Solana Company Raises Approximately 2.4 Billion Yen for Share Buybacks and SOL Acquisition

Key Points of This Article

• Warrants granted equal to the number of shares at an exercise price of $3.776
• Holdings of SOL are approximately 2.3 million, with NAV around 43.7 billion yen

Issuance of Approximately 2.4 Billion Yen in Shares and Their Use

Solana Company, listed on the NASDAQ, announced on September 30 that it would raise approximately $15 million (about 2.4 billion yen, based on an exchange rate of 157.38 yen per dollar) through a registered direct offering to a single institutional investor. It will issue 4,369,356 shares of Class A common stock at $3.433 per share. The payment is scheduled around October 1.

The issuance price is set at a level that is 5% above the company's net asset value (NAV) per share. Warrants (stock options) equal to the number of shares will also be granted, with an exercise price of $3.776, which is set at a level 10% higher than the NAV. If the capital increase occurs at a price below the NAV, the amount of cryptocurrency held per share by existing shareholders would decrease. This time, the dilution is avoided.

The funds raised will be used for agile share buybacks based on an approved share buyback program, and if deemed attractive for shareholders, will also be used for additional acquisition of Solana (SOL). It will also be allocated for working capital and business expansion. The name of the allocation recipient has not been disclosed. The sole placement agent is the U.S. brokerage firm Clear Street.

Holdings of 2.3 Million SOL, NAV Approximately 43.7 Billion Yen

As of September 24, the company's assets include approximately 2.3 million SOL and $2.3 million in cash and stablecoins. Calculating the NAV based on an SOL price of $119, it amounts to approximately $27.8 million (about 43.7 billion yen). According to data from The Block, this holding size ranks third among publicly listed companies holding SOL (as of October 1).

The company not only holds SOL as a financial asset but also engages in institutional-level staking, validator operations, and advisory services to financial institutions. Its management goal is to maximize the amount of SOL held per share.

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