Solana treasury company HSDT completed a $15 million share offering at a 5% premium to net asset value. The fourth-largest publicly listed Solana reserve holder, with 2.3 million SOL, plans to use proceeds for additional SOL purchases or share repurchases.
A Bitcoin treasury company differs from an ETF by focusing on Bitcoin per share as its primary success metric, offering tools like premium share sales, discounted buybacks, and unique liability structures. The real competitive advantage lies in building cash flow and equity value on top of Bitcoin holdings, requiring growth in Bitcoin per share to justify existence.