Sol Strategies (TSE:HODL)
:HODL
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Sol Strategies
(HODL)
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Rating:45Neutral
Price Target:
C$2.00
▼(-18.37% Downside)
Action:ReiteratedDate:03/21/26
The score is primarily held down by sharply weakened financial performance (large losses and negative cash flow) and a technically bearish price trend. The earnings call provides partial support via improving operating traction (STKESOL adoption, staking income growth, institutional validation), but liquidity/leverage and dilution risks remain significant, and valuation offers limited support due to negative earnings.
Positive Factors
New Liquid Staking Product (STKESOL)
STKESOL establishes a recurring-fee revenue model tied to staking rewards, converting protocol TVL into predictable income. As liquid staking demand grows, the product scales with assets under delegation and can diversify revenue beyond one-time trading or custody fees, improving long-term monetization.
Negative Factors
Persistent Losses and Negative Cash Flow
Material reported losses and deeply negative operating and free cash flow erode runway and require ongoing financing. If operating cash burn persists, management must continually raise capital or restructure, constraining investment and threatening long-term viability absent durable margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
New Liquid Staking Product (STKESOL)
STKESOL establishes a recurring-fee revenue model tied to staking rewards, converting protocol TVL into predictable income. As liquid staking demand grows, the product scales with assets under delegation and can diversify revenue beyond one-time trading or custody fees, improving long-term monetization.
Read all positive factors
Sol Strategies (HODL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$45.45M
Dividend YieldN/A
Average Volume (3M)278.71K
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth-67.18%
EPS Growth-669.71%
CountryCA
Employees3
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.19
Shares Outstanding28,057,268
10 Day Avg. Volume134,786
30 Day Avg. Volume278,706
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.06
Price to Sales (P/S)8.33
P/FCF Ratio-11.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.87
Revenue Forecast (FY)C$16.50M
Sol Strategies Business Overview & Revenue Model
Company Description
Sol Strategies, Inc. is an investment company. The firm is focused on the Solana ecosystem, which provides strategic investments and infrastructure solutions to enable decentralized finance. Its portfolio includes NGRAVE, Chia Network Inc., and zk...
How the Company Makes Money
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Sol Strategies Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 28, 2026
Earnings Call Sentiment Positive
The call emphasized strong strategic and operational progress — notably the STKESOL launch, rapid early adoption (≈661k–675k SOL TVL), 63% growth in unique wallets, ~18% growth in assets under delegation, 69% YoY staking income growth (120% on a SOL basis), and an institutional validation with VanEck — while also acknowledging significant accounting losses (CAD 11.9M reported), a CAD 53.5M unrealized markdown on crypto holdings, CAD 6M of realized crypto transaction losses, rising operating expenses, modest cash on hand (CAD 223k) and meaningful debt and share dilution. Management framed most headline negatives as noncash or one-time items and focused on revenue growth, product expansion and balance sheet actions (CAD 30M raise, credit restructuring) — overall the operational and strategic positives were presented as outweighing the accounting and market-driven negatives.Positive Updates
Launch of STKESOL Liquid Staking Token (LST)
Launched STKESOL in January, a liquid staking token that allows stakers to maintain liquidity while earning staking rewards; protocol delegates across many validators using an algorithmic 'stake with score' approach and charges a 5% fee on pool rewards as a new recurring revenue stream.
Negative Updates
Reported Net Loss
Reported net loss of CAD 11.9 million for the quarter versus net income of CAD 3.2 million in the prior year period; management attributes the headline loss largely to noncash and nonrecurring items.
Read all updates
Q1-2026 Updates
Positive
Negative
Launch of STKESOL Liquid Staking Token (LST)
Launched STKESOL in January, a liquid staking token that allows stakers to maintain liquidity while earning staking rewards; protocol delegates across many validators using an algorithmic 'stake with score' approach and charges a 5% fee on pool rewards as a new recurring revenue stream.
