HSDT News & Events

Solana Company announced the signing of a memorandum of understanding, or MoU, with the Administration of Alatau City to establish a blockchain partnership and support Alatau City's development as the international center for digital asset, fintech, and blockchain activity in Central Asia.

Hyperscale Data disclosed advanced negotiations on a Master Services Agreement that would end all bitcoin mining at its Michigan campus in favor of AI colocation. Bitmine Immersion Technologies launched its new preferred series BMNP on the NYSE today. Robinhood announced a workforce reduction while reporting record trading volumes, and Forward Industries revealed two failed solana acquisition bids alongside a group-action dispute. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.HYPERSCALE DATA EYES BITCOIN MINING EXIT:Hyperscale Datait is in advanced negotiations on a Master Services Agreement to provide 20 MW of critical AI compute capacity at its Michigan data center campus, with revenue projected to exceed $1.0B over a 20-year term, and an expansion option to 52 MW that could reach approximately $2.5B total revenue. If the MSA is signed, the company will cease all bitcoin mining at the Michigan campus over several months to convert the power allocation to higher-margin AI colocation, with the first 10 MW targeted operational within 90 days of closing. The campus carries potential for 300+ MW total capacity subject to regulatory approvals and financing., Hyperscale Data disclosed holding 713.5884 bitcoin valued approximately $46.9M at $65,710 per bitcoin as of June 14, plus $40.2M in cash and restricted cash and 10,000 ounces. of silver, with combined treasury representing about 73.34% of market capitalization.BMNP PREFERRED MAKES NYSE DEBUT:Bitmine Immersion Technologiesbegan trading its 9.50% Series A Perpetual Preferred Stock on the NYSE today under the ticker symbol "BMNP," following the close of a 3,500,000-share offering at $80 per share that netted $273.8M in proceeds, as the company. Dividends on its Series-A Perpetual Preferred Stock are paid weekly.ROBINHOOD CUTS 10% OF WORKFORCE:, Robinhoodrevealed a workforce reduction of approximately 10% of full-time employees plus closure of a small number of open roles, with estimated cash restructuring charges of $20M and share-based compensation charges of $8M, both to be accrued in Q2. The company characterized the reduction as taken "from a position of business strength," noting that June month-to-date average daily trading volumes are at record levels across equities, options, and prediction markets.FORWARD INDUSTRIES' SOLANA M&A BIDS REBUFFED:Forward Industriesthat two non-binding all-stock acquisition proposals made as part of its solanatreasury strategy were rejected, with a proposal to SkyAIexpiring unaccepted on June 12 and Solana Company'sboard formally rejecting its proposal the same day., Forward Industries disclosed it received a letter from counsel for Brera Holdingsalleging Forward was acting in concert with Viktor Fischer, RockawayX, and affiliated entities as an undisclosed Section 13(3) group, with Forward Industries responding on June 15 that the allegations are meritless.PRICE ACTION:As of time of writing, bitcoinwas trading at $65,585.96, while etherwas trading at $1,778.06,.

Solana Company (HSDT) confirmed that its board of directors has unanimously rejected the unsolicited, non-binding proposal it received on June 4 from Forward Industries (FWDI) to acquire the company in an all-stock business combination valued at $1.48 per Solana share. After careful consideration, the board unanimously concluded that the Forward proposal substantially undervalues the company. Accordingly, the board determined that the proposal was not in the best interests of the company and its stockholders.

Forward Industries (FWDI) confirmed that it made a non-binding proposal to the board of directors of Solana Company (HSDT) regarding an all-stock business combination. On June 12, Solana responded that its board voted to decline Forward's offer and chose to not engage in further discussion. The company said, "We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication. We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders."