Sol Strategies (HODL) investor relations material

Business evolution and strategy

• Expanded from Solana staking and treasury to a vertically integrated blockchain infrastructure, including the acquisition of Houdini Swap, which operates across 120+ blockchains and supports over 1 million tokens.

• Houdini Swap enables frictionless and private token swaps, addressing growing demand for privacy and mobility of funds across ecosystems.

• Revenue diversification achieved by adding transactional, volatility-driven income streams, reducing reliance on Solana token price movements.

• Nasdaq listing increased global investor access and trading liquidity, with most daily volume now on Nasdaq and growing institutional interest.

• Ongoing focus on expanding B2B integrations, particularly with large wallets, to drive further growth in transactional business.

Financial performance and outlook

• Houdini Swap generated CAD 1–1.2 million in revenue with over 60% EBITDA margin in its first month post-acquisition.

• Transactional volume reached CAD 65 million in June, rising to CAD 74 million in August, reflecting 12–15% monthly growth.

• Business benefits from market volatility, with increased trading activity during both upward and downward crypto price movements.

• Future financials will reflect a significant contribution from Houdini Swap, with a focus on cash-based metrics and EBITDA split between business lines.

• Continued M&A activity remains a possibility to further diversify and strengthen the business.

Industry trends and regulatory environment

• Institutional adoption is segmented: crypto-forward institutions remain active, while others await regulatory clarity.

• Recent sentiment shift in the last 60 days has improved outlook, though regulatory uncertainty persists after the CLARITY Act setback.

• Expectation that the SEC and CFTC will introduce interim rules to foster innovation and provide guidance until permanent legislation is enacted.

• Tokenization of securities and increased on-chain liquidity are seen as key drivers for future institutional participation.

• The blockchain infrastructure market is expected to grow substantially over the next 3–10 years, with early participation seen as advantageous.