The Tool Desk
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What NAV tells you—and what it does not
NAV is an estimate of the value left for equity holders after a company’s assets are valued and its liabilities and senior claims are deducted. For a SOL treasury company, token holdings may dominate the asset side, but a token count alone is not NAV. The company may also have cash, operating assets, receivables, fund interests, derivatives, debt, preferred securities, and tokens that are locked, staked, pledged, or otherwise not immediately available.
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A stock’s premium or discount to NAV describes the relationship between market value and an estimate of underlying value at a particular time. It does not, by itself, establish that the stock is mispriced. Investors may assign value to expected future accretion or business activity, or discount the shares for financing, liquidity, governance, access, or execution risks.
Build a same-date NAV estimate
Use the latest company filing for holdings, security terms, liabilities, and share counts. Pair those figures with the SOL reference price and stock price from the same valuation date. State the date and the accounting perimeter: whether the company is a pure treasury vehicle or also has operating businesses and other assets.
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Separate the asset buckets
Value unrestricted SOL at an identified market price, then show staked, locked, pledged, and receivable amounts separately. Add cash, stablecoins, other investments, and operating assets where relevant. Read the notes to determine whether a receivable represents a claim to tokens, whether collateral is available to the company, and whether a fund interest already reflects underlying SOL. Avoid counting both an underlying token and a claim to that same token as separate assets.
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 digital-asset holdings in total. It reported 1,979,828 of those tokens staked and a fair value of $151.803 million for the reported token holdings on that date. These are company-reported, date-specific amounts—not current balances or a current NAV. The same filing separately discusses digital-asset receivables, a fund interest, collateral receivables, and derivatives; their value depends on the actual rights and obligations attached to each arrangement. Solana Company Form 10-Q, quarter ended June 30, 2026.
The filing reports a two-to-three-day unbonding period for staked assets. That affects access and liquidity; it does not mean the tokens should automatically be excluded from NAV. Show any chosen restriction adjustment separately rather than presenting an analyst-applied haircut as the company’s reported accounting value.
Subtract obligations and inspect valuation uncertainty
Deduct debt, accrued expenses, derivative liabilities, preferred claims, and other obligations that rank ahead of or reduce common equity. Review the footnotes for collateral, restrictions, and valuation methods. In its June 30, 2026 filing, Solana Company classified directly held SOL as Level 1, while certain receivables and interests used Level 2 inputs; it reported written options among Level 3 liabilities. The filing says the option valuation uses assumptions including SOL prices, time, and volatility. Those estimates can respond to changing assumptions differently from a directly quoted token holding. Solana Company Form 10-Q.
A practical bridge is:
Treasury NAV = eligible treasury assets at fair value + other assets − liabilities and senior claims
For common-equity NAV, ensure the deductions reflect claims ahead of common shareholders. If restricted assets are material, present both an as-reported view and a clearly labeled sensitivity that excludes them or applies a stated haircut.
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Calculate NAV and SOL exposure per share
Per-share results depend on the share-count denominator. Basic shares outstanding are a useful starting point, but they may omit securities that could become common shares or other claims that affect common holders.
- Basic case: use the latest reported common shares outstanding.
- Diluted or scenario case: add relevant in-the-money warrants and options, convertible shares under stated conversion assumptions, and other securities that could become common equity. Explain how out-of-the-money or contingent instruments are treated.
Calculate both value and token exposure using the same selected denominator:
NAV per share = common-equity NAV ÷ selected share count
SOL per share = attributable SOL quantity ÷ selected share count
“Attributable SOL” needs a stated perimeter: for example, whether locked tokens and claims to receive SOL are included, and whether pledged assets remain available to equity holders. Do not mix a basic-share NAV figure with a diluted-share SOL-per-share figure.
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More SOL in the treasury does not necessarily mean more SOL or NAV per share. A share issuance can increase total holdings while reducing each existing share’s proportional exposure if the new shares and issuance costs outweigh the tokens or other net assets acquired. Conversely, issuing equity above NAV and deploying net proceeds at an accretive price can raise NAV per share.
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For each financing, examine the offering price, fees, warrants or other attached securities, conversion terms, and what the company actually did with the proceeds. A useful scenario calculation is:
Post-financing NAV per share = (pre-financing common-equity NAV + net proceeds deployed − new obligations) ÷ (pre-financing shares + new and potentially issuable shares)
Use net proceeds, not headline gross proceeds. Include the effect of any warrants or convertibles in the relevant diluted case. Solana Company says it may use equity, preferred securities, or debt when it considers the cost of capital attractive relative to assets acquired, and its 2025 annual report discusses decisions in relation to public valuation and treasury NAV. Those are company-stated objectives and frameworks, not independent evidence that a particular issuance was accretive. Solana Company Form 10-K, year ended December 31, 2025.
