SOL Strategies reports Q2 net loss of $3.5M while staking, validating revenue surge

SOL Strategies, a Canadian public company focused on Solana infrastructure, reported a net loss in the second quarter even as revenue from staking and validating surged.

The company, which trades on the Canadian Securities Exchange (CSE) under the ticker HODL, reported a net loss of CA$4.8 million ($3.5 million) for the second quarter of 2025, while revenue for the period surged to CA$2.54 million CAD ($1.85 million) from CA$67,000 in the same period a year earlier.

SOL Strategies’ revenue growth was driven almost entirely by staking and validating income from its cryptocurrency holdings, particularly SolanaSOL$156.29SolanaChange (24h)0.66%Market Cap$76.05BVolume (24h)$2.69BView Moreand SuiSUI$3.34SuiChange (24h)0.60%Market Cap$10.06BVolume (24h)$643.79MView More. The company earns 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.

SOL Strategies, whichannounced an issuance of $500 millionin convertible notes in April, stacked more SOL and added SUI, but dramatically decreased its BitcoinBTC$105,706BitcoinChange (24h)0.17%Market Cap$2.1TVolume (24h)$28.25BView Moreholdings. 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, the companyfiled a preliminary base shelf prospectusthat would allow it to make offerings of up to $1 billion in common shares.

“The filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,” SOL Strategies CEO Leah Wald said at the time.

Related:Solana firms make moves on staking, treasury and compliance

Solana treasury companies on the rise

Solana treasury companies are following the footsteps of pioneers such as Michael Saylor’s Strategy. However, instead of hoarding BitcoinBTC$105,706BitcoinChange (24h)0.17%Market Cap$2.1TVolume (24h)$28.25BView More, they consolidate SOL.

One of those companies, DeFi Development Corp,added $11.5 million in SOL in April. Meanwhile, Upexi, a Nasdaq-listed company,saw its shares rise 630%after announcing a $100 million raise and a SOL treasury strategy.

Solana has seen a tumultuous ride in 2025. It was the blockchain of choice for USPresident Donald Trump’s memecoin, Official TrumpTRUMP$11.30MAGAChange (24h)0.29%Market Cap$165.88MVolume (24h)$2.06MView More, which catapulted the SOL token to a high of $296 on the launch.

Magazine:Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

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