Solana Company Q3 revenue rises on staking rewards growth
Digital asset treasury firms are leaning more heavily on staking income as they seek recurring revenue from token holdings. Solana Company says third-quarter revenue reaches $3.4 million, with nearly all of it tied to rewards generated from its SOL treasury.
Highlights
- Solana Company reports Q3 revenue of $3.4 million, up from $697,000 last year, with $3.3 million derived from staking and 82% gross margin.
- As of Sept. 30, Solana Company holds 2.4 million SOL valued at $288.2 million, earns 30,800 SOL in rewards, and achieves 5.9% APY net staking yield.
- Company prices $15 million registered direct offering at a 5% premium to NAV per share, uses proceeds to buy 125,000 SOL, and repurchases $2.8 million in stock.
Quarterly results and treasury expansion
As reported by The Block, citing Solana Company’s Wednesday press release, the firm posts $3.4 million in third-quarter revenue, up from $697,000 in the same period last year, with about $3.3 million coming from staking. Year-to-date revenue reaches $9.5 million, while gross profit totals $2.7 million, or roughly an 82% gross margin, compared with $594,000 in the third quarter of the prior year.As of Sept. 30, the company holds about 2.4 million SOL with a fair value of approximately $288.2 million. During the quarter, it earns 30,800 SOL in staking rewards and restakes those tokens, while generating an average net staking yield of 5.9% APY on treasury holdings, above the Solana network’s average 4.9% APY.
The company also prices an approximately $15 million registered direct offering at a 5% premium to net asset value per share and uses the proceeds to buy about 125,000 SOL. It additionally repurchases roughly $2.8 million of Class A common stock during the quarter.
Pacific Backbone supports institutional staking push
Chief executive Joseph Chee calls the period a milestone quarter, pointing to the launch of Pacific Backbone and the addition of third-party delegated stake. The Asia-Pacific validator and staking infrastructure cluster links financial hubs including Seoul, Tokyo, Singapore and Hong Kong to support Solana staking and validation.Pacific Backbone has about 1.3 million SOL of total delegated stake at the end of the third quarter, including 1 million SOL from third parties. Total assets stand at $292.6 million, underscoring the company’s push to combine treasury management with validator infrastructure and institutional staking services.
Earlier, we discussed Wipro revenue estimates beating forecasts as European demand improved and AI services added new opportunities.
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