Hierarchical State Transition Matrix (HSTM) is a table-based modeling language for developing designs of software systems. Although widely used and adopted by (particularly Japanese) software industry, there is still lack of mechanized formal verification supports for conducting rigorous and automatic analysis to improve reliability of HSTM designs. In this paper, we first present a formalization of HSTM designs as state transition systems. Consequentially, based on this formalization, we propose a symbolic encoding approach, through which correctness of a HSTM design with respect to LTL properties could be represented as Bounded Model Checking (BMC) problems that could be determined by Satisfiability Modulo Theories (SMT) solving. We have implemented our encoding approach in a tool called Garakabu2 with the state-of-the-art SMT solver CVC3 as its back-ended solver. Furthermore, in our preliminary experiments, a conceptually simple but steadily effective way of accelerating SMT solving for HSTM designs is investigated and reported.