Solana Company posts $3.4M revenue as staking income climbs

By Nathan Brooks

Solana Company reported $3.4 million in third-quarter revenue, up from $700,000 a year earlier, with $3.3 million coming from staking and $23,000 from other revenue.

The company generated 30,800 SOL in staking rewards during the quarter and automatically restaked the tokens. Revenue for the first nine months reached $9.5 million. Together, those figures make staking the company’s primary operating revenue source rather than an ancillary treasury activity.

A capital raise and buybacks move in parallel

The company raised approximately $15 million through a registered direct offering priced at a 5% premium to net asset value per share. It deployed the proceeds to purchase roughly 125,000 SOL.

It also repurchased 1.4 million Class A shares for approximately $2.8 million during the quarter, bringing year-to-date repurchases to $8.7 million.

Under the Treasury Stock Method, the diluted share count was approximately 85.2 million, representing 0.0274 SOL per diluted share.

The two actions serve different purposes: the offering supplies capital for token accumulation, while the repurchase program reduces the share base. That structure gives investors exposure to both SOL holdings and the earnings generated by staking them.

Gross profit rose as quarterly overhead fell

• Cost of revenue was $600,000, producing gross profit of $2.7 million and an 82% gross margin.
• General and administrative expenses fell to $3.4 million from $5.5 million, reflecting lower bonus expenses and professional fees. Higher trading advisory and custody fees partly offset that reduction.

For the first nine months, however, general and administrative expenses rose to $19.7 million from $12.7 million, mainly because of $6.8 million in severance costs associated with the PoNS divestiture. The quarterly run rate improved, but the nine-month total still carried the divestiture charge.

Profit swung sharply from prior-year losses

Solana Company recorded approximately $103.9 million in income from operations and $105.2 million in net income, versus an operating loss of $35.5 million and a net loss of $352.8 million in the same period last year.

Earnings were $1.21 per basic share and $1.17 per diluted share. Nonoperating income was $1.3 million, including a $1.7 million gain related to the fair-value change in derivative liabilities and $400,000 in other expenses, primarily tied to foreign-exchange fluctuations.

The summary does not provide a full reconciliation of operating income, so the $103.9 million should not be read as a direct measure of staking revenue.

Most balance-sheet value sits in digital exposures

At September 30, the company held $292.6 million in total assets, including $1.1 million in cash, $21 million in current digital assets and $252.4 million in long-term digital assets and related exposures across staked positions, restricted assets, receivables and fund investments.

The company also recorded a $14.8 million broker receivable for SOL purchased on the final day of the quarter, with settlement occurring on Oct. 1.

For institutional allocators, this makes liquidity, asset-release terms and counterparty settlement more important than the headline total-asset figure.

What does this change for institutional allocators?

Solana Company said it participated in the network’s first onchain governance vote and delivered more than 40 educational sessions and advisory workshops for banks, asset managers and exchanges across Asia-Pacific. Those activities extend beyond managing its own treasury, although the source does not disclose revenue, clients or mandates from the workshops.

Operationally, staking now supplies nearly all reported quarterly revenue, and rewards compound the token position rather than providing cash for general corporate use. The $15 million offering, the $2.8 million quarterly repurchase and the 125,000 SOL purchase show capital moving toward a token-heavy treasury model.

The next quarterly disclosure is the first checkpoint on whether this staking-led model can sustain revenue while the company manages a $252.4 million book of long-term digital and related exposures.