By Isaac • August 15, 2026 7:09 am •
A publicly traded Solana treasury company just demonstrated why a pile of staking rewards is not the same thing as a self-funding business.
Solana Company, which trades on Nasdaq under the ticker HSDT, recognized $2.512 million in staking revenue during the second quarter. That sounds like a strong result for a company built around holding and staking SOL.
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But the cash-flow statement tells a much more complicated story.
According to a detailed review by CryptoSlate, the company earned roughly 31,200 SOL and automatically restaked those rewards. In other words, the staking income increased the crypto treasury, but it did not put spendable dollars into the operating account.
The report compared the company’s first-half cash-flow statement with
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