SOL Strategies November 2025 Monthly Business Update

Rhea-AI Summary

SOL Strategies (NASDAQ: STKE) released its November 2025 corporate update highlighting a new institutional staking mandate, balance sheet actions, and operational metrics.

Key points: selected as staking provider for the VanEck Solana ETF using its Orangefin validator (ISO 27001, SOC 1/2 Type 2); repaid CAD $3.0m and restructured CAD $4.0m of related credit via a DeFi loan secured by jitoSOL; total holdings of 526,637 SOL (including liquid-staked SOL) valued at ~CAD 103.2m; Assets under delegation 3,144,835 SOL; validator uptime 100% and peak APY 6.72% (Orangefin).

Positive

• Selected as staking provider for VanEck Solana ETF
• Total holdings of 526,637 SOL (~CAD 103.2m)
• Assets under delegation 3,144,835 SOL
• Validator uptime 100% across proprietary validators
• Peak APY 6.72% (Orangefin) vs 6.34% network

Negative

• Repaid CAD 3.0m and restructured CAD 4.0m of related credit

Key Figures

Debt repaid CAD $3,000,000 Credit facility repayment to former Chairman in October

Debt restructured CAD $4,000,000 Credit facility moved to DeFi loan in November

Treasury value CAD $103,157,655.56 Value of 526,637 SOL at SOL/CAD $195.88 on Dec 2, 2025

SOL holdings 526,637 SOL Total SOL (including liquid staked) as of Nov 30, 2025

Assets under delegation 3,144,835 SOL AuD across validators as of Nov 30, 2025

Unique wallets served 22,727 wallets Validator customer count as of Nov 30, 2025

Validator uptime 100% uptime Across all proprietary validators in November

Peak APY delivered 6.72% vs 6.34% Orangefin vs Solana network average APY

Market Reality Check

$2.65 Last Close

Volume Volume 199,275 is about 13% below the 20-day average of 229,123. low

Technical Trading about 33% below its 200-day MA of $3.98 at a price of $2.65.

Peers on Argus 1 Down

STKE was down 1.12% pre-news while momentum scanner flagged only BMHL down 5.44%. Broader peers showed mixed moves: crypto‑linked names like MATH and BTCS were up, while NCTY and SIEB were down, indicating stock-specific dynamics rather than a unified sector trend.

Common Catalyst Several peers reported crypto- and partnership-related headlines, but without a clear synchronized sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 17	ETF staking mandate	Positive	-8.7%	Named staking provider for high-profile VanEck Solana ETF, citing infrastructure strength.
Nov 14	Corrective disclosure	Negative	-8.7%	Refiling financials after auditor-identified errors and debt reclassification disclosures.
Nov 05	Investor conferences	Positive	+7.0%	Announced participation in Cantor Crypto and ClearStreet conferences to meet investors.
Nov 03	Monthly business update	Positive	-10.9%	October update on SOL treasury growth, AuD metrics, integrations, and SOC audits completion.
Oct 27	Security audits	Positive	+8.6%	Announced clean SOC 1 and SOC 2 Type 2 examinations and launched trust center.

Pattern Detected

Recent history shows mixed reactions: several positive infrastructure and growth updates saw negative moves, but some security and conference announcements aligned with gains, suggesting inconsistent pricing of operational progress.

Recent Company History

Over the past few months, SOL Strategies highlighted expansion of its Solana validator business and institutional positioning. It completed SOC 1 and SOC 2 examinations with no exceptions on Oct 27, followed by an upsized CAD$30M LIFE offering deployment and strong October metrics on Nov 3. Investor conference participation in early November coincided with a positive move, while the VanEck Solana ETF staking mandate and corrective disclosure on Nov 14–17 saw price declines. Today’s monthly update extends those institutional and balance sheet themes.

Regulatory & Risk Context

Short Interest

0%

0% 15% 30%+

Reported short interest was effectively 0% with 0 days to cover, suggesting limited positioning pressure from short sellers based on available data.

Market Pulse Summary

This announcement details SOL Strategies’ November progress, including selection as staking provider for the VanEck Solana ETF, DeFi-based restructuring of CAD $4M in debt, and a SOL treasury of 526,637 tokens worth about CAD $103M. Operational metrics such as 3.14M SOL in assets under delegation, 22,727 unique wallets, and 100% validator uptime reinforce its infrastructure profile. Investors may monitor future treasury composition, borrowing costs, and additional institutional mandates for ongoing validation of the business model.

Key Terms

staking provider technical

"SOL Strategies selected as Staking Provider for the VanEck Solana ETF"

A staking provider is a company or service that manages the process of locking up cryptocurrency assets to support a blockchain network’s operations, such as verifying transactions. For investors, using a staking provider simplifies participation, as they handle the technical details and maintenance, allowing investors to earn rewards without managing the process themselves. This helps individuals benefit from their holdings while contributing to the network’s security and functionality.

exchange-traded products financial

"One of the most high-profile Solana-based exchange-traded products, the ETF is expected"

Exchange-traded products are investment tools that are bought and sold on stock exchanges, similar to how stocks are traded. They often track the performance of a group of assets, like stocks, bonds, or commodities, allowing investors to easily add diversified exposure to their portfolios. These products matter to investors because they offer a simple way to invest in various markets with flexibility and transparency.

validator technical

"The ETF will utilize SOL Strategies' Orangefin validator, which operates with"

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.

