SOL Strategies – a public company in Canada focused on Solana infrastructure – just reported a net loss in Q2 2025, despite strong growth in staking and validation revenue.
The company is listed on the Canadian Securities Exchange (CSE) under the ticker HODL, reporting a net loss of CAD 4.8 million ($3.5 million) in Q2, while revenue during the same period surged to CAD 2.54 million ($1.85 million) – compared to only CAD 67,000 a year earlier.
Revenue growth mainly comes from staking income and validating cryptocurrency assets, especially Solana (SOL) and Sui (SUI). SOL Strategies earns income through operating validator nodes, receiving rewards in the form of tokens from self-staked assets and also commissions from third-party delegated staking.
In April, the company also announced the issuance of $500 million in convertible bonds, while increasing its SOL holdings and adding $SUI to its portfolio, but significantly reducing its Bitcoin holdings. As of March 31, the total value of the company's cryptocurrency portfolio reached CAD 48.3 million ($35.2 million).
Although revenue from staking has increased significantly, operating and non-operating expenses have had a considerable impact on quarterly financial performance. Total expenses in the quarter reached CAD 8.52 million ($6.21 million), including CAD 3.22 million ($2.35 million) in stock-based compensation and CAD 2.54 million ($1.85 million) in depreciation costs related to the recent acquisition of validator infrastructure.
Other expenses include CAD 974,000 ($710,000) in professional service fees, CAD 669,000 ($488,000) in interest expenses, along with other administrative and consulting costs. These expenses reflect the expansion strategy being implemented, but currently exceed revenue from crypto operations.
On May 27, SOL Strategies filed a base shelf prospectus, allowing the company to raise up to $1 billion through the issuance of common shares.
“Filing a base shelf prospectus will support our growth strategy by providing flexibility in accessing capital as new opportunities arise in the rapidly expanding Solana ecosystem,” said CEO Leah Wald of SOL Strategies.
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Companies holding Solana funds are increasingly flourishing
A new wave of companies investing in Solana reserve funds is emerging, following the model of pioneers like Michael Saylor – but instead of hoarding Bitcoin, they are accumulating SOL.
Among them, DeFi Development Corp purchased an additional $11.5 million SOL in April. Meanwhile, Upexi, a Nasdaq-listed company, saw its stock rise by up to 630% after announcing plans to raise $100 million and implement a SOL reserve strategy.
Solana had a tumultuous year in 2025. This is the blockchain chosen by President Donald Trump to launch the official memecoin named Official Trump, an event that pushed the price of SOL to a peak of $296 on the day of its debut.
