Sol Strategies (TSE:HODL)
:HODL
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Sol Strategies
(HODL)
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Rating:52Neutral
Price Target:
C$2.00
▼(-18.37% Downside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by weak financial performance (recent heavy losses, negative free cash flow, and rising leverage). Technicals are comparatively supportive with improving trend and positive momentum, but elevated RSI/Stoch suggest the move may be stretched. Valuation is constrained by negative earnings, while the earnings call adds a modest offset due to product traction and acquisition-driven revenue potential tempered by low cash and crypto/IFRS-driven volatility.
Positive Factors
Recurring staking revenue (STKESOL)
STKESOL establishes a recurring revenue engine tied to staking rewards and protocol utility. By capturing 5% of stake/rewards and integrating with multiple Solana services, the product can deliver steady fee-like income and deepen network market share independent of short-term trading activity.
Negative Factors
Severely constrained liquidity
With negligible cash and multi‑month operating losses, the company faces an acute funding gap that can force dilutive financing or curtailed investment. Limited liquidity materially raises execution and continuity risk for product rollouts and the pending Houdini integration in the 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring staking revenue (STKESOL)
STKESOL establishes a recurring revenue engine tied to staking rewards and protocol utility. By capturing 5% of stake/rewards and integrating with multiple Solana services, the product can deliver steady fee-like income and deepen network market share independent of short-term trading activity.
Read all positive factors
Sol Strategies (HODL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$58.08M
Dividend YieldN/A
Average Volume (3M)278.71K
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth-170.04%
EPS Growth-3241.29%
CountryCA
Employees3
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-4.40
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)-0.95
Revenue Forecast (FY)C$1.70M
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:May 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong strategic progress — product launches (STKESOL), technology acquisitions (Zyga), a sizable revenue-generating acquisition (Houdini), and board/management strengthening — alongside material near-term financial headwinds, including a large revaluation loss (~$56.5M), total noncash charges (~$77M), a $22M crypto disposition loss (6 months), an operating loss (~$2.6M for the 6-month operating business), and very limited cash (~$350k). Management emphasized expected revenue upside from Houdini (USD 12–13M/year) and synergies, but the company remains exposed to crypto price volatility and IFRS accounting impacts that have depressed reported results. Overall, the call balances clear strategic momentum with significant short-term financial stress and execution/market risks.Positive Updates
Launch of STKESOL Liquid Staking Token
Launched STKESOL in January 2026; ~768,000 SOL deposited by end of March (~USD 61M / CAD 83M). STKESOL allocates across up to 75 validators using the company's Wiz Score; receives 5% of all stake and rewards accrued to the pool. At launch integrated with Kamino, Orca, Loopscale, Squads and Sanctum.
Negative Updates
Large Revaluation Loss Driven by SOL Price Drop (~60%)
Recorded a $56.5M revaluation loss on digital assets in the 6-month period, driven by Solana's decline from ~USD 208 (beginning of Oct 2025) to ~USD 83 (Mar 31, 2026), a decrease of roughly 60%.
Read all updates
Q2-2026 Updates
Positive
Negative
Launch of STKESOL Liquid Staking Token
Launched STKESOL in January 2026; ~768,000 SOL deposited by end of March (~USD 61M / CAD 83M). STKESOL allocates across up to 75 validators using the company's Wiz Score; receives 5% of all stake and rewards accrued to the pool. At launch integrated with Kamino, Orca, Loopscale, Squads and Sanctum.
