SOL Strategies December 2025 Monthly Business Update

Rhea-AI Summary

SOL Strategies (NASDAQ: STKE) provided a December 2025 operational update covering audited FY2025 financial filings, Solana ecosystem engagement, treasury and validator metrics, a balance sheet restructuring, and a new at-the-market equity facility.

Key disclosed metrics as of Jan 6, 2026: total SOL (including liquid-staked) of 523,134 SOL (~CAD101,472,301.98) using Kraken rate; Assets Under Delegation 3,354,203 SOL; unique wallets served 26,908; proprietary validator uptime 99.999%; December proprietary validator revenue ~925 SOL; peak APY delivered 6.63% vs network average 6.28%.

Corporate items: restructured and repaid a credit facility with largest shareholder Tony Guoga and launched an ATM equity program up to US$50 million with Cantor Fitzgerald and Roth Capital for potential treasury, M&A, or working capital uses.

Positive

• Treasury including liquid-staked SOL: 523,134 SOL (~CAD101.47M)
• Assets Under Delegation: 3,354,203 SOL
• Proprietary validator uptime: 99.999%
• Peak APY outperformed network: 6.63% vs 6.28%
• Launched US$50M at-the-market equity facility for treasury and strategic uses

Negative

• At-the-market program of up to US$50M can cause shareholder dilution if fully used
• Treasury valuation tied to SOL price (used Kraken SOL/CAD rate), exposing reported CAD value to market volatility

News Market Reaction

+1.37%

3 alerts

+1.37% News Effect

+14.8% Peak Tracked

+$827K Valuation Impact

$61M Market Cap

0.5x Rel. Volume

On the day this news was published, STKE gained 1.37%, reflecting a mild positive market reaction. Argus tracked a peak move of +14.8% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $827K to the company's valuation, bringing the market cap to $61M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

SOL treasury (incl. liquid staked): 523,134 SOL SOL treasury value: CAD$101,472,301.98 SOL holdings: 426,619 SOL +5 more

8 metrics

SOL treasury (incl. liquid staked) 523,134 SOL Treasury and validator operations as of Jan 6, 2026

SOL treasury value CAD$101,472,301.98 Value of 523,134 SOL at CAD$193.97 per SOL on Jan 6, 2026

SOL holdings 426,619 SOL Direct SOL holdings as of Jan 6, 2026

jitoSOL holdings (SOL eq.) 96,515 SOL Equivalent SOL from 77,043 JitoSOL as of Jan 6, 2026

Assets Under Delegation 3,354,203 SOL Delegated assets on validators as of Jan 6, 2026

SOL earned in December 925 SOL Validator revenue net of voting costs in December 2025

Validator uptime 99.999% Uptime across all proprietary validators, December 2025 spotlight

ATM program size US$50 million At-the-market equity offering program announced Jan 2, 2026

Market Reality Check

Price: $1.98 Vol: Volume 275,423 is slightl...

normal vol

$1.98 Last Close

Volume Volume 275,423 is slightly below the 20-day average of 289,743, suggesting no unusual trading ahead of this update. normal

Technical Shares at $2.19 are trading below the 200-day MA of $3.45 and sit 83.94% below the 52-week high of $13.64.

Peers on Argus

STKE fell 8.75% while key peers showed mixed, smaller moves (e.g., FLD up 3.98%,...

STKE fell 8.75% while key peers showed mixed, smaller moves (e.g., FLD up 3.98%, BTCS down 4.67%), pointing to a stock-specific move rather than a broad sector rotation.

Historical Context

5 past events · Latest: Dec 31 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 31	Credit facility change	Positive	-1.9%	Restructuring and partial equity conversion of related-party credit facility.
Dec 31	Full-year earnings	Neutral	-1.9%	FY2025 results with strong revenue/SOL growth but lower adjusted EBITDA.
Dec 29	Earnings call date	Neutral	+0.0%	Announcement of FY2025 earnings release and conference call timing.
Dec 04	Monthly operations update	Positive	+1.1%	November update on institutional mandate, SOL holdings, AuD, and uptime.
Nov 17	ETF staking mandate	Positive	-8.7%	Selection as staking provider for the VanEck Solana ETF using Orangefin.

Pattern Detected

Recent news often featured operational wins and balance sheet actions, but price reactions were mixed, with notable divergences on seemingly positive partnership and financing developments.

