Solana Company Stock Surges After Launching Institutional SOL Borrowing Program

Shares of Solana Company (NASDAQ: HSDT) climbed roughly 17% on February 13, 2026, after the firm introduced a new institutional borrowing framework tied to natively staked SOL. The stock rebounded toward the $2.30 level after touching an all-time low near $1.80 earlier in the week.

The move follows a partnership with Anchorage Digital and the Solana-based lending protocol Kamino.

Unlocking Liquidity Without Unstaking

The newly launched structure allows institutions to borrow against staked Solana (SOL) while the tokens remain in qualified custody. This design enables treasury holders to access liquidity without unstaking or selling their assets, preserving both long-term exposure and staking rewards.

Under the tri-party model:

• Anchorage Digital serves as collateral manager and provides federally chartered segregated custody.
• Kamino delivers the on-chain lending infrastructure.
• Solana Company implements the treasury strategy and coordinates institutional capital use.

This framework attempts to bridge traditional custody standards with on-chain credit markets, targeting institutions that require compliant structures before deploying capital.

Treasury Position and Market Context

As of February 2026, Solana Company holds approximately 2.3 million SOL, valued near $200 million, making it the second-largest publicly traded holder of SOL.

Despite the 17% daily rally and recovery toward the $2.30 area, HSDT remains down nearly 90% since shifting to a Solana-focused treasury strategy in mid-September 2025. The recent price move therefore represents a short-term reaction within a broader drawdown trend.

The borrowing program is positioned as a capital efficiency upgrade rather than a change in core treasury exposure. By enabling liquidity access without asset liquidation, the company seeks to reduce forced selling risk during volatile periods.

Strategic Implications

The introduction of institutional borrowing against staked SOL reflects a growing push to integrate staking-based assets into structured credit markets. If adoption expands, similar custody-backed lending models could gain traction among other crypto-focused treasuries.

For now, the stock reaction suggests investors view the initiative as a constructive step toward improving balance sheet flexibility, though longer-term performance will depend on sustained execution and broader market conditions.

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