Solana Company Triggers Massive Sell-Off: HSDT Stock Plunges Over 55% After Secondary Sale Approval

Solana Company (HSDT) — formerly known as Helius Medical Technologies — is facing heavy market pressure after announcing a secondary share registration for private investors.

The move, which followed a $500 million funding round led by Pantera Capital and Summer Capital, triggered a sharp sell-off that wiped out more than 55% of the company’s market value in just one week.

Secondary Sale Registration Sparks Market Panic Solana Company opened a “secondary sale window,” allowing investors from its September funding round to unlock and sell previously restricted shares.

While the move was meant to signal transparency and confidence, it instead sparked panic selling across the market. HSDT stock has fallen over 11% in the past 24 hours and is down more than 55% in a week, even as daily trading volume jumped from under 1 million to 4.6 million shares — a clear sign of investors exiting their positions. “We’re playing the long game and staying on the offensive. Markets are volatile, but our commitment remains strong,”

said Joseph Chee, CEO of Solana Company. As of now, shares trade around $6.9, down from recent highs near $8.97, bringing the company’s market cap to $276.86 million.

Solana Company Holds Over 2.2 Million SOL Tokens Unlike most publicly traded firms, Solana Company integrates its on-chain exposure directly into its stock structure, giving investors indirect access to Solana’s performance through equity markets rather than crypto exchanges. The company currently holds over 2.2 million SOL tokens, making it the second-largest publicly traded treasury with direct exposure to Solana. Chee emphasized that Solana Company continues to buy during market dips to strengthen its holdings and described the recent crash as a “necessary correction” rather than a threat to the firm’s long-term vision.

Solana Weakens but Remains Strong in Rankings According to CoinMarketCap, Solana (SOL) trades at $184.74 at the time of writing — down 4.4% in 24 hours and 7% over the past week.

Despite this, Solana remains the 6th-largest cryptocurrency with a market cap of over $100 billion and an average daily trading volume of $5.85 billion. On-chain data shows that nine major institutional holders now own more than 13.5 million SOL, with Forward Industries leading at 6.82 million SOL (1.24% of total supply).

What It Means for Investors The steep drop in HSDT highlights how unlocking previously restricted tokens or shares can create strong short-term downward pressure — both in crypto markets and in blockchain-linked equities.

Still, Solana Company positions itself as a long-term visionary, bridging the gap between traditional finance and digital assets.

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