Solana Company shares jump 14.5% on institutional borrowing venture with Kamino, Anchorage

Solana Company shares have jumped 14.51% (+0.28) as the firm rolls out institutional borrowing against natively staked SOL in qualified custody. The model allows institutions to hold their assets on the Anchorage Digital platform while using them as collateral to access liquidity on Kamino Finance.

Solana Co. stock (Nasdaq: HSDT) climbed after the company partnered with Anchorage Digital and Kamino Finance, enabling institutions to simultaneously earn native staking yield on SOL while unlocking liquidity for borrowing and lending. The institutions can borrow funds without having to unstake or liquidate their holdings. 

The announcement had an immediate impact on Solana Co.’s stock price as shares jumped to $2.34, a significant rebound from the recent all-time low of $1.80 earlier this week. However, despite the positive shift, the company’s stock remains down nearly 90% since its shift toward a Solana-focused treasury strategy in September 2025. 

On the other hand, while Solana Co. stock has seen a temporary lift, the company is still under pressure from volatility in SOL prices. SOL’s value had fallen from $245 per token in September 2025 to nearly $70 earlier this year before recovering toward the mid-$80 range last week. The company’s $200 million in treasury holdings has also been affected by these market fluctuations.  

Kamino executive says partnership unlocks institutional borrowing demand

Cheryl Chan, the head of strategy at Kamino, said the collaboration unlocks meaningful demand for institutions to borrow against assets held in qualified custody. Chan added that by partnering with Anchorage Digital, Kamino will enable institutions to access on-chain liquidity and yield on SOL while continuing to custody assets within their existing regulated framework. 

“Institutions want access to the most efficient sources of on-chain liquidity, but they aren’t willing to compromise on custody, compliance, or operational control.”

–Nathan McCauley, CEO and Co-founder of Anchorage Digital

McCauley also disclosed that Atlas collateral management allows institutions to keep natively staked SOL held with a qualified custodian while using it productively, bringing institutional-grade risk management to Solana’s lending markets.

Anchorage Digital will act as the collateral manager for natively staked SOL, enabling institutions to earn staking rewards while unlocking borrowing power on Kamino. 

Meanwhile, all collateral will remain held in the borrower’s segregated account at Anchorage Digital Bank. That will ensure all assets remain in custody even as Kamino’s lending markets track their economic value. 

Scalable model serves as treasury companies’ blueprint

Cosmo Jiang, a board director at Solana Company, said the new model demonstrates how institutional-grade infrastructure can unlock deeper participation on the Solana network. Jiang, also a general partner at Pantera Capital Management, believes this scalable model will serve as the blueprint that other treasury firms will follow and institutional investors will demand. 

Simply put, this new model is a strong example of how regulated custody and on-chain lending and borrowing can collaborate within the Solana ecosystem. Solana Co. will collaborate to bring institutional capital to Solana’s DeFi ecosystem through a tri-party custody model. The company is currently the second-largest publicly traded holder of SOL, with nearly 2.3 million tokens on its balance sheet.

Meanwhile, several peers are also moving in similar directions, pushing firms to rely more on staking income and alternative yield strategies rather than on price appreciation alone.

SOL Strategy launched a liquid staking token backed by over 500,000 SOL last month. The company added a fee-generating product alongside its validator and treasury operations.

Sharps Technology also disclosed that its treasury is earning an annualized staking yield of approximately 7% while expanding validator operations.

Meanwhile, Upexi said staking income now accounts for the majority of its revenue, even as lower SOL prices drove a $179 million quarterly loss. The loss was primarily tied to accounting revaluations. 

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