Core Viewpoint - SOL Strategies Inc. has provided a corporate update for May 2025, highlighting its financial results for Q2 2025 and ongoing strategic initiatives within the Solana blockchain ecosystem [1][6]. Financial Performance - Revenue for the six months ended March 31, 2025, was approximately $8.2 million, representing a 186% increase from $2.9 million in the same period in 2024 [9]. - Q2 revenue was approximately $2.5 million, compared to a loss of $67,000 in Q2 2024 [9]. - Total SOL holdings as of March 31, 2025, were 267,321 SOL, valued at approximately CAD $48 million [9]. - Total liquidity as of March 31, 2025, was approximately $50.0 million [9]. Strategic Initiatives - The company closed the initial US$20 million tranche of its up to US$500 million convertible note facility with ATW Partners, using the proceeds to acquire 122,524 SOL at an average price of $148.96 [8]. - SOL Strategies filed a preliminary short form base shelf prospectus for potential future offerings of up to USD $1 billion, enhancing its financial flexibility [10]. - The company signed a non-binding memorandum of understanding with Superstate to explore tokenized equity solutions, aiming to enable 24/7 global trading [11]. Operational Highlights - The validator network served over 5,500 unique wallets, with total SOL delegated to the network growing from 1.57 million SOL in January 2025 to 3.39 million by March 31, 2025 [9][19]. - The company successfully completed SOC 1 Type 1, SOC 2 Type 1, and ISO 27001 audits for its staking platform, validating its security practices [14]. Partnerships and Collaborations - SOL Strategies announced a strategic staking partnership with DigitalX Limited, which will stake its Solana holdings through BitGo's institutional custody platform [12]. - This partnership positions SOL Strategies among a select group of trusted institutional validators globally, expanding its international client base [13].

Core Viewpoint - SOL Strategies Inc. has made significant strides in expanding its validator network and enhancing its position within the Solana blockchain ecosystem through strategic acquisitions and operational excellence [2][7]. Company Developments - The acquisition of Laine's validator network and Stakewiz.com for CAD $35 million on March 17, 2025, increased the total SOL staked at the company's validators to 3,351,617 SOL, marking a 102% increase from February [7]. - Michael Hubbard, founder of Laine, has joined SOL Strategies as Chief Strategy Officer to lead validator infrastructure expansion and institutional partnerships [8]. - The company acquired 24,000 SOL at an average cost of approximately CAD $199 per token, holding a total of 267,151 SOL by March 31, 2025, with 265,295 SOL staked [11]. Validator Performance Metrics - Total SOL staked across all validators reached 3,391,092 SOL, valued at approximately CAD $552 million (USD $396 million) [3]. - The company operates four validators, including one added through the Laine acquisition [3]. - Uptime across all validators was reported at 99.955%, with an average annual percentage yield (APY) delivered to delegators at 7.41%, outperforming the network average of 7.32% [10]. Market Context - The price of SOL experienced notable volatility in March, starting at around $144, reaching a low of approximately $110, a high of about $178, and closing just under $126, resulting in an overall decline of roughly 12.5% for the month [15]. - Despite the price decline, the underlying protocol-level rewards remained steady, indicating resilience in the staking operations [6]. Industry Engagement - SOL Strategies' CEO Leah Wald participated in various media platforms and industry events, reinforcing the company's thought leadership within the digital asset space [12]. - The Solana ecosystem saw significant developments, including Visa and Worldpay expanding their use of Solana for stablecoin settlement, and Solana Mobile delivering pre-orders of its second smartphone focused on Web3-native experiences [13][14].