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.
