Another crypto treasury company is selling coins to pay off debt.

The Solana treasury company listed on the US stock market, SOL Strategies, announced that it sold 65,001 SOL at an average price of 87.88 CAD (about $63 USD) to repay 5.75 million CAD (about $4.13M USD) in debt.
This situation is somewhat similar to Strategy's first sale of BTC last week—the treasury companies are both actively selling reserve assets, but their purposes differ. Strategy sold 32 BTC to pay preferred dividends and manage liquidity; SOL Strategies this time is actually using coins to pay off debt.
The company's explanation is "actively managing the balance sheet to support operational business." In other words, they need cash on hand, and SOL is the most easily liquidated asset they have.
However, it also reveals an imaginative space: the Houdini Swap, acquired in early June, is expected to generate about $13 million in revenue by 2025. This indicates that SOL Strategies is trying to shift from "simply holding coins" to "building real business revenue," rather than just relying on SOL price fluctuations.
Putting this trend into perspective, a signal emerges—during market downturns, crypto treasury companies start selling coins. Whether it's Strategy or SOL Strategies, when cash needs arise, reserve assets must be liquidated.
HODLing is about faith; selling coins is about reality. When debt matures, faith must give way to cash flow.