<SEC-DOCUMENT>0002086036-26-000002.txt : 20260513
<SEC-HEADER>0002086036-26-000002.hdr.sgml : 20260513
<ACCEPTANCE-DATETIME>20260513195605
ACCESSION NUMBER:		0002086036-26-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250918
FILED AS OF DATE:		20260513
DATE AS OF CHANGE:		20260513

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Chee Choon Wee
		CENTRAL INDEX KEY:			0002086036
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38445
		FILM NUMBER:		26975252

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 805, 8/F ICBC TOWER, 3 GARDEN ROAD
		CITY:			CENTRAL
		PROVINCE COUNTRY:   	K3
		ZIP:			00000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Solana Co
		CENTRAL INDEX KEY:			0001610853
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				364787690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		642 NEWTOWN YARDLEY ROAD
		CITY:			NEWTOWN
		STATE:			PA
		ZIP:			18940
		BUSINESS PHONE:		215-944-6100

	MAIL ADDRESS:	
		STREET 1:		642 NEWTOWN YARDLEY ROAD
		CITY:			NEWTOWN
		STATE:			PA
		ZIP:			18940

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELIUS MEDICAL TECHNOLOGIES, INC.
		DATE OF NAME CHANGE:	20180525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELIUS MEDICAL TECHNOLOGIES, INC
		DATE OF NAME CHANGE:	20180517

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELIUS MEDICAL TECHNOLOGIES, INC.
		DATE OF NAME CHANGE:	20140613
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-05132026_110559.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-18</periodOfReport>

    <issuer>
        <issuerCik>0001610853</issuerCik>
        <issuerName>Solana Co</issuerName>
        <issuerTradingSymbol>HSDT</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002086036</rptOwnerCik>
            <rptOwnerName>Chee Choon Wee</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O SOLANA COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>642 NEWTOWN YARDLEY ROAD, SUITE #100</rptOwnerStreet2>
            <rptOwnerCity>NEWTOWN</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>18940</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Executive Chairman</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2026-05-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1109118</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1109118</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5377125</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Fusion Summer Limited</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Strategic Advisory Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.001</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-09-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2218236</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-09-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2218236</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2218236</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Summer Wisdom Holdings Limited</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Unit Award</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-05-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1109118</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1109118</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Shares of Class A Common Stock acquired upon the vesting of the restricted stock unit award (the &quot;RSUs&quot;).</footnote>
        <footnote id="F2">Reflects the distribution-in-kind by Fusion Summer Limited (&quot;Fusion Summer&quot;) to one of its members for no consideration.</footnote>
        <footnote id="F3">Summer Wisdom Holdings Limited (&quot;Summer Wisdom&quot;) holds all of the ordinary shares of Fusion Summer and Fusion Summer holds shares of the Issuer's Class A Common Stock. The Reporting Person is the controlling shareholder of Summer Wisdom and, as such, has the power to vote and dispose of the shares held by Fusion Summer. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F4">Immediately exercisable.</footnote>
        <footnote id="F5">Each RSU represents a contingent right to receive one (1) share of the Issuer's Class A Common Stock.</footnote>
        <footnote id="F6">On September 18, 2025, the Reporting Person was granted 1,109,118 RSUs under the Issuer's 2022 Equity Incentive Plan (the &quot;Plan&quot;). On October 30, 2025, the RSUs fully vested following the shareholder approval of a share reserve increase to the Issuer's Plan. On May 11, 2026, each RSU settled into one share of the Issuer's Class A Common Stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Agustina Gani Tjandrasuwita, Attorney-in-Fact</signatureName>
        <signatureDate>2026-05-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-05132026_110501.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-05132026_110501.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px" align="center"><b>POWER OF ATTORNEY</b></p>
<p style="margin:0px" align="center"><br></p>
<p style="margin:0px" align="center">(For Executing Forms 3, 4, and 5)</p>
<p style="margin:0px" align="center"><br></p>
<p style="margin:0px; text-indent:61.067px" align="justify">Know all by these presents, that the undersigned hereby constitutes and appoints each of Agustina Gani Tjandrasuwita, Jeffrey Mathiesen and John Mayberry of Solana Company (the "<b><i>Company</i></b>"), signing individually, the undersigned's true and lawful attorneys-in-fact and agents to:</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:61.067px; width:122.133px; float:left">(1)</p>
<p style="margin:0px; text-indent:-2px" align="justify">prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the Securities and Exchange Commission (the "<b><i>SEC</i></b>") Forms 3, 4 and 5 (including any amendments thereto) in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the "<b><i>Exchange Act</i></b>"), and the rules thereunder in the undersigned's capacity as an officer, director or beneficial owner of more than 10% of a registered class of securities of the Company;</p>
<p style="margin:0px; clear:left" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:61.067px; width:122.133px; float:left">(2)</p>
<p style="margin:0px; text-indent:-2px" align="justify">do and perform any and all acts for and on behalf of the undersigned that may be necessary or desirable to execute such Forms 3, 4 or 5 (including amendments thereto) and timely file such forms with the SEC and any stock exchange or any similar authority; and</p>
<p style="margin:0px; clear:left" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:61.067px; width:122.133px; float:left">(3)</p>
<p style="margin:0px; text-indent:-2px" align="justify">take any other action of any type whatsoever in connection with the foregoing that, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required of the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in the attorney-in-fact's discretion.</p>
<p style="margin:0px; clear:left" align="justify"><br></p>
<p style="margin:0px; text-indent:61.067px" align="justify">The undersigned hereby grants to each such attorneyinfact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorneyinfact, or such attorneyinfact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. &nbsp;The undersigned acknowledges that the foregoing attorneys-in-fact, and their substitutes, in serving in such capacity at the request of the undersigned, are not assuming (nor is the Company assuming) any of the undersigned's responsibilities to comply with Section 16 of the Exchange Act.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; text-indent:61.067px" align="justify">This Power of Attorney shall remain in full force and effect until the earliest to occur of (a) the undersigned is no longer required to file Forms 3, 4 and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, (b) revocation by the undersigned in a signed writing delivered to the Company and the foregoing attorneys-in fact or (c) as to any attorney-in-fact individually, until such attorney-in-fact is no longer employed by the Company. &nbsp;</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; text-indent:61.067px" align="justify">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date written below.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:244.267px; float:left">Date: &nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 1, 2026</u></p>
<p style="margin:0px; text-indent:-2px" align="justify"><u>/s/ Choon Wee Chee</u></p>
<p style="margin:0px; text-indent:305.333px; clear:left" align="justify">Name: &nbsp;Choon Wee Chee</p>
<p style="margin:0px" align="justify"><br></p>
<div style="width:268.8px">
<p style="line-height:10pt; margin:0px"><br></p>
</div>
<p style="margin:0px"><br></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
