commitment to delivering value to our shareholders," said Joseph Chee, Executive Chairman of Solana Company and Chairman of Summer Capital. "Adding Cosmo's experience building successful DATs to our Board will boost our effort to make Solana Company the institutional-grade choice for access to SOL, the blockchain of choice for the future financial system."

The full Investor Update can be viewed at: www.solanacompany.co/about

**Forward-Looking Statements**

This press release contains statements that constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Forward-looking statements may include, among others, statements in relation to the Company's future growth and operational progress, the Company's compliance with Nasdaq requirements, expected enrollment, developments and future plans regarding regulatory entities, receipt of prescriptions and progress of commercialization of the PoNS device in the U.S., the impacts of the current global macroeconomic environment on the Company, product development activities, the safety and effectiveness of the Company's product, the manufacturing plans for the Company's product, sufficiency of cash and availability of funds and operating costs and the Company's ability to continue as a going concern and future liquidity.

These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors—many of which are beyond the Company's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company's ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of SOL; and other risks and uncertainties described under "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 25, 2025, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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**About Solana Company**

Solana Company (NASDAQ: HSDT) is a leading neurotech company in the medical device field focused on neurologic deficits using orally applied technology platform that amplifies the brain's ability to engage physiologic compensatory mechanisms and promote neuroplasticity, improving the lives of people dealing with neurologic diseases. It is also a listed digital asset treasury ("DAT") dedicated to acquiring and holding Solana (SOL). Created in partnership with Pantera Capital and Summer Capital, Solana Company's DAT objective is to maximize SOL per share through strategic use of capital markets and onchain opportunities, offering public market investors direct exposure to Solana's secular growth.

For more information, please visit www.solanacompany.co or follow us on X (@Solana_Company).

**Media Contacts:**

Solana Company<u>ir@solanacompany.co</u>

Pantera Capital Management LP<u>ir@panteracapital.com</u>

Summer Capital Limitedpr@summer-cap.com

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