Beer Can Island Gets Its Own Cryptocurrency, Plans to Reopen as Solana Island

Pine Key — the Tampa Bay landmark better known to locals as Beer Can Island — has seen better days.

Hurricane Helene put Beer Can Island about eight feet underwater, said co-owner Russell Loomis. The storm destroyed every structure on the island, from the concert stage to the tiki bar, giant slide and food truck. Hurricane Milton followed with winds that toppled about half of the island’s trees.

“When you go out there, now it looks like a bad hair day,” Loomis said. “Previously it had a nice, full head of hair.”

The popular hang-out spot — closed since the storms — will likely remain shuttered to guests for another six to nine months. But Loomis is choosing to see the moment as an opportunity for a reset. One of his ideas for the property: getting into the world of crypto.

Last week, Beer Can Island got its own virtual currency. The new coin, titled $PineKey, is available for purchase on the website pump.fun.

Unlike other “meme coins” inspired by pop culture, Loomis says $PineKey coin will have value in real life. Visitors will be able to use the virtual currency on food, drinks, concert tickets and rentals around the property. Prior to the hurricanes, visitors could sign up for a membership starting at $9.99 a month. As $PineKey grows, Loomis plans to eventually phase out the old membership program.

“Essentially, we’re making a new ecosystem on the island based around cryptocurrency,” he said, noting that he believes it could be the first time this has happened on a private island.

Another thing people can purchase with $PineKey: their own portion of paradise.

“Shares of the island are still available for purchase for $1,000 per share or the equivalent in $PineKey coin,” Loomis said in an email. “We’ve sold over 1,000 of these shares and still have around 500 remaining, Anyone can own a piece of the island, until shares run out.”

The company’s market share was $190,117 as of Wednesday afternoon.

Beer Can Island is located in the waters of Tampa Bay, between Apollo Beach and MacDill Air Force Base. It’s owned by four friends, including Loomis. The group briefly put 90% of their island up for sale in 2024, asking for $14.2 million, before changing their minds.

“We did have a couple other offers,” Loomis told the Times last spring. “None of them met the price that we were looking for.”

Loomis said he and his partners are working with architects, engineers, attorneys and Hillsborough County to get approval to rebuild the island to its former glory. This includes planting new trees, making sure all new structures are elevated by at least 8 feet and working to combat erosion issues.

Loomis has pledged to rename the property to Solana Island — after the Solana Ecosystem network that the coin runs on — if the new cryptocurrency is successful enough. He has already secured multiple domain names and social media pages under the new name, including facebook.com/Solanaisland.