Sol Strategies Surges on Expanding Validator Network
Sol Strategies' shares surged more than 20% on Wednesday after the company released its February business update, detailing continued growth across its Solana validator and staking operations. The stock closed at $1.50 on the Nasdaq.
The update showed that the company's validator network grew to 33,568 unique wallets in February, up from approximately 31,000 announced at the start of the month. This increase was partly driven by the STKESOL liquid staking platform, which launched in January and crossed 691,039 Solana staked with more than 1,000 holders.
Sol Strategies recorded 3.87 million Solana in total assets under delegation as of the end of February, combining the company's own treasury stake with third-party delegations. Proprietary validators generated approximately 1,276 Solana in staking rewards during the month while maintaining 99.99% uptime.
Interim CEO Michael Hubbard said the company is operating four revenue streams simultaneously: treasury stake, third-party delegated stake, liquid staking, and institutional staking services. Its current institutional clients include VanEck. 'What matters now is execution,' Hubbard said in the statement.