Solana treasury earns $2.5M in staking rewards but had to sell equity to raise $12M in cash for operations

- Solana Company — a Nasdaq-listed SOL treasury under HSDT — pulled $2.5M in staking rewards last quarter. Beautiful. Except the tokens auto-restaked, so that revenue arrived as exactly zero dollars for payroll. Aggressive passive income, except it can't pay the electric bill. So what did they do? Sold assets, dumped a business segment, and issued equity to plug a $12M operating cash hole. They also booked a $25.4M realized loss — roughly 10x staking revenue — though that's an accounting charge, not pure cash burn. G&A included $6.8M in severance for axed execs and staff, because nothing says "efficient treasury management" like paying departed leadership more than your entire staking yield. The "utility" token has none when your own business model proves staking alone can't keep the lights on. Someone didn't read the hash manifest before launching this cargo.