Sol Strategies' Nasdaq Debut Tests Its Staking Model's Resilience
Sol Strategies Inc., operating under the ticker HODL on Canadian markets and STKE on Nasdaq, has built its business around the Solana blockchain. The company generates revenue by staking Solana tokens and running validator infrastructure. On May 18, 2026, Sol Strategies reported its fiscal second-quarter results for the period ending March 31, 2026.
Total staking and validation revenue was approximately 9,171 Solana tokens, consisting of about 5,650 tokens from staking rewards and around 3,521 tokens from validator rewards. This translated to roughly C$1.15 million in Canadian dollars. However, the reported revenue declined by about 45% quarter-over-quarter due to a drop in the Solana price.
The company's operational metrics showed growth, with assets under delegation reaching around 3.8 million Solana tokens, valued at approximately C$453 million, representing a 15% increase from the end of 2025. The validators maintained 100% uptime with a peak annual percentage yield of about 6.08%, exceeding the network average of around 5.74%. The company's own holdings consisted of roughly 524,000 tokens, worth approximately C$60.6 million.