Solana Company approves share buyback plan for up to $100 million

Solana Company (ticker HSDT) said Wednesday that it has approved a stock buyback plan for up to $100 million of the Nasdaq-listed crypto treasury's common shares.

"The new stock repurchase program, which is open-ended, allows the company to repurchase its shares from time to time in the open market and in negotiated transactions," the company said in a statement.

Recently, more digital asset treasuries (DATs) are using share buybacks to narrow NAV discounts and support share prices.

"For our goal of maximizing SOL per share accumulation, there may be times when the best expected return of our capital is to acquire our own shares," Solana Company Executive Chairman Joseph Chee said. "In this period of market adjustment, our strategic focus remains unwavering, as does our commitment to delivering value and transparency to our shareholders."

Formerly trading as Helius Medical Technologies, Solana Company said last week it had bought about 100,000 SOL, worth about $20 million at the time, bringing its Solana holdings to more than 2.3 million tokens.

Solana Company's shares were changing hands at $4.79 as of 9:46 a.m. ET, according to Yahoo Finance. The stock is down more than 70% over the past month.

Earlier this week the company said Pantera Capital General Partner Cosmo Jiang had been elected to its board.