DeFi loan financial

"restructured an additional CAD $4m of this credit facility through a DeFi loan secured"

A defi loan is a type of borrowing that takes place entirely online through blockchain technology, allowing people to lend or borrow digital assets without traditional banks. It matters to investors because it provides new ways to earn interest or access funds quickly, often with flexible terms, but also involves risks due to the digital and decentralized nature of these loans.

jitoSOL technical

"through a DeFi loan secured by jitoSOL via Kamino Finance"

Jitosol is a type of concentrated liquid used to add flavor or nutrients to food and beverages. For investors, it represents a product that can influence the value of companies involved in producing or distributing such ingredients, especially if demand for flavor enhancements or nutritional additives increases. Its significance lies in its role within the food industry supply chain, affecting production costs and market trends.

assets under delegation technical

"Assets Under Delegation (AuD): 3,144,835 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.

APY financial

"Peak APY Delivered: 6.72% (Orangefin) vs. 6.34% 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. - December 4, 2025) - 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 November 2025.

November 2025 Corporate Highlights:

SOL Strategies selected as Staking Provider for VanEck Solana ETF: On November 17, the Company announced that it has been selected as a staking provider for the VanEck Solana ETF. One of the most high-profile Solana-based exchange-traded products, the ETF is expected to serve institutional and retail investors globally. The ETF will utilize SOL Strategies' Orangefin validator, which operates with institutional-grade security and compliance framework, including holding ISO 27001 and SOC 1 / SOC 2 Type 2 certifications. The Company believes this mandate represents a validation of its operational excellence and reinforces its strategic positioning within the Solana ecosystem as a premier institutional infrastructure provider.

Industry Engagement: The Company participated in the Cantor Crypto Conference and Clear Street Disruptive Technology Conference in November, engaging with potential institutional and strategic partners.

Debt Repayment & Restructuring via DeFi: In October, the Company repaid CAD $3m of its credit facility with former ChairmanTony Guoga. In November, the Company restructured an additional CAD $4m of this credit facility through a DeFi loan secured by jitoSOL via Kamino Finance, reducing borrowing costs while continuing to earn staking rewards on the collateral. These transactions reflect the Company's ongoing balance sheet management and utilization of Solana-based financial infrastructure.

Treasury and Validator Operations Update (as of November 30, 2025)

• SOL (including liquid staked SOL): 526,637 SOL (~CAD 103,157,655.56*)
  • SOL Holdings: 463,888 SOL
  • jitoSOL Holdings: 48,080 JitoSOL (approximately 59,900 SOL)
  • laineSOL Holdings: 2,226 LaineSOL (approximately 2,850 SOL)
• SOL earned in October from proprietary validators: ~621 SOL**
• Assets Under Delegation (AuD): 3,144,835 SOL
• Unique Wallets Served: 22,727
• Validator Uptime Spotlight: 100% uptime across all proprietary validators
• Peak APY Delivered: 6.72% (Orangefin) vs. 6.34% network average

* Based on a SOL/CAD rate of $195.88 as published by Kraken at 2:20 p.m. ET on December 2nd, 2025
** Validator revenue net of voting costs

Management Commentary

Michael Hubbard, Interim CEO of SOL Strategies, stated: "November represented a significant validation of our institutional infrastructure capabilities. Our selection as a staking provider for the VanEck Solana ETF demonstrates operational excellence and compliance rigor we've built across our validator network. This mandate reinforces our positioning as a trusted infrastructure partner for institutional participants in the Solana ecosystem."

Institutional and Ecosystem Development

VanEck Solana ETF Staking Mandate: SOL Strategies' Orangefin validator serves as the staking provider to the VanEck Solana ETF, further solidifying the Company's position as a dependable, institutional-grade staking partner for financial institutions.

Canary Marinade Solana ETF participation: SOL Strategies participates in Marinade Select, a curated program of vetted validators which acts as the staking provider for the Canary Marinade Solana ETF. 

Upcoming Investor Events

Event: WeBull Digital Asset Treasury Webinar

• Dates: Wednesday, December 17th, 2025
• Location: Virtual
• Attendees: Michael Hubbard
• Registration: www.webull.com/webinar (must sign-in to your WeBull account or create an account to join)

Event: ICR Conference 2026

• Dates: January 12^th - 14th, 2026
• Location: JW Marriott & Ritz- Carlton, Orlando Florida

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.

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 Company's engagement with the VanEck ETF and the Company's credit facility with its former Chairman. 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/276936

FAQ

What does SOL Strategies' staking mandate for the VanEck Solana ETF mean for STKE shareholders?

STKE's Orangefin validator will stake the ETF's holdings, demonstrating institutional credentials and potentially increasing staking revenue visibility.

How many SOL does SOL Strategies hold as of November 30, 2025 (STKE)?

SOL Strategies reported total holdings of 526,637 SOL (including liquid-staked SOL), valued at ~CAD 103.2m.

What were SOL Strategies' Assets under Delegation and validator uptime in November 2025 for STKE?

Assets under delegation were 3,144,835 SOL and proprietary validator uptime was 100%.

How did SOL Strategies manage its credit facility in November 2025 and how might that affect STKE?

The company repaid CAD 3.0m and restructured CAD 4.0m via a DeFi loan secured by jitoSOL to reduce borrowing costs while retaining staking rewards.

What staking yield did SOL Strategies report for its Orangefin validator (STKE)?

Peak APY delivered by Orangefin was reported at 6.72%, versus a 6.34% network average.