Recent Company History

Over the last few months, SOL Strategies issued several material updates. On Nov 17, it was selected as a staking provider for the VanEck Solana ETF, securing over CAD$610M in staked assets, yet the stock fell 8.71%. November and December monthly updates highlighted growing SOL holdings, assets under delegation, and strong validator uptime, with modest price moves. Year-end results on Dec 29 showed revenue of CAD$14.5M (up 36.7% YoY) but weaker adjusted EBITDA. The Dec 31 credit facility restructuring further simplified the balance sheet. Today’s update continues this pattern of operational and treasury disclosures.

Market Pulse Summary

This announcement details SOL Strategies’ December operations and capital plans, highlighting sizeab...

Analysis

This announcement details SOL Strategies’ December operations and capital plans, highlighting sizeable SOL exposure of 523,134 SOL, 3,354,203 SOL in assets under delegation, and near-perfect validator uptime of 99.999%. It also notes a new at-the-market equity program of up to US$50M. In context of recent earnings and credit facility restructuring, investors may watch how future updates track treasury growth, delegation volumes, and use of the ATM facility for expansion versus working capital.

Key Terms

at-the-market equity offering program, liquid staked sol, assets under delegation, validator, +1 more

5 terms

at-the-market equity offering program financial

"entered into an at-the-market equity offering program with Cantor Fitzgerald"

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

liquid staked sol technical

"SOL (including liquid staked SOL): 523,134 SOL"

Liquid staked SOL is Solana cryptocurrency that has been locked to earn network rewards while the owner receives a tradable token representing that stake. Think of it like putting money into a long-term savings account but getting a voucher you can sell or use as collateral, so you keep earning rewards without losing access to value. Investors care because it preserves income from staking while maintaining flexibility, though it carries technical and counterparty risks.

assets under delegation technical

"Assets Under Delegation (AuD): 3,354,203 SOL"

Assets under delegation are investments or financial holdings that an investor has entrusted to a professional manager or firm to handle on their behalf. This arrangement allows the investor to benefit from expert management without actively overseeing the assets themselves, similar to hiring a trusted advisor to manage your investments. It matters because it influences how the assets are managed, risks are handled, and potential returns are generated.

validator technical

"validator-focused summit. Interim CEO Michael Hubbard showcased open-source tooling"

A validator is a person or system that checks and confirms the accuracy and legitimacy of information, transactions, or data before they are accepted and recorded. In the context of digital assets or currencies, validators ensure that transactions follow the rules and are genuine, helping maintain trust and security in the system. For investors, validators are important because they help prevent errors or fraud, ensuring the integrity of the financial network.

apy financial

"Peak APY Delivered: 6.63% (Orangefin) vs. 6.28% network average"

APY, or Annual Percentage Yield, shows how much money an investment or savings account can earn in a year, taking into account both the interest rate and how often that interest is added. Think of it like a snowball growing as it rolls downhill: the more frequently the snowball gains new snow, the faster it gets bigger. For investors, APY helps compare different options to see which one offers the best return over time.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - January 8, 2026) - SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) ("SOL Strategies" or the "Company"), one of the first publicly traded companies dedicated to growing and building the Solana Economy, today announced a comprehensive corporate update for the month of December 2025.

Note: This operational update covers activities from December 2025. The Company released audited annual financial statements for the fiscal year ended September 30, 2025 in December and hosted a webcast and conference call to discuss these financial results on January 6, 2026. Investors are encouraged to review those filings for comprehensive financial information and may also access a replay of the webcast here.

Solana Ecosystem Development: December marked an active period of ecosystem engagement as we participated in Solana Breakpoint, the network's flagship annual conference. Ahead of Breakpoint, the Company co-hosted Block Zero, a validator-focused summit. Interim CEO Michael Hubbard showcased open-source tooling the Company has developed to support Solana validator operators in achieving high redundancy and uptime, and participated in a fireside chat with Solana co-founder Anatoly Yakovenko discussing the evolution of the validator and staking ecosystems.

Balance Sheet Optimization: On December 31, the Company announced terms for the restructuring and repayment of its credit facility with Tony Guoga, the Company's largest shareholder, further simplifying its balance sheet and reducing liabilities.

Digital Asset Treasury Webinar: Stephen Ehrlich, Head of Capital Markets, participated in WeBull's Digital Asset Treasury webinar series, discussing SOL Strategies' approach to digital asset treasury management and institutional validator operations.

