SOL Strategies Posts $3.5M Q2 Loss Despite $1.85M Surge in Staking Revenue

SOL Strategies Posts $3.5M Q2 Loss Despite $1.85M Surge in Staking Revenue

Staking Income Soars, But Expenses Widen Losses for Solana-Focused Firm

TORONTO, Canada — SOL Strategies, a Canadian public company known for its deep involvement in Solana infrastructure, posted a net loss of $3.5 million (CA$4.8 million) in the second quarter of 2025 — despite a dramatic increase in staking and validating revenue, which soared to $1.85 million (CA$2.54 million) from just $67,000 a year ago.

The firm, which trades on the Canadian Securities Exchange under the ticker HODL, attributed its revenue jump to income earned from operating validator nodes on Solana (SOL) and Sui (SUI) networks. This income includes both self-delegated rewards and commissions on third-party delegations, reflecting the company’s expanding presence in blockchain infrastructure.

Strategic Shifts in Crypto Holdings

In a continued pivot toward Solana-based assets, the company added SUI to its treasury while significantly reducing its exposure to Bitcoin (BTC). As of March 31, SOL Strategies reported total crypto holdings worth $35.2 million (CA$48.3 million).

Despite solid crypto revenue, the company’s performance was weighed down by total quarterly expenses of $6.21 million (CA$8.52 million). Major cost centers included:

• $2.35 million (CA$3.22 million) in share-based compensation

• $1.85 million (CA$2.54 million) in amortization of validator acquisitions

• $710,000 (CA$974,000) in professional fees

• $488,000 (CA$669,000) in interest expenses

• Additional administrative and consulting costs

Capital Access and Expansion Plans

In April, SOL Strategies announced a $500 million convertible notes issuance to bolster capital reserves. On May 27, it filed a preliminary base shelf prospectus to allow for potential future offerings of up to $1 billion in common shares.

“The filing… provides us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,” said CEO Leah Wald.

Solana Treasury Plays Gain Momentum

SOL Strategies isn’t alone in shifting strategy toward SOL-centric treasuries. The trend, pioneered by firms like Michael Saylor’s MicroStrategy, is now catching on with companies focused on Solana instead of Bitcoin.

• DeFi Development Corp added $11.5 million in SOL to its balance sheet in April.

• Upexi, a Nasdaq-listed firm, saw shares skyrocket 630% after unveiling a $100 million raise for a SOL-focused treasury strategy.

Solana’s market clout has also been buoyed by high-profile events, including its use in the launch of Donald Trump’s memecoin, which briefly pushed SOL’s price to $296 in early 2025.

Outlook

While SOL Strategies faces mounting expenses amid its aggressive growth push, the surge in staking revenue and strategic alignment with the Solana ecosystem could position the company favorably — provided operational costs are reined in. The firm’s billion-dollar shelf prospectus signals it’s preparing for a long-term play in the rapidly shifting blockchain infrastructure landscape.