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Sol Strategies Inc. Common Shares

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Sol Strategies Inc. Common Shares • NASDAQ
$2.76 ▲ 6.15% (+0.16)
Market Cap $61.50 M
52w High $34.32
52w Low $2.07
Dividend Yield 0%
P/E -16.24
Volume 251.62K
Outstanding Shares 22.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $300.492K ▲ $7.29M ▲ $-8.2M ▼ -2.729K% ▼ $-0.4 ▼ $-2.988M ▼
Q2-2025 $0 $5.203M ▲ $-4.824M ▼ 0% $-0.26 ▼ $-2.661M ▼
Q1-2025 $0 $-4.422M ▲ $3.226M ▼ 0% $0.16 ▼ $4.472M ▼
Q4-2024 $0 $-7.047M ▼ $5.463M ▲ 0% $0.29 ▲ $9.603M ▲
Q3-2024 $0 $1.497M $-1.497M 0% $-0.079 $-1.489M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.164M ▲ $164.284M ▲ $62.15M ▲ $102.134M ▲
Q2-2025 $1.693M ▲ $124.912M ▲ $40.232M ▲ $84.68M ▲
Q1-2025 $1.279M ▼ $74.632M ▲ $14.434M ▲ $60.198M ▲
Q4-2024 $1.808M ▼ $28.904M ▲ $2.18M ▲ $26.724M ▼
Q3-2024 $8.551M $28.355M $477.337K $27.877M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.2M ▼ $-5.377M ▼ $41.034M ▲ $-34.185M ▼ $1.472M ▲ $63.441M ▲
Q2-2025 $-4.824M ▼ $-2.376M ▼ $-77.143M ▼ $79.933M ▲ $413.515K ▲ $-44.623M ▼
Q1-2025 $3.226M ▼ $-304.532K ▲ $-38.34M ▼ $38.116M ▲ $-528.73K ▲ $-34.629M ▼
Q4-2024 $5.463M ▲ $-595.081K ▼ $-6.297M ▼ $150K ▲ $-6.742M ▼ $-595.081K ▼
Q3-2024 $-1.256M $115.542K $1.371M $-532.075K $954.273K $115.542K

Five-Year Company Overview

Income Statement

Income Statement The historical income statement shows essentially no operating revenue yet, which means the business has been in a build‑out and positioning phase rather than a mature earning phase. The small swings between slight profit and slight loss suggest results have been driven mostly by gains or losses on holdings and one‑off items, not by a stable service business. Earnings per share have bounced around, which is typical for a very small, early‑stage, asset‑focused company. Overall, the track record so far looks more like a developing investment platform than a traditional asset manager with recurring fee income.

Balance Sheet

Balance Sheet The balance sheet provided is very small and clean: minimal assets, no visible financial debt, and equity that basically matches assets. This indicates the company historically operated with a very light footprint and little leverage. However, the narrative now describes a large Solana token treasury and an institutional funding facility, which are not yet visible in the historical figures. That gap suggests investors need to treat past balance sheet data as a pre‑scale snapshot, with the real story being the rapid expansion in digital assets and validator infrastructure more recently.

Cash Flow

Cash Flow Reported cash flow history is flat, with no meaningful operating cash generation yet and only minor investment spending. That fits with a company that has been assembling positions and capabilities rather than running a mature cash‑producing operation. With validator rewards, staking income, and any new financing now in play, the future cash profile could look very different from the past. For now, though, the available cash flow data are too limited to judge the durability or quality of the business’s cash generation.

Competitive Edge

Competitive Edge Sol Strategies is positioning itself as a specialist gateway to the Solana ecosystem rather than a broad, diversified asset manager. Its edge comes from being an early public vehicle focused on Solana, running a large validator footprint, and offering institutional‑grade infrastructure and compliance. The white‑label validator services, mobile staking app, and analytics tools deepen its role in the ecosystem and help build a recognizable brand among both retail and institutional stakers. On the risk side, its fortunes are heavily tied to one blockchain, competition among validators is intense, and regulatory and market swings in digital assets could quickly change its relative standing.

Innovation and R&D

Innovation and R&D Innovation here is less about lab research and more about product design, infrastructure, and ecosystem integration. The DAT++ model blends a token treasury, staking operations, and venture‑style investments into one structure, which is still unusual in public markets. Early adoption of advanced validator technology, plus ownership of a non‑custodial staking app and a widely used dashboard, shows a focus on performance, security, and user experience. Future plans like tokenizing its own equity and using more advanced DeFi strategies for treasury management point to a willingness to experiment at the frontier of crypto finance, which could be powerful if executed well but also raises complexity and regulatory uncertainty.

Summary

Sol Strategies looks like a highly focused bet on the Solana ecosystem, combining elements of an asset manager, infrastructure provider, and holding company. The historical financials show a tiny, mostly pre‑revenue entity, while the qualitative story points to a rapid scale‑up in validators, token holdings, and institutional partnerships more recently. Strengths include its first‑mover position as a public Solana validator platform, institutional‑grade focus, and a growing suite of products around staking and infrastructure. Key risks revolve around concentration in one blockchain, exposure to volatile token prices, integration of multiple acquisitions, and a fast‑moving regulatory backdrop. Overall, this is an early‑stage, high‑innovation platform where business fundamentals are still catching up to the strategic ambition and where outcomes will likely track the health and adoption of Solana itself.

NEWS

November 17, 2025 · 8:45 AM UTC

SOL Strategies Selected as Staking Provider for VanEck Solana ETF

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November 14, 2025 · 7:54 PM UTC

SOL Strategies Announces Filing of Corrective Disclosure

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November 5, 2025 · 8:30 AM UTC

SOL Strategies to Participate in Upcoming Investor Conferences

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November 3, 2025 · 9:46 AM UTC

SOL Strategies October 2025 Monthly Business Update

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October 27, 2025 · 10:05 AM UTC

SOL Strategies Successfully Completes SOC 2 Type 2 & SOC 1 Type 2 Examination with No Exceptions Noted, Advancing Institutional-Grade Security Standards for Solana Staking

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