Treasury and Validator Operations Update (as of January 6, 2026)

• SOL (including liquid staked SOL): 523,134 SOL (~CAD101,472,301.98*)

  • SOL Holdings: 426,619 SOL 

  • jitoSOL Holdings: 77,043 JitoSOL (approximately 96,515 SOL)

• SOL earned in December from proprietary validators: ~925 SOL**

• Assets Under Delegation (AuD): 3,354,203 SOL

• Unique Wallets Served: 26,908

• Validator Uptime Spotlight: 99.999% uptime across all proprietary validators

• Peak APY Delivered: 6.63% (Orangefin) vs. 6.28% network average

* Based on a SOL/CAD rate of $193.97 as published by Kraken at 7:43 p.m. ET on January 6th, 2026
** Validator revenue net of voting costs

Management Commentary

Michael Hubbard, Interim CEO of SOL Strategies, stated: "December provided valuable perspective on the Solana ecosystem's momentum. Our participation at Breakpoint and Block Zero reinforced our view that Solana's technical advantages are translating into real-world adoption across payments, DeFi, and institutional applications. As infrastructure providers, we see this growth directly through our validator operations and institutional partnerships."

"The balance sheet restructuring with Mr. Guoga reflects his continued confidence in our Solana infrastructure business while optimizing our capital structure. December highlighted both operational execution and growing institutional awareness of SOL Strategies' role within the Solana ecosystem."

Recent Corporate Developments

Following the close of December, the Company announced on January 2, 2026 that it entered into an at-the-market equity offering program with Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corporation, and Roth Capital Partners, LLC, providing for the ability to offer and sell up to US$50 million of common shares through direct issuances on the Canadian Securities Exchange and Nasdaq Global Select Market. The Company intends to utilize this facility where accretive to shareholders and aligned to strategic goals of treasury growth, M&A or tactical working capital requirements. Full details and the related prospectus supplements have been filed on SEDAR+ and EDGAR.

Upcoming Investor Events

Event: Roth Conference

• Dates: March 22-24, 2026

• Location: Laguna Beach, CA

Event: Canaccord Digital Asset Event

• Dates: Feb 4, 2026

• Location: London, England

About SOL Strategies

SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) is a Canadian investment company that operates at the forefront of blockchain innovation. Specializing in the Solana ecosystem, the company provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications.

To learn more about SOL Strategies, please visit www.solstrategies.io. A copy of this news release and all the Company's related material documents regarding the Company may be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

Company Contact:
Doug Harris
Chief Financial Officer
doug@solstrategies.io
Tel: 416-480-2488

Investor Contact:
John Ragozzino, CFA
solstrategies@icrinc.com
203.682.8284

Media Contact: solstrategies@scrib3.co

Cautionary Note Regarding Forward-Looking Information:

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements and information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Company's or the Company's management team's expectations, hopes, beliefs, intentions or strategies regarding the future, and expectations regarding the characteristics, value drivers, and anticipated benefits of the Company's business plans and operations related thereto. Forward-looking information can also be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".

Forward-looking statements in this news release include statements regarding the retirement of the Company's credit facility with its former Chairman, and the Company's "at the market" equity offering. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.

The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates, and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.

Disclaimer:

SOL Strategies is an independent organization in the Solana ecosystem. SOL Strategies is not affiliated with, owned by, or under common control with Solana Foundation (the "Foundation"), and the Foundation has not entered into any association, partnership, joint venture, employee, or agency relationship with SOL Strategies.

None of the Foundation or its council members, officers, agents or make any representations or warranties, recommendations, endorsements or promises with respect to the accuracy of any statements made, information provided, or action taken by SOL Strategies and expressly disclaim any and all liability arising from or related to any such statements, information or action.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279754

FAQ

How much SOL did SOL Strategies report in its treasury as of January 6, 2026 (STKE)?

The company reported 523,134 SOL including liquid-staked SOL, valued at ~CAD101,472,301.98 using Kraken rate as of Jan 6, 2026.

What is SOL Strategies' Assets Under Delegation (AuD) reported on Jan 6, 2026 for STKE?

Assets Under Delegation were reported at 3,354,203 SOL as of Jan 6, 2026.

What equity financing capacity did SOL Strategies announce on January 2, 2026 (STKE)?

The company launched an at-the-market equity offering program allowing for the potential sale of up to US$50 million of common shares.

What validator performance metrics did SOL Strategies disclose in the December 2025 update for STKE?

Proprietary validators delivered 99.999% uptime, ~925 SOL earned in December, and peak APY of 6.63% versus a network average of 6.28%.

Did SOL Strategies change its balance sheet in December 2025 (STKE)?

Yes; on December 31 the company announced terms to restructure and repay its credit facility with largest shareholder Tony Guoga to simplify the balance sheet and reduce liabilities.