SOL Strategies reports $3.5M Q2 loss amid staking revenue growth

Canadian company SOL Strategies, focused on Solana (CRYPTO:SOL) infrastructure, reported a net loss of CA$4.8 million (approximately $3.5 million) for the second quarter of 2025.

Despite the loss, the company saw a significant increase in revenue, which rose to CA$2.54 million ($1.85 million) from CA$67,000 in the same period the previous year.

This revenue growth was primarily driven by staking and validating activities on its cryptocurrency holdings, especially Solana (SOL) and Sui (CRYPTO:SUI).

SOL Strategies earns income by operating validator nodes and receiving rewards in SOL and other tokens, both from assets it self-delegates and commissions on third-party delegations.

The company increased its holdings of SOL and added SUI to its portfolio while substantially reducing its Bitcoin (CRYPTO:BTC) exposure.

As of March 31, 2025, the total value of its cryptocurrency holdings was CA$48.3 million ($35.2 million).

However, operating and non-operating expenses negatively impacted the quarterly results.

Total expenses for the quarter amounted to CA$8.52 million ($6.21 million), including CA$3.22 million ($2.35 million) in share-based compensation and CA$2.54 million ($1.85 million) in amortisation related to validator infrastructure acquisitions.

Additional costs included CA$974,000 ($710,000) in professional fees and CA$669,000 ($488,000) in interest expenses.

These expenses, linked to the company’s expansion strategy, exceeded its crypto-generated revenue.

On May 27, SOL Strategies filed a preliminary base shelf prospectus to offer up to $1 billion in common shares, aiming to support future growth opportunities in the Solana ecosystem.

“The filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,” CEO Leah Wald stated.

Other Solana treasury companies are also increasing SOL holdings, following trends set by firms like Michael Saylor’s Strategy, but focusing on SOL rather than Bitcoin.

Solana’s token price experienced volatility in 2025, partly influenced by events such as the launch of the Official Trump memecoin on its blockchain.

At the time of reporting, the Solana (SOL) price was $159.13.