Sol Strategies (HODL) Q2 2025 earnings summary

Executive summary

• Acquired Laine, doubling staked assets to 3.39 million SOL and becoming a top validator on Solana.

• Expanded client base to over 5,500 unique wallets and secured preferred validator status with BitGo.

• Announced intent to be the first public company to tokenize equity on Solana and filed for Nasdaq uplisting.

• Launched new institutional and retail products, including a mobile staking app and white-label validator services.

• Completed major compliance milestones: SOC 1, SOC 2 Type 1, and ISO 27001 certifications.

Financial highlights

• Q2 2025 total comprehensive loss of CAD 32.5 million, compared to CAD 7.7 million income in prior period, mainly due to non-cash mark-to-market losses on SOL holdings.

• Staking and validating income more than doubled to CAD 2.53 million, up 104% sequentially.

• Adjusted EBITDA for Q2 2025 was CAD 714,000, up from CAD 243,000 in the prior period.

• Operating expenses rose to CAD 8.5 million, reflecting growth and acquisitions.

• Cash and digital assets totaled CAD 48.3 million at quarter end; long-term liabilities were CAD 40.2 million.

Outlook and guidance

• Expect positive mark-to-market impact in Q3 if SOL price rebound holds.

• Full impact of Laine acquisition to be realized in future quarters.

• Continued focus on scaling validator operations, product innovation, and institutional partnerships.