Solana treasury earns $2.5M in staking rewards but had to sell equity to raise $12M in cash for operations
Solana Company reported $2.512 million of Q2 staking revenue, but the rewards were automatically restaked, so they did not provide operating cash. Estimated Q2 operating cash use was $11.892 million, showing staking did not fund payroll and other expenses. The company also reported a $30.256 million net loss, including a $25.389 million realized loss on digital assets and $11.116 million of G&A. That realized loss was an accounting charge, not a matching cash outflow. Half-year figures imply about $7.853 million of digital-asset sale proceeds in Q2, meaning the treasury relied on monetizing SOL and other financing sources. Liquidity was supported by $26.587 million of working capital, including $21 million of current digital assets, plus proceeds from a business sale and a registered direct offering. G&A included one-time severance and separation costs, but even excluding them, expenses still exceeded staking revenue. Overall, the quarter was not self-funding: cash support came from asset sales, divestitures, and equity raises, not staking alone.
