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Sol Strategies
(HODL)
Sol Strategies (HODL) vs. iShares MSCI Canada ETF (EWC)
Sol Strategies Business Overview & Revenue Model
Sol Strategies Earnings Call Summary
Sol Strategies Financial Statement Overview
| 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
Sol Strategies Peers Comparison
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% | |
52 Neutral | C$24.51M | 7.22 | -63.28% | ― | 36.80% | 9.34% | |
45 Neutral | C$63.97M | -1.24 | -52.57% | ― | ― | -90.34% | |
45 Neutral | C$86.46M | 44.16 | -136.30% | ― | 972.76% | -192.94% | |
44 Neutral | C$46.43M | -5.39 | -10.10% | ― | 39.64% | -70.96% | |
44 Neutral | C$12.02M | -12.41 | -13.56% | ― | 40.83% | -123.25% | |
43 Neutral | C$101.34M | -6.21 | -11.71% | ― | -21.21% | -84.82% |
Sol Strategies Corporate Events
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% uptime. The company’s STKESOL liquid staking platform surpassed 691,000 SOL staked and more than 1,000 holders in its first weeks, and management highlighted 120% year-over-year validator revenue growth on a SOL basis, underscoring a scaling model less tied to token price.
Treasury holdings climbed to more than 518,000 SOL, reinforcing the firm’s balance-sheet exposure to Solana and its role as an infrastructure provider benefiting from on-chain activity growth. Governance is also being reshaped via a refreshed board slate and the permanent appointment of Michael Hubbard as CEO and Steve Ehrlich as Chief Strategy Officer, following a cooperation agreement with activist shareholders, signaling a bid to strengthen oversight while keeping focus on validator and staking expansion.
The company is stepping up investor and ecosystem engagement through upcoming conference appearances and ongoing X Spaces discussions with leading Solana DeFi teams, aimed at positioning SOL Strategies at the center of emerging on-chain market structure and treasury infrastructure trends. These moves suggest a strategy of consolidating its role as a key Solana infrastructure player while broadening revenue streams across treasury stake, third-party delegation, liquid staking, and institutional mandates.
The most recent analyst rating on (TSE:HODL) stock is a Sell with a C$1.50 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
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 five incumbents. Former audit committee chair Ungad Chadda will not seek reelection but will remain as a special advisor for six months to support audit and regulatory continuity.
The company’s board transition follows a cooperation agreement with concerned shareholders Max Kaplan and Tony Guoga, who will back the slate and gain defined input on replacements if the new nominees cannot serve. As part of the agreement, interim CEO Michael Hubbard will become full-time chief executive and Steve Ehrlich will be elevated to chief strategy officer, moves aimed at strengthening governance, aligning with shareholder concerns, and keeping focus on executing SOL Strategies’ infrastructure strategy in the Solana ecosystem.
The most recent analyst rating on (TSE:HODL) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
SOL Strategies has launched STKESOL, a liquid staking token that allows Solana holders to stake their SOL for rewards while retaining liquidity through a tradable token integrated at launch with major Solana DeFi platforms like Orca, Squads, Kamino and Loopscale. Built on Solana’s audited SPL Stake Pool Program and using SOL Strategies’ Stakewiz-based validator ranking, STKESOL automatically distributes stake across dozens of validators, aiming to reduce concentration risk, enhance network decentralization, and support smaller validators, while establishing new fee-based revenue streams that complement the company’s existing infrastructure operations and strengthen its position as a key institutional-grade provider in the rapidly growing liquid staking market.
The most recent analyst rating on (TSE:HODL) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
In its December 2025 business update, SOL Strategies reported active engagement in the Solana ecosystem, highlighted by participation in the Solana Breakpoint conference and co-hosting a validator-focused summit where it showcased open-source tooling for improving validator redundancy and uptime. The company continues to scale its validator and treasury operations, holding more than 523,000 SOL, overseeing over 3.3 million SOL in assets under delegation, serving nearly 27,000 unique wallets, and delivering near-perfect validator uptime and competitive yields, underscoring its operational strength and growing institutional relevance. Management also emphasized a key balance sheet optimization move through the restructuring and repayment of a credit facility with its largest shareholder, while post-period it launched a US$50 million at-the-market equity program to support treasury growth, potential M&A, and working capital, signaling an effort to strengthen its capital structure and fund further expansion in the Solana infrastructure space.
The most recent analyst rating on (TSE:HODL) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
SOL Strategies Inc. has reached an agreement to restructure and repay its credit facility with former board chairman and major shareholder Antanas Guoga, converting half of the outstanding balance into equity and repaying the remainder in cash. The transaction, which involves issuing more than 2.3 million common shares at a set price and settling the rest through two near-term cash tranches, is characterized by the company as a key step in reducing liabilities, optimizing its capital structure, and reinforcing balance-sheet health, while also constituting a related-party deal under Canadian securities rules for which SOL Strategies is relying on standard exemptions and will provide required disclosures in a forthcoming material change report.
The most recent analyst rating on (TSE:HODL) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
SOL Strategies reported a 36.7% year-over-year increase in revenue to approximately CAD$14.5 million for the fiscal year ended September 30, 2025, driven largely by new validator and staking reward income, which rose to roughly CAD$5.4 million and CAD$4.8 million respectively from negligible levels a year earlier. Despite this top-line growth and a more than fourfold increase in its Solana (SOL) holdings to 435,159 SOL valued at about CAD$126.4 million, the company’s adjusted EBITDA declined to approximately CAD$4.2 million from CAD$9.5 million, suggesting higher costs or investment in scaling operations as it deepens its role in the Solana ecosystem; management will discuss the results and business outlook on a webcast and conference call on January 6, 2026.
The most recent analyst rating on (TSE:HODL) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.
SOL Strategies Inc. will release its financial results for the fiscal year ended September 30, 2025 on December 29, 2025 and will host a webcast and conference call on January 6, 2026, led by its interim CEO and senior leadership team to review performance and take questions from the investment community. The planned event underscores the company’s effort to engage investors around recent milestones and its growth outlook in the Solana-focused blockchain investment space, offering stakeholders more visibility into its operations and strategic positioning in a rapidly evolving digital asset ecosystem.
The most recent analyst rating on (TSE:HODL) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Sol Strategies stock, see the TSE:HODL Stock Forecast page.