Pantera-Backed Solana Company Brings Forward PIPE Unlock as Stock Price Plunges 60%

Core Insights - Solana Company (HSDT), a digital asset treasury firm, is unlocking shares for early investors in its $500 million PIPE round as its stock trades below the initial purchase price [1][2] - HSDT shares, initially sold at $6.881 each, have dropped to around $6.50 after a significant decline, including a 17% drop on Monday [2][5] - The company aims to establish a foundation of committed long-term shareholders despite the pressure on stock price from the resale registration statement [3] Company Summary - HSDT's stock experienced a surge above $25 following the PIPE deal but subsequently fell over 70% as the digital asset treasury hype diminished [5] - The firm is adopting a proactive approach by "ripping off the band-aid," contrasting with other digital asset treasury firms that are delaying similar actions [2][4] Industry Context - PIPE deals allow institutional investors to purchase shares at pre-set prices, often at a discount, and have become a popular method for digital asset treasury firms to raise capital quickly [4] - The sustainability of the PIPE structure in crypto markets is under scrutiny, as several firms have seen their stock prices collapse when sale registration for PIPE investors became effective [4]