The Solana digital asset treasury firm Solana Company (HSDT), listed on NASDAQ and backed by Pantera Capital, announced on November 12, 2025 its intention to tokenize its shares on the Solana blockchain via Superstate’s Opening Bell platform. This decision came after closing a $500 million PIPE financing in September 2025, combining the regulated structure of SEC-registered securities with the promise of on-chain liquidity.
Tokenization converts rights over traditional assets into digital tokens that represent them on a blockchain. In this case, HSDT’s shares will remain registered with the SEC while being issued as tokens on Solana. Superstate launched Opening Bell in May 2025 as a regulated platform for the on-chain issuance of securities.
Robert Leshner, CEO and co-founder of Superstate, summed up the purpose: “access to a new capital market, a new base of investors and new demand for their shares”. The main objectives are to expand geographic reach, attract digital investors, and create technical pathways for tokenized shares to interact with DeFi protocols.
This initiative sets important precedents: issuers tied to Solana and other networks have begun experimenting with integrating tokenized shares as collateral in lending protocols, reconfiguring the traditional role of equity holdings.
Implications for the market and regulatory compliance
Keeping SEC registration for tokenized shares aims to reduce regulatory frictions and provide safeguards that facilitate institutional adoption. At the same time, interoperability with DeFi poses risks and opportunities: as collateral, tokenized shares can increase liquidity and financial functionality, but also amplify volatility and counterparty risks.
HSDT’s initiative demonstrates how public issuers are combining traditional compliance with blockchain infrastructure to explore new sources of liquidity. The next milestone will be the technical implementation on Opening Bell and the market conditions that will determine the depth and use of the tokens in DeFi environments.
