Canadian public company $SOL Strategies (CSE: HODL), which focuses on infrastructure in the Solana blockchain ecosystem, reported a net loss of $3.5 million (CA$4.8 million) for the second quarter of 2025, even as revenue from staking and validator operations soared.


The firm’s revenue rose sharply to $1.85 million (CA$2.54 million), up from just $67,000 in the same quarter last year, driven primarily by staking and validating rewards earned from operating validator nodes on Solana and Sui networks. Despite the jump in top-line figures, operational and non-operational expenses outweighed gains.


According to the company’s financial filing, total expenses reached $6.2 million (CA$8.52 million), with over $2.35 million in share-based compensation and $1.85 million in amortization linked to recent infrastructure acquisitions. Additional costs included nearly $710,000 in professional fees and roughly $488,000 in interest payments.


$SOL Strategies also revealed a shift in its digital asset allocation. As of March 31, the company held $35.2 million (CA$48.3 million) in crypto assets, with increased exposure to Solana and Sui, and a significant reduction in its Bitcoin holdings.


The firm has taken steps to strengthen its balance sheet, including a $500 million convertible note issuance in April and a preliminary base shelf prospectus filed on May 27, allowing for up to $1 billion in future securities offerings.


“This filing supports our growth strategy by providing the flexibility to access capital as opportunities arise in the evolving Solana ecosystem,” CEO Leah Wald said in a statement.


$SOL Strategies is part of a broader trend of companies building Solana-native treasuries. Other firms such as DeFi Development Corp and Upexi have also ramped up their SOL holdings, following a similar path to Bitcoin-focused treasury strategies led by firms like MicroStrategy.


The report comes amid a volatile year for Solana, which briefly surged to $296 following the launch of a Trump-themed memecoin. Despite market swings, infrastructure-focused firms like SOL Strategies remain bullish on the network’s long-term potential.

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