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Compare the stock price with NAV consistently
Choose one comparison and label it. You can compare market capitalization with common-equity NAV, or compare stock price with NAV per diluted share. In either case, use synchronized inputs and disclose the date, share count, treatment of locked or pledged assets, and deductions for debt and preferred claims.
- Market-capitalization comparison: market capitalization ÷ common-equity NAV. A result above 1 indicates a premium to the chosen NAV estimate; below 1 indicates a discount.
- Per-share comparison: stock price ÷ NAV per selected share. State whether that NAV uses basic or diluted shares.
A premium could reflect expectations of future accretion, staking or operating opportunities, scarcity, or market demand; it can also leave shareholders exposed to premium compression. A discount could reflect expected dilution, restrictions, liquidity, execution or governance concerns, liabilities, or a weaker SOL outlook. These are possible explanations, not proof of what caused a particular market price. Never combine a June 30 balance sheet with a later SOL quote and stock price while presenting the result as a same-date premium or discount.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Stress-test the assumptions that can change the result
A single NAV estimate hides the range of outcomes. Build a small scenario set and identify assumptions rather than implying that any scenario is a forecast.
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- SOL price: calculate down, base, and up cases using explicitly stated prices and a fixed valuation date for the remaining inputs.
- Share count: compare basic shares with a diluted case that states the treatment of warrants, options, and convertibles.
- Access to tokens: show locked or otherwise inaccessible SOL included and excluded, or apply a transparent sensitivity adjustment.
- Other claims: vary debt, preferred claims, and derivative liabilities under clearly described assumptions.
- Capital raising: test different share prices, issuance costs, and attached warrants, then calculate the resulting NAV and SOL per share.
- Staking: assess rewards net of fees alongside unbonding delays, service-provider dependence, and other counterparty or liquidity limits.
Token-price sensitivity may dominate the asset value, but it is not the only source of equity risk. Corporate financing, market liquidity, governance, restrictions, counterparties, and any operating business can make the stock behave differently from SOL.
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Compare corporate shares with direct SOL and a trust
Direct SOL, a passive Solana investment trust, and common stock in a treasury company are different exposures. Compare them on the same practical dimensions rather than treating them as interchangeable.
| Dimension | Direct SOL | Passive Solana trust | SOL treasury company common stock |
|---|---|---|---|
| What you own | SOL itself, subject to the custody or wallet arrangement used. | A security whose objective is SOL exposure less operating expenses, as described in the trust’s filing. | Common equity in a company with SOL holdings and potentially other assets, liabilities, and business activity. |
| Costs and tracking | Depends on acquisition, custody, and transaction arrangements; not specified here as a single comparable fee. | Operating expenses reduce the trust’s exposure relative to gross SOL; NAV uses a specified CME CF Solana-dollar benchmark. | Corporate expenses, financing terms, and market pricing can affect stock value and its relationship to treasury NAV. |
| Staking | Depends on the holder’s own arrangements. | The trust may stake SOL to earn additional tokens. | The company can stake treasury assets; rewards, fees, access, and counterparty arrangements need to be assessed from its filings. |
| Financing and other claims | No company share issuance applies to the token itself. | The filing says the trust will not use leverage or similar arrangements. | The company may issue equity, preferred securities, or debt, changing claims and per-share exposure. |
| Operating business and profit rights | SOL ownership does not confer a claim on a company’s profits. | The trust filing says SOL ownership itself does not confer ownership of a company’s profits or an income stream. | Shareholders own corporate equity, with exposure to the company’s operations and capital structure as well as its treasury. |
The trust filing also says it does not make active timing decisions for SOL. A public treasury company can finance, acquire, or sell tokens and may operate other businesses, so its stock is not simply a pass-through token position. The trust’s NAV methodology, staking policy, and related structure are described in its Form 10-K for the year ended December 31, 2025.
That trust filing reports approximately 4.6% annual SOL supply issuance as of June 1, 2025, before offsets for eliminated transaction fees. This is a protocol supply statistic—not a company’s return, a guaranteed staking yield, or a forward estimate of investor income. Bitwise Solana ETF Trust Form 10-K.
Keep every valuation dated
Holdings, token prices, stock prices, liabilities, and share counts change. Record the source and date for each input, and refresh market-dependent figures before publishing or relying on a premium/discount calculation. For company-specific holdings, liabilities, security terms, and shares, use SEC filings as the controlling record; a later filing may supersede the June 30, 2026 example. The company describes its principal strategic focus as its treasury strategy while also identifying a remaining neurotechnology business, and says its objective is to maximize SOL per share through capital markets and on-chain activity. Treat that as the company’s stated strategy, not as proof of future performance. Solana Company Form 10-K.
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