Sol Strategies (HODL) Water Tower Research Insights Conference summary

Company overview and strategic focus

• Pivoted in 2024 to focus on the Solana blockchain, emphasizing high-performance, low-cost infrastructure for global finance transformation.

• Operates validators on Solana, processing 1–2 million transactions daily and capturing revenue from these activities.

• Launched a liquid staking token, STKESOL, in January, now with over 1,200 unique holders.

• Focuses on capturing broader economic activity within the Solana ecosystem, beyond just the base token.

Financial performance and recent developments

• Achieved 120% year-on-year growth in validator revenue for fiscal Q1 (Oct–Dec 2025), with 3.4 million SOL staked and over 30,000 unique wallets.

• Announced a partnership with VanEck to provide SOL staking for their Solana spot ETF, VSOL.

• Launched STKESOL, moving into an aggregator role by delegating to over 60 validators using an algorithm with 130,000 metrics.

Regulatory and market environment

• Regulatory clarity is improving in the U.S. with progress on the CLARITY Act and new SEC guidance, especially for DeFi and aggregators.

• SOL has been classified as a commodity by U.S. regulators, aiding compliance and institutional adoption.

• Current market described as between bear and crab, with macro uncertainty but focus on building foundational infrastructure.