SOL Strategies Reports 3600% Revenue Surge Driven by Staking Despite CA$4.8 Million Loss

SOL Strategies, a Canadian public company focused on Solana infrastructure, reported a net loss of CA$4.8 million ($3.5 million) for the second quarter of 2025. This loss came despite a significant surge in revenue from staking and validating, which reached CA$2.54 million CAD ($1.85 million), a substantial increase from CA$67,000 in the same period a year earlier. The revenue growth was primarily driven by income from its cryptocurrency holdings, particularly Solana (SOL) and Sui (SUI). The company earns this income by operating validator nodes and receiving rewards in the form of SOL and other tokens, both from assets it self-delegates and from commissions on third-party delegations.

The company's strategic moves in the first quarter of 2025 included adding SUI to its balance sheets and decreasing its exposure to Bitcoin. Overall, its cryptocurrency holdings value stood at CA$48.3 million CAD ($35.2 million) on March 31. Despite the rise in revenue driven by staking, SOL Strategies’ operating and non-operating expenses weighed on the quarterly performance. The company recorded CA$8.52 million ($6.21 million) in total expenses during the quarter, including over CA$3.22 million ($2.35 million) in share-based compensation and CA$2.54 million ($1.85 million) in amortization related to recent acquisitions of validator infrastructure. Additional costs included CA$974,000 ($710,000) in professional fees, CA$669,000 ($488,000) in interest expenses, and other administrative and consulting outlays. These expenses, tied to its ongoing expansion strategy, outpaced its crypto revenue.

On May 27, SOL Strategies filed a preliminary base shelf prospectus that would allow it to make offerings of up to $1 billion in common shares. This move supports the company's growth strategy by providing it with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem. CEO Leah Wald emphasized the importance of this filing, stating that it would enable the company to capitalize on emerging opportunities within the Solana ecosystem.

The company's strategic decisions and financial performance reflect a broader trend among Solana treasury companies, which are increasingly consolidating SOL rather than hoarding Bitcoin. This shift is part of a larger strategy to leverage the Solana ecosystem's growth potential. The company's focus on staking and validating revenue, coupled with its strategic holdings, positions it to benefit from the continued development and adoption of the Solana blockchain.