Read all positive updates
Company Guidance
Management guided that the company will accelerate growth for the remainder of fiscal 2026 by scaling its new STKESOL liquid staking product and institutional pipeline to drive meaningful increases in assets under delegation (currently >3.3M SOL, up from 2.8M three months prior) and TVL (STKESOL c.661–675k SOL across ~75 validators), earning a 5% fee on pool rewards; they will also continue to prioritize validator operations (99.999% uptime, yields above network average) and pursue M&A to complement organic growth. Management pointed to strong customer and institutional traction as evidence the strategy will scale — unique wallets rose to >31,000 (+63% from 19,000), representing ~5.5% of the network’s ~576k staking users (more than 46x the average validator’s ~685 wallets) — and emphasized continued focus on winning ETF and custody mandates. Financially they noted recent balance-sheet actions and metrics to underpin the plan: staking & validation income CAD 2.1M (up 69% YoY, +120% on a SOL basis), SOL holdings ~529k (up ~90k), CAD 30M gross equity raise (CAD 27.9M net; 4.38M units at $6.85), total assets CAD 132M, total debt CAD 52.3M, reported net loss CAD 11.9M but adjusted loss ~CAD 0.5M after ~CAD 10.9M of add‑backs, and CAD 223k cash at quarter end.Sol Strategies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
14
Very Negative
| Breakdown | TTM | Sep 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -4.07K | 14.56M | 9.40M | 0.00 | 0.00 | 117.66K |
| Gross Profit | -2.15M | 4.33M | 9.40M | 0.00 | 0.00 | 117.66K |
| EBITDA | -15.93M | -1.28M | 7.97M | -6.59M | -3.70M | -1.46M |
| Net Income | -50.13M | -35.04M | 6.61M | -6.28M | 358.46K | -1.17M |
Balance Sheet | ||||||
| Total Assets | 132.09M | 169.60M | 28.90M | 17.05M | 23.89M | 31.23M |
| Cash, Cash Equivalents and Short-Term Investments | 222.47K | 1.79M | 1.81M | 1.93M | 18.60M | 876.76K |
| Total Debt | 49.83M | 51.91M | 0.00 | 0.00 | 0.00 | 1.19M |
| Total Liabilities | 52.27M | 54.82M | 2.18M | 226.48K | 308.29K | 3.39M |
| Stockholders Equity | 79.82M | 114.78M | 26.72M | 16.83M | 23.58M | 27.84M |
Cash Flow | ||||||
| Free Cash Flow | -58.55M | -11.03M | -856.73K | -1.13M | -1.79M | -2.57M |
| Operating Cash Flow | -16.28M | -11.00M | -856.73K | -1.13M | 211.00 | -1.64M |
| Investing Cash Flow | -57.59M | -73.20M | 1.51M | -14.77M | 18.84M | -12.08M |
| Financing Cash Flow | 72.81M | 84.18M | -767.96K | -707.76K | -1.18M | 14.10M |
Sol Strategies Technical Analysis
Neutral
2.45
Price Trends
1.69
Positive
2.31
Negative
5.54
Negative
Market Momentum
-0.07
Negative
57.56
Neutral
83.45
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HODL, the sentiment is Neutral. The current price of 2.45 is above the 20-day moving average (MA) of 1.45, above the 50-day MA of 1.69, and below the 200-day MA of 5.54, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 57.56 is Neutral, neither overbought nor oversold. The STOCH value of 83.45 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:HODL.
Sol Strategies Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | C$24.51M | -16.77 | -63.28% | ― | 3.46% | 94.86% | |
51 Neutral | C$86.46M | 5.80 | 79.47% | ― | 147.27% | ― | |
48 Neutral | C$60.87M | -5.39 | -8.68% | ― | 30.79% | 48.25% | |
46 Neutral | C$125.72M | 11.45 | -11.71% | ― | -34.67% | -203.85% | |
45 Neutral | C$45.45M | -1.24 | -52.57% | ― | -67.18% | -669.71% | |
41 Neutral | C$9.26M | -2.83 | -13.56% | ― | 13.07% | -609.11% |
* Financial Sector Average
TSE:HODL
Sol Strategies
1.62
-21.66
-93.04%
TSE:DEFI
DeFi Technologies
0.83
0.00
0.00%
TSE:NDA
Neptune Digital Assets
0.98
-0.63
-39.13%
TSE:BIGG
BIGG Digital Assets
0.07
-0.03
-33.33%
TSE:DMGI
DMG Blockchain Solutions
0.30
0.05
22.92%
TSE:CBIT
Cathedra Bitcoin Inc
0.32
-0.74
-70.00%
Sol Strategies Corporate Events
Business Operations and StrategyM&A Transactions
SOL Strategies Closes Darklake Labs Deal to Bolster Solana Privacy Tech
Positive
Apr 14, 2026
SOL Strategies has completed its acquisition of the assets of Darklake Labs, the developer of Zyga, a zero-knowledge proof system designed natively for the Solana blockchain to enable private transaction execution and mitigate front-running and sa...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SOL Strategies Confirms Board, Names New CEO and Strategy Chief
Positive
Apr 1, 2026
SOL Strategies reported the results of its annual general meeting, confirming the election of seven directors and the reappointment of Davidson Company LLP as auditor for the fiscal year ending September 30, 2026. The moves solidify governance fo...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
SOL Strategies Accelerates Solana Staking Growth and Revamps Governance
Positive
Mar 4, 2026
SOL Strategies reported continued expansion of its Solana-focused staking operations in February 2026, with its validator network growing to 33,568 unique wallets and assets under delegation reaching about 3.9 million SOL while maintaining 99.99% ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SOL Strategies Reaches Shareholder Deal and Revamps Board Ahead of AGM
Positive
Feb 27, 2026
SOL Strategies is reshaping its governance with a refreshed board slate to be presented at its March 31, 2026 AGM, adding digital-asset veteran Laszlo “Les” Borsai and finance executive Dennis Logan as independent directors alongside f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.