Solana Company generated $5.1 million in staking rewards in the fourth quarter of 2025 and $5.5 million for the full year, with substantially all SOL holdings staked during the period. It raised $29.9 million in 2025 through ATM programs to purchase SOL on a net asset value share accretive basis. The company repurchased $3.4 million of common stock in 2026, funded primarily through the sale of SOL on a NAV share accretive basis. It adopted a share repurchase program, initiating share repurchases totaling $3.4 million to date in 2026.
“The Company’s business expansion through the implementation of the DAT strategy has delivered tangible results,” said Joseph Chee, Executive Chairman at Solana Company. “The Company maintains a strengthened balance sheet, and sufficient liquidity to support ongoing investment activities and long-term sustainable growth,” Chee added. Cosmo Jiang, General Partner at Pantera Capital and a Solana Company board director, said, “Consistent with our recent announcement of the first-of-its-kind institutional-grade yield enhancement solution in collaboration with Kamino and Anchorage, together with business development initiatives aimed at revenue diversification such as the Pacific Backbone project, the Company plans to continue to pursue the generation of incremental cash flows for Solana Company in a safe and compliant manner, and to pursue highly selective strategic capital markets transactions to advance the achievement of its objectives.”
Fourth quarter revenue was $5.2 million, compared to $0.2 million in the prior-year period, driven by $5.1 million in staking rewards. For the fourth quarter, cost of revenue was $0.2 million, in line with the prior-year period. Selling, general and administrative expenses for the fourth quarter of 2025 were $13.0 million, due primarily to increased non-cash compensation costs, salaries and wages, digital asset management and custodian fees, as well as legal and professional fees in conjunction with the DAT strategy. Total operating expenses for the fourth quarter of 2025 were $206.1 million, including non-cash charges of $178.3 million for unrealized loss on digital assets and digital assets receivable, $12.1 million for realized loss on digital assets, and $2.1 million for unrealized loss on digital assets fund investment, resulting in a loss from operations of $201.1 million. Non-operating income in the fourth quarter was $526.6 million, primarily from the change in fair value of derivative liability, yielding net income of $325.6 million for the quarter.
Full year 2025 revenue was $6.0 million, up from $0.5 million in the prior year, primarily reflecting $5.5 million in staking rewards earned following the launch of the DAT strategy in September 2025. Cost of revenue for the full year was $0.5 million, with gross profit of $5.5 million, compared to a gross loss of $0.1 million in the prior year. Selling, general and administrative expenses for the full year were $23.1 million, and total operating expenses were $249.4 million, resulting in a loss from operations of $243.8 million. Non-operating income for 2025 was $203.0 million, contributing to a net loss of $40.9 million. At December 31, 2025, cash totaled $7.3 million and digital assets at fair value totaled $293.7 million, for a combined total of $301.0 million, with 84.1 million shares outstanding. Management also noted ongoing exploration of additional capital markets actions and a continued focus on scalable exposure to SOL, with a conference call scheduled for March 30, 2026 at 4:30 p.m. Eastern Time.
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