Solana Company allows early investors to unlock shares of PIPE investors early, causing shares to plunge 60%.
2025-10-21 00:22:12
Digital asset treasury firm Solana Company (HSDT) on Monday announced the early unlocking of the $500 million PIPE financing round shares sold in September at $6.881 per share, allowing early investors to sell shares in advance. The company called the move a "tear off the Band-Aid" strategy aimed at building a long-term shareholder base. After the news was announced, HSDT's share price has fallen to about $6.50, plummeting nearly 60% in three consecutive trading days and 17% on Monday alone. PIPE financing (private investment in public equity) has become the preferred way for emerging digital asset treasury firms to quickly raise funds to buy cryptocurrencies, but the sustainability of the model in the crypto market has been called into question as multiple companies' share prices crashed during the unlocking period.
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