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Solana Company to Tokenize HSDT Shares on Superstate

WhitneyNovember 13, 2025Last Updated: November 13, 2025

4 minutes read

Solana Company to Tokenize HSDT Shares on Superstate

Solana Company to tokenize HSDT shares on Superstate for onchain trading access.
Pantera Capital leads $500M PIPE backing Solana Company’s digital asset treasury expansion.
Solana DeFi TVL rises 32.7% QoQ to $11.5B, showing strong ecosystem growth and liquidity.

Solana Company announced its plans to tokenize shares of its HSDT fund on Superstate’s Opening Bell platform. The move allows investors to trade SEC-registered HSDT shares directly on the Solana blockchain. The initiative aims to modernize capital market access through regulated, onchain infrastructure while maintaining full investor protections.

Regulated Shares to the Blockchain

The tokenization process will enable shareholders to hold and transfer digital versions of HSDT shares on the Opening Bell. This will allow 24/7 trading, instant settlement, and broader liquidity across global markets.

Solana Company stated that the tokenized shares would keep their existing legal and regulatory framework. Opening Bell, which was launched by Superstate in May 2025, functions as a regulated issuance platform for tokenized equity and fund shares.

It lets companies create and manage secure, regulated digital assets on the Solana blockchain while keeping transparency and strong institutional-level oversight. According to Superstate CEO Robert Leshner, this model creates “real, SEC-registered shares available 24/7 in a crypto wallet.”

Pantera Capital and Partners

The initiative follows Solana Company’s $500 million private investment in public equity (PIPE) financing that closed in September 2025. The round was led by Pantera Capital and Summer Capital, with participation from several strategic investors focused on the Solana ecosystem.

The funding represented one of the year’s largest digital asset treasury raises and provided capital for expanding Solana Company’s onchain initiatives. Pantera Capital, an early investor in Superstate, will continue to support the tokenization effort.

Cosmo Jiang, General Partner at Pantera Capital and a board director at Solana Company, said the initiative “represents a major step toward realizing global, around-the-clock capital markets.” He emphasized that most of this future activity could occur on the Solana network, supported by blockchain infrastructure that enables real-time transactions and transparent ownership.

The collaboration with Pantera shows ongoing efforts to strengthen institutional participation in tokenized markets. It also shows Solana Company’s intent to merge traditional finance systems with blockchain-based solutions that enhance operational efficiency and liquidity.

Solana Market Expansion and Market Context

Solana Company’s announcement comes amid rising tokenization efforts across the treasury sector. Ethereum-based FG Nexus recently partnered with Securitize to tokenize its shares, while Forward Industries, another Solana-focused treasury backed by Galaxy, Jump, and Multicoin Capital, also plans to tokenize its stock. These developments show broader experimentation with onchain capital structures among publicly listed treasury firms.

Solana Company, which trades on Nasdaq and rebranded from Helius in late September, has centered its digital asset treasury on acquiring and holding Solana. However, the company has faced volatility following its September PIPE round.

The resale registration completed last month allowed private placement investors to sell previously restricted shares, leading to a drop in HSDT’s price. As of Thursday, HSDT traded at $5.23, up 1.36% for the day but down 64% over the past month.

Superstate’s platform is designed to address such challenges by enhancing liquidity and operational flexibility for investors. By moving regulated assets onchain, companies can provide continuous access to trading while retaining compliance and governance standards.

Pantera’s continued investment in Solana-based infrastructure alongside Superstate’s regulatory framework positions both firms at the center of this evolving onchain capital market model. With institutional backing and SEC-registered protections, Solana Company’s tokenized HSDT shares represent one of the first real-world asset integrations on Solana.

Solana’s broader ecosystem has also shown strong performance. Its decentralized finance total value locked (TVL) rose 32.7% quarter-over-quarter to $11.5 billion, with Kamino maintaining the lead at $2.8 billion.

The network’s stablecoin market cap hit an all-time high of $14.1 billion, supported by significant USDC and PYUSD growth. SOL’s market cap increased by 37% over the same period to $86.05 billion, indicating expanding network activity and liquidity.

Solana Company’s move to tokenize HSDT shares aligns with the ecosystem’s continued emphasis on bridging real-world assets and blockchain finance. The integration with Superstate’s Opening Bell is a development in connecting regulated equities to digital trading systems under existing compliance standards.

Meanwhile, Solana Company’s plan to tokenize its SEC-registered HSDT shares on Superstate shows the growing convergence between blockchain and traditional finance. The initiative, supported by Pantera Capital and Summer Capital, combines regulatory assurance with blockchain efficiency, providing investors around-the-clock trading access and real-time settlement while expanding Solana’s role in tokenized markets.

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