Sol Strategies (NASDAQ:STKE) said its business continued to expand during the nine months ended June 30, 2026, as the company added Houdini Swap to its portfolio and further developed its Solana validator, liquid staking and digital-asset treasury operations.
Chief Executive Officer Michael Hubbard described the company as a blockchain infrastructure business with three interconnected lines: validator operations, the Houdini privacy and cross-chain execution platform, and a corporate treasury of SOL tokens held and staked on its balance sheet. The company began reporting its operations on a segmented basis during the period, separating Houdini Swap from its core staking infrastructure business.
Treasury and Quarterly Expenses
Harris emphasized that the company’s reported expenses include substantial non-cash items. For the three months ended June 30, he said approximately CAD 15.4 million, or more than 80% of operating expenses, were non-cash. These included nearly CAD 6 million of intangible asset amortization and impairment, as well as more than CAD 6.5 million related to the revaluation of the company’s digital-asset treasury.
After excluding the non-cash costs, Harris said the company recorded an EBITDA loss of just over CAD 1.1 million for the quarter. The period included only one month of Houdini’s results because the acquisition closed June 1.
Validator Operations and Liquid Staking
Hubbard said Sol Strategies earns revenue from validators by taking commissions on staking rewards generated by third-party SOL delegators, along with a share of maximum extractable value, or MEV, and transaction-related fees. He said the company’s validator and staking infrastructure processes more than 1 million transactions daily.
During the third quarter of 2026, Hubbard said all of the company’s validators operated with 100% uptime. Its Orangefin validator generated a 5.84% average annual percentage yield in June, compared with a Solana network average of 5.53%, according to Hubbard.
The company’s Solana Mobile Seeker validator, which Hubbard identified as the default validator for the Solana Mobile phone, had attracted more than 27,000 unique wallets by quarter-end. Sol Strategies also began early adoption of Jito’s Block Assembly Marketplace on two nodes and announced that it had become the sole staking provider for the VanEck Solana ETF.
Sol Strategies’ STKESOL liquid staking token launched in January 2026 with more than 500,000 SOL deposited at launch, Hubbard said. The product distributes deposited SOL among approximately 75 validators using the company’s Stakewiz Wiz Score methodology. STKESOL can be used across decentralized finance platforms including Orca, Squid, Kamino and Loopscale, while Sol Strategies receives a percentage of pooled staking rewards.
Houdini Acquisition Adds Revenue Stream
The company acquired Houdini Swap, a non-custodial, privacy-focused cross-chain swap aggregator that routes transactions across more than 120 blockchain networks. Hubbard said Houdini does not take custody of user assets and is intended to break visible on-chain links between senders and recipients.
Hubbard said more than 50% of Houdini’s transaction volume over the prior 12 months had touched Solana in some way. He characterized crypto-to-crypto mobility as an underdeveloped growth opportunity compared with fiat-to-crypto on- and off-ramps.
For the one month Houdini was included in the June-quarter financial results, Chief Strategy Officer Steve Ehrlich said the subsidiary generated about CAD 1.2 million in revenue and CAD 685,000 in operating income. Harris said the business had integrated smoothly and that the September quarter was showing promise, while noting that the company’s outlook remains subject to market conditions and other risks.
The acquisition’s total consideration was approximately CAD 18 million, Harris said. The structure included CAD 8.25 million in cash, consisting of CAD 7 million paid at closing and a CAD 1.25 million indemnity holdback; CAD 5.75 million in seller notes due Dec. 1, 2026; and CAD 4 million in common shares issued at closing. The transaction also includes a potential two-year earn-out of up to CAD 10 million if Houdini achieves annual adjusted EBITDA of CAD 2.5 million.
Sol Strategies financed the cash portion of the transaction through decentralized-finance protocols on Solana rather than selling treasury SOL, Hubbard said. The company recorded approximately CAD 21.4 million of goodwill from the acquisition, as well as roughly CAD 1 million for the Houdini brand and CAD 4.1 million for its technology platform. The brand and technology platform are being amortized over four years.
Privacy Technology and Growth Plans
The company is also integrating privacy technology obtained through its acquisition of substantially all Darklake assets and its founding team in April. Hubbard said Darklake developed a zero-knowledge automated market maker and a proprietary proving system known as Zyga. Sol Strategies is evaluating applications for Zyga within the Houdini ecosystem, including products for retail and business-to-business customers seeking confidential execution.
Management said it intends to add wallet and exchange partners for Houdini, which currently has integrations with more than 40 wallets. Hubbard said the company sees potential to expand revenue with relatively limited incremental expenses, although marketing spending could rise as it pursues growth.
Sol Strategies said it will continue evaluating acquisition opportunities in the Solana ecosystem and adjacent markets. Hubbard said potential transactions will be assessed based on whether they broaden distribution, add technical capabilities or bring in teams worth acquiring.
The company also said it supports Solana governance proposals SIMD-0550, regarding accelerated disinflation, and SIMD-0553, regarding resource-based fee burning, and plans to vote in favor of both proposals.
About Sol Strategies (NASDAQ:STKE)
Sol Strategies Inc is a company focused on building and supporting infrastructure and services for the Solana blockchain ecosystem. Its business is centered on providing exposure to and operational support for digital asset network participation, including activities associated with staking and related blockchain infrastructure.
The company has positioned itself as part of the broader cryptocurrency and decentralized finance landscape, where blockchain validators and staking operations play a role in helping secure proof-of-stake networks.
