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UK-based Supernova Digital Assets has built a multimillion-pound crypto treasury, but its latest accounts expose the strategy’s less glamorous constraint: cash.
An unfinished lender switch now stands between the company and further token sales, making its reported SOL position a test of whether it can secure cheaper funding without letting liquidity needs dictate its treasury strategy.
Supernova reported just £3,000 of cash against £1.132 million of current liabilities, including £847,000 of interest-bearing borrowings. The Solana-focused treasury company said replacement financing is its preferred route to limit further crypto sales.
The unaudited results released July 30 showed total assets of £2.944 million and equity of £1.812 million. Supernova’s holdings at the reporting date included 32,771 SOL valued at £2 million, 5.38 BTC valued at £302,000, and 1,065 TAO valued at £254,000.
Replacement financing becomes central
Six months earlier, Supernova’s audited annual results showed £113,000 of cash and £762,000 of interest-bearing borrowings. By April 30, cash had fallen by £110,000, and borrowings had risen by £85,000. The existing AMINA Bank facility, entered in March 2025, provides up to $1 million at SOFR plus 8%, has a rolling one-month maturity, and is secured by SOL.
Supernova said discussions with an unnamed alternative provider were advanced, targeting lower borrowing costs and improved loan-to-value terms. Completion is not assured, and the company disclosed no replacement principal, rate, collateral package, covenants, or timetable.
Supernova sold some of its SOL during the six-month reporting period, reducing staking income. It said further digital-asset sales remain available as a liquidity source, while directors argued that selling at prevailing depressed valuations would not serve shareholders’ interests. The company reported no margin call or forced-sale deadline.
Revenue fell to £72,000 from £297,000 in the comparable six-month period. The current results recorded a £1.2 million loss after tax and a separate £2.8 million crypto fair-value loss in other comprehensive income, producing a £4 million total comprehensive loss. The fair-value remeasurement was an accounting loss and did not itself use cash.
For market context, CryptoSlate’s SOL market data showed a price of around £55.66 on July 30. If Supernova’s April quantity were unchanged, that price would give an illustrative value of about £1.82 million. The company has not disclosed a post-April token quantity.
Supernova therefore has two disclosed liquidity levers: complete replacement financing on acceptable terms or sell more digital assets.
At current valuations, management has expressed a preference to preserve the treasury. Whether it can retain the reported SOL position now depends on the financing talks and any treasury changes since April that remain undisclosed.
The post Down to its last $4,000 in cash, a crypto firm holding millions in Solana is seeking a loan to survive $1.5M debt appeared first on CryptoSlate.
