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To evaluate a company that holds Solana, calculate its net asset value (NAV) from a single-date balance sheet, subtract liabilities and senior claims, divide common-equity NAV by a clearly defined share count, and compare the result with the stock’s market value. Then test how SOL-price changes, restricted tokens, and potential share issuance change NAV and SOL exposure per share. A premium or discount to NAV describes the market price; it does not, by itself, show that the stock is mispriced.
What does NAV measure for a Solana treasury company?
NAV is the value of a company’s assets minus its liabilities. For a company holding SOL, the calculation starts with token holdings, but a token count alone is not NAV: tokens may be staked, locked, pledged, or represented by a receivable, and the company may also have debt, derivative obligations, operating assets, or other claims.
A useful starting formula is:
Treasury NAV = fair value of eligible treasury assets + other assets − liabilities and senior claims
For common shareholders, subtract preferred claims or other amounts senior to common equity as appropriate. Then calculate NAV per share using a stated share-count basis. Keep the date consistent across token prices, the balance sheet, share count, and public stock price.
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How do you build a same-date NAV bridge?
Set the valuation date and define the company
Start with the most recent company filing available for the valuation date, not a promotional treasury figure or an undated tracker. A filing’s balance sheet and notes help identify what the company owns, what it owes, and what restrictions apply. If the company has an operating business as well as a SOL treasury, include the operating assets and obligations rather than treating the entire company as a passive token vehicle.
Solana Company described its treasury strategy as its principal strategic focus while also reporting a remaining neurotechnology business. Its stated objective includes increasing the SOL underlying each share through capital markets and on-chain activity; that is the company’s aim, not evidence that any particular financing or strategy has succeeded. Solana Company’s 2025 Form 10-K.
Separate SOL by its actual status
For each token-related balance, record the quantity, valuation method, accessibility, and any related obligation. Distinguish unrestricted SOL from staked holdings, locked tokens, rights to receive tokens, collateral arrangements, and receivables. Do not count both an underlying token and a claim to that same token as separate assets.
For a dated example, Solana Company’s Form 10-Q for the quarter ended June 30, 2026 reported 1,812,866 SOL and 251,202 locked PIPE SOL, or 2,064,068 total digital-asset holdings. It reported 1,979,828 SOL staked and a fair value of $151.803 million for the token holdings on that date. The filing also reports a two-to-three-day Solana unbonding period for staked assets. These are June 30 figures, not current balances; a later filing or market-price change can make them stale. Solana Company’s June 30, 2026 Form 10-Q.
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The same filing separately identifies digital-asset receivables, a fund interest, collateral receivables, and derivatives. Classify each according to the rights and obligations in the notes rather than adding it mechanically to reported token holdings. The filing classifies directly held SOL as Level 1, certain receivables and interests using Level 2 inputs, and written options among Level 3 liabilities. Its option valuation uses assumptions that include SOL prices, time, and volatility. Those categories matter because an estimated or contract-dependent value is not the same as an unrestricted token balance with a quoted market price. Solana Company’s June 30, 2026 Form 10-Q.
Include other assets and subtract claims
Record cash, stablecoins, other investments, and operating assets separately from SOL. Then subtract debt, accrued expenses, derivative liabilities, and other obligations; identify preferred securities and any other claims senior to common equity. Read the filing notes for encumbrances and valuation assumptions, since the balance-sheet label alone may not show whether an asset is immediately available to shareholders.
If restricted or difficult-to-access assets are material, present the reported accounting value and a separate conservative sensitivity that excludes them or applies a disclosed haircut. Label the sensitivity as your assumption, not as the company’s reported fair value.
How do you calculate NAV and SOL per share?
Common-equity NAV per share is common-equity NAV divided by the selected share count. SOL per share is the SOL quantity attributable to common equity divided by that same share count. These are different measures: NAV includes cash, other assets, and liabilities, while SOL per share isolates token exposure.
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NAV per share = common-equity NAV ÷ selected share count
SOL per share = attributable SOL quantity ÷ selected share count
| Share-count view | What to include | What it helps show |
|---|---|---|
| Basic | Latest common shares outstanding from the filing. | Current reported common-equity exposure, without assuming conversion or exercise. |
| Diluted or scenario | Basic shares plus relevant in-the-money options and warrants, convertible securities under stated assumptions, and other securities that could become common shares. | How per-share value or token exposure could change if potential claims become shares. |
There is no useful diluted figure without explaining its assumptions. State how you treat out-of-the-money warrants, contingent instruments, convertibles, and preferred securities; do not assume every instrument converts on the same terms or at the same time. If a filing’s share count is dated differently from its holdings or the stock price, disclose the mismatch or update the inputs before comparing them.
Test whether a financing is accretive per share
A company can buy more SOL and still reduce SOL per share. Compare the tokens added with the shares issued, using the net proceeds after fees and any attached obligations. If the new financing brings in fewer net tokens per new share than the company’s existing SOL-per-share ratio, the transaction reduces that ratio; if it brings in more, it increases it.
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For NAV per share, compare the value added after costs and obligations with the new shares issued. Issuing equity above NAV and investing net proceeds on terms that preserve that value can be accretive; warrants, fees, debt, or an unfavorable purchase price can change the result. Review the offering price, fees, securities attached to the offering, conversion terms, and what the company actually did with proceeds.
Solana Company says it may use equity, preferred securities, or debt when it considers the cost of capital attractive relative to acquired assets, and its 2025 annual report discusses financing decisions in relation to public valuation and treasury NAV. These are stated policies and objectives, not independent proof that a past or future issuance increases NAV or SOL per share. Solana Company’s 2025 Form 10-K.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do you compare the stock price with NAV?
Choose one consistent comparison and name it. For a per-share comparison, divide the stock price by NAV per share. For a company-level comparison, compare market capitalization with common-equity NAV. A ratio above 1 means the stock trades above the chosen NAV measure; a ratio below 1 means it trades below it. State the valuation date, share-count basis, treatment of restricted assets, and treatment of debt and preferred claims.
Do not combine a June 30 balance sheet with an October SOL quote or stock price and call the result a same-date premium or discount. If inputs come from different dates, label the calculation as an approximation and explain which dates differ. A synchronized ratio is still only a snapshot: the token price, the company’s claims, its share count, and the stock price can all change.
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- Connectivity: USB-C cable connection only. No Bluetooth.Compatible with the Ledger Wallet crypto app, both desktop (Windows, macOS, Linux) and mobile (Android only). Not compatible with iOS.
- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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A premium could reflect expectations of future accretion, staking or operating opportunities, scarcity, or market demand; it also leaves room for premium compression. A discount could reflect concerns about dilution, liquidity, restrictions, execution, governance, liabilities, or the SOL outlook. These are possible interpretations, not proof that any one factor caused a particular market price.
Which assumptions should you stress-test?
A single NAV estimate can conceal the assumptions that matter most. Recalculate per-share exposure under a small set of clearly labeled cases rather than treating one point estimate as a forecast.
| Input to vary | What to compare | Why it matters |
|---|---|---|
| SOL price | Downside, base, and upside prices, with the assumed valuation date or price source stated. | Token-price changes can move treasury value substantially, but they do not capture corporate financing or operating risks. |
| Share count | Basic shares against a diluted or scenario count. | Potential issuance can change NAV and SOL exposure per share even if total holdings rise. |
| Restricted tokens | Include locked or otherwise inaccessible SOL at reported value, then show a case that excludes it or applies a stated haircut. | Reported value and practical access are distinct questions. |
| Other claims | Vary debt, preferred claims, and derivative liabilities under explicit assumptions. | Claims against the company reduce the value attributable to common equity. |
| Capital raise | Test different issuance prices, fees, attached securities, and uses of proceeds. | A financing may increase total SOL while decreasing per-share exposure. |
| Staking | Show rewards net of fees and identify unbonding, service-provider, or other liquidity limitations. | Gross token rewards do not by themselves establish the return available to common shareholders. |
Protocol issuance is not a company’s staking yield. For example, the Bitwise Solana ETF Trust’s 2025 filing cited approximately 4.6% annual SOL supply issuance as of June 1, 2025, before offsets for eliminated transaction fees. That is a dated protocol supply statistic, not a forecast of company returns or a staking rate for its treasury. Bitwise Solana ETF Trust’s 2025 Form 10-K.
How does a treasury company compare with direct SOL or a trust?
These choices can provide different forms of exposure and should not be treated as interchangeable. Compare them on the same practical dimensions before deciding what a stock’s NAV premium or discount means to you.
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|---|---|---|---|
| What you own | SOL itself. | Shares in a trust whose objective is SOL exposure less operating expenses. | Common shares in a corporation with treasury assets, liabilities, and potentially other businesses. |
| Costs and tracking | Costs depend on how SOL is acquired, held, or transacted. | The trust’s NAV uses a specified CME CF Solana-dollar benchmark; operating expenses affect exposure. The filing does not establish a comparable cost figure here. | Corporate costs, financing, and market pricing affect the relationship between the stock and the value of its SOL. |
| Staking | Depends on the holder’s arrangements. | The trust may stake SOL to earn additional tokens. | The company may stake treasury assets, subject to its own liquidity, fees, and counterparty arrangements. |
| New claims or financing | No corporate share issuance. | The trust filing states it will not use leverage or similar arrangements. | The company can issue equity, preferred securities, or debt, changing the claims on its assets and the per-share exposure. |
| Business and governance exposure | No claim on a company’s operating business. | SOL ownership does not itself confer ownership of a company’s profits or an income stream. | Shareholders have corporate equity exposure, which may include operating activities as well as treasury strategy. |
The trust’s filing describes a passive objective and says it does not make active timing decisions for SOL. A public company can finance, acquire, or sell tokens and may operate other businesses, so its stock can diverge from SOL for reasons beyond token-price movement. Bitwise Solana ETF Trust’s 2025 Form 10-K; Solana Company’s 2025 Form 10-K.
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