Hong Kong names Nasdaq-listed Solana Company a strategic enterprise

Hong Kong has designated Nasdaq-listed Solana Company a strategic enterprise, the company announced on Oct. 22, as it outlined plans to establish Solana validator operations in the city. The firm trades under the ticker HSDT and operates digital asset infrastructure, staking and advisory businesses.

The company said it joined the seventh batch selected by Hong Kong’s Office for Attracting Strategic Enterprises, or OASES. A spokesperson told Cointelegraph the designation provides a government contact point, assistance with overseas recruitment and introductions to local institutional partners.

Solana Company has established a Hong Kong office to house its Asia-Pacific headquarters and regional executive team. Chairman and chief executive Joseph Chee described the city as the base for advising institutions and building infrastructure across the region.

The planned validator deployment forms part of Pacific Backbone, a regional infrastructure initiative announced in February 2026. That roadmap identified Seoul, Tokyo, Singapore and Hong Kong as its initial connection points, with the aim of supporting staking and validation while diversifying the company’s revenue.

Pacific Backbone targets market makers, high-frequency traders, exchanges and traditional financial institutions. In its original announcement, the company proposed beginning with smaller nodes before expanding capacity, alongside potential decentralized finance, liquid staking and execution services for regional partners.

The company has already reported progress elsewhere in the network. In its second-quarter results released in August, it said its first institutional validator cluster in Tokyo was operational and described a partnership with the Jito Foundation intended to expand institutional Solana infrastructure across Asia-Pacific.

Those results also showed the commercial importance of staking to the business. Solana Company reported approximately $2.5 million in second-quarter revenue, driven primarily by staking its SOL holdings, and said it earned about 31,200 SOL in rewards that were automatically restaked.

Its institutional expansion extends beyond operating infrastructure. The company reported delivering 15 education sessions and advisory workshops for banks, asset managers and exchanges across Asia-Pacific during the second quarter, linking its technical operations with efforts to help financial institutions evaluate blockchain adoption.

The Hong Kong announcement adds a regional management base to that strategy, but the office opening and validator rollout remain separate milestones. The company did not disclose a Hong Kong validator launch date, deployment size or allocation of stake in the announcement, leaving the scale of the proposed operation unclear.

The next operational milestone is the planned Hong Kong deployment under Pacific Backbone. In its infrastructure roadmap, Solana Company cautioned that completing the buildout and achieving its expected benefits remain subject to risks, including financing needs, SOL price fluctuations and an evolving regulatory environment.