SOL Strategies reported a net loss of 3.5 million USD for Q2 while staking and validation revenue surged.

SOL Strategies, the public company from Canada focused on Solana infrastructure, reported a net loss in Q2 even as revenue from staking and validation surged.

The company, traded on the Canadian Securities Exchange (CSE) under the stock code HODL, reported a net loss of 4.8 million Canadian dollars (3.5 million USD) in Q2 2025, while revenue during this period soared to 2.54 million Canadian dollars (1.85 million USD) from 67,000 Canadian dollars in the same period last year.

The revenue growth of SOL Strategies is almost entirely due to staking and income from its crypto holdings, especially Solana and Sui. The company earns income by operating validator nodes, receiving rewards in the form of SOL and other tokens, from both assets that the company self-delegates and delegation fees from third parties.

Excerpt from the earnings report of SOL Strategies | Source: SOL StrategiesSOL Strategies announced the issuance of 500 million USD in convertible bonds in April, has accumulated more SOL and SUI, but has significantly reduced its Bitcoin holdings. Overall, the crypto value held by the company is 48.3 million Canadian dollars (35.2 million USD) as of March 31.

Although revenue increased thanks to staking, operating costs and other expenses of SOL Strategies have affected performance in the quarter. The company reported total expenses of 8.52 million Canadian dollars (6.21 million USD) in the quarter, including over 3.22 million Canadian dollars (2.35 million USD) in stock-based compensation and 2.54 million Canadian dollars (1.85 million USD) in depreciation related to the recent acquisition of validation infrastructure.

Additional expenses include CAD 974,000 ($710,000) professional fees, CAD 669,000 ($488,000) interest expenses along with other administrative and consulting costs. These expenses, associated with the ongoing expansion strategy, have exceeded the company's crypto revenue.

The amount of crypto held by SOL Strategies on March 31, 2025 | Source: SOL StrategiesOn May 27, SOL Strategies filed a preliminary prospectus allowing the company to offer up to $1 billion of common stock.

"Submitting the preliminary prospectus supports the company's growth strategy, providing a flexible capital approach to seize opportunities in the rapidly growing Solana ecosystem," Leah Wald, CEO of SOL Strategies, stated at that time.

Solana treasury companies are on the rise

The Solana treasury companies are following in the footsteps of pioneers like Michael Saylor's Strategy. However, instead of hoarding Bitcoin, they are choosing SOL.

One of those companies, DeFi Development Corp, added an additional 11.5 million USD SOL in April. Meanwhile, Upexi, a Nasdaq-listed company, saw its stock rise 630% after announcing a 100 million USD fundraising and SOL treasury strategy.

Solana has undergone a tumultuous journey in 2025. This is the blockchain chosen by the President of the United States, Donald Trump, to launch the memecoin, Official Trump, which helped the price of SOL tokens rise to a peak of around $296.

Vincent