Solana (NASDAQ:HSDT) reported sharply higher first-quarter revenue tied to its digital asset treasury strategy, while a steep decline in the price of SOL drove large non-cash losses and a wider net loss for the period.
Chairman, President and Chief Executive Officer Joseph Chee said the company made “significant progress” in building its “multifaceted digital asset treasury platform” and executing its Solana treasury strategy during a volatile period for crypto markets. He said the company continued to focus on increasing SOL per share through capital markets activity, staking rewards and operational discipline.
