UK Solana Treasury Firm Scrambles for Financing as Cash Nears Zero
Where the company stands
Supernova Digital Assets — a UK outfit that’s stacked a multimillion-pound crypto treasury (lots of Solana) — is running almost empty on actual cash: about £3,000 against roughly £1.132 million of current liabilities, including £847,000 of interest-bearing loans. Their interim numbers show total assets near £2.944 million and equity of about £1.812 million.
At the reporting date the balance sheet included roughly 32,771 SOL (valued at around £2.0m at the time), 5.38 BTC (about £302k) and 1,065 TAO (about £254k). Six months earlier they had about £113k in cash and £762k of interest-bearing borrowings, so by April 30 cash had dropped by roughly £110k and borrowings rose by about £85k.
Since March 2025 the company has been using a facility from AMINA Bank that can provide up to $1 million at SOFR plus 8%, with a rolling one‑month maturity and secured by SOL. The firm says talks with an unnamed alternative lender are fairly advanced to try to lower costs and improve loan‑to‑value terms — but there are no guarantees and no concrete details on replacement amounts, rates, collateral or timing.
They did sell some SOL during the period, which trimmed staking income. Management says it could sell more tokens to raise cash but believes selling into depressed prices wouldn’t be in shareholders’ interests. The company also reports no margin call or forced-sale deadline at the moment.
Options and the awkward arithmetic
Revenue tumbled to about £72k from £297k in the comparable six‑month period. The reporting period posted a roughly £1.2m loss after tax plus an additional £2.8m crypto fair‑value write‑down recorded in other comprehensive income, producing roughly a £4m total comprehensive loss. That fair‑value hit is an accounting adjustment rather than cash leaving the bank, but it still punches the net asset picture.
Using a late‑July price snapshot for SOL (around £55.66), the April SOL holding would be worth an illustrative ~£1.82m if token counts were unchanged — a helpful back‑of‑the‑napkin check, not a promise the stash is identical today since the company hasn’t disclosed post‑April quantities.
Put simply, Supernova has two main levers: complete replacement financing on acceptable terms, or sell more digital assets. Management prefers to preserve the treasury and avoid fire‑selling tokens, but that plan hinges on landing cheaper, less punishing financing than its current rolling facility.
Bottom line — what to watch
This is a classic “lots of crypto on paper, almost no cash in the vault” scenario. If Supernova secures a friendlier loan it can probably keep its Solana pile intact; if the financing talks fall apart, expect further token sales or other moves to shore up liquidity — which could happen at the worst possible market prices. Watch for announcements about replacement financing, new borrowings, or additional token sales to see which way the story goes.