Read all positive updates
Company Guidance
The company guided that it expects to close the Houdini Swap acquisition by the end of May (purchase price USD 18.0 million, including USD 4.0 million in stock with staged payments and an earn‑out with a floor of USD 2.5 million per year), and said Houdini should add roughly USD 12–13 million of revenue annually and be profit‑generating; for its new liquid staking product STKESOL the company reported ~768,000 SOL deposited at launch (≈USD 61M / CAD 83M at the time), retains 5% of all stake and rewards to the pool, uses up to 75 validators with integrations including Kamino, Orca, Loopscale, Squads and Sanctum, and estimates just over 5% of Solana staking wallets delegate to a Sol Strategies‑managed validator while the firm currently processes ~1% of network blocks; on the balance sheet as of March 31, 2026 it held approximately $60.6M of cryptocurrencies, $22.0M of intangible assets and ~$0.35M cash, reduced liabilities by ~$9M, and reported material non‑cash charges (≈$77M total, including a $56.5M digital‑asset revaluation loss and a $12.1M validator write‑down) and disposition losses of ≈$22M (6 months) / $15M (3 months), while excluding those items staking revenue was about $3.3M for six months ($1.2M for the quarter) and operating loss at lower SOL prices was ≈$2.6M for the six‑month period.Sol Strategies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Sep 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -14.48M | 14.56M | 9.40M | 0.00 | 0.00 | 117.66K |
| Gross Profit | -18.19M | 4.33M | 9.40M | 0.00 | 0.00 | 117.66K |
| EBITDA | -100.26M | -1.28M | 7.97M | -6.59M | -3.70M | -1.46M |
| Net Income | -135.18M | -35.04M | 6.61M | -6.28M | 358.46K | -1.17M |
Balance Sheet | ||||||
| Total Assets | 85.86M | 169.60M | 28.90M | 17.05M | 23.89M | 31.23M |
| Cash, Cash Equivalents and Short-Term Investments | 367.53K | 1.79M | 1.81M | 1.93M | 18.60M | 876.76K |
| Total Debt | 43.34M | 51.91M | 0.00 | 0.00 | 0.00 | 1.19M |
| Total Liabilities | 45.11M | 54.82M | 2.18M | 226.48K | 308.29K | 3.39M |
| Stockholders Equity | 40.75M | 114.78M | 26.72M | 16.83M | 23.58M | 27.84M |
Cash Flow | ||||||
| Free Cash Flow | -15.75M | -11.03M | -856.73K | -1.13M | -1.79M | -2.57M |
| Operating Cash Flow | -15.73M | -11.00M | -856.73K | -1.13M | 211.00 | -1.64M |
| Investing Cash Flow | 20.70M | -73.20M | 1.51M | -14.77M | 18.84M | -12.08M |
| Financing Cash Flow | -6.30M | 84.18M | -767.96K | -707.76K | -1.18M | 14.10M |
Sol Strategies Technical Analysis
Negative
2.45
Price Trends
1.88
Positive
2.07
Positive
3.93
Negative
Market Momentum
0.09
Positive
45.89
Neutral
3.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HODL, the sentiment is Negative. The current price of 2.45 is above the 20-day moving average (MA) of 2.37, above the 50-day MA of 1.88, and below the 200-day MA of 3.93, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 45.89 is Neutral, neither overbought nor oversold. The STOCH value of 3.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
55 Neutral | C$86.46M | 6.79 | 31.69% | ― | -27.75% | 52.58% | |
53 Neutral | C$26.68M | -20.87 | -63.28% | ― | 3.46% | 94.86% | |
52 Neutral | C$58.08M | -0.56 | -160.22% | ― | -170.04% | -3241.29% | |
52 Neutral | C$65.62M | -6.82 | -8.68% | ― | 7.99% | 55.86% | |
46 Neutral | C$134.70M | -39.89 | -5.30% | ― | -34.67% | -203.85% | |
41 Neutral | C$9.70M | -1.12 | -13.56% | ― | 13.07% | -609.11% |
* Financial Sector Average
TSE:HODL
Sol Strategies
2.07
-21.13
-91.08%
TSE:DEFI
DeFi Technologies
0.83
0.00
0.00%
TSE:NDA
Neptune Digital Assets
1.07
-0.59
-35.54%
TSE:BIGG
BIGG Digital Assets
0.08
-0.06
-44.44%
TSE:DMGI
DMG Blockchain Solutions
0.32
0.05
17.54%
TSE:CBIT
Cathedra Bitcoin Inc
0.38
-1.72
-81.90%
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% ...
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.