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Financings

SOL Strategies September 2025 Monthly Business Update

By The Northwire Desk — AI Analysis Oct 03, 2025 · 08:44 HODL · 6.18 Sol Strategies Inc.
HODL · Price

Executive Summary

  • SOL Strategies completed a CAD $30 million LIFE financing and used the proceeds to acquire additional SOL tokens, fund working capital and repay debt.
  • The company achieved a Nasdaq Global Select Market cross‑listing (ticker STKE) on September 9 2025, expanding access to U.S. capital markets.
  • Leadership transition: CEO Leah Wald resigned; Michael Hubbard appointed Interim CEO; Andrew McDonald promoted to COO.

Key Details

  • Leadership Changes
  • Leah Wald stepped down as Director (effective Sep 22) and resigned as CEO (effective Oct 1, 2025).
  • Michael Hubbard, former Chief Strategy Officer & Director, named Interim CEO.

  • Andrew McDonald promoted to COO; previously Director of Operations (joined Jan 2025).

  • Financing – Canada‑Focused LIFE Offering

  • Total gross proceeds: CAD $30 million.
  • Structure: Listed Issuer Financing Exemption (LIFE) led by Canaccord Genuity Corp.

  • Use of proceeds: acquire additional SOL tokens (including discounted locked SOL), working capital, and debt repayment.

  • Nasdaq Cross‑Listing

  • Effective Sep 9 2025, shares listed on Nasdaq Global Select Market under ticker STKE, while retaining CSE listing (HODL).

  • Provides broader access to U.S. institutional investors and enhances market visibility.

  • Treasury & Validator Operations (as of Sep 30 2025)

  • SOL holdings: 435,033 SOL (~ CAD $126.1 M).
  • Converted 26,440 JitoSOL back to SOL; staked to company validators.
  • Validator earnings in September: ~1,660 SOL (net of voting costs).
  • Assets Under Delegation (AUD): 2,760,979 SOL (down 23.7% from 3.62 M SOL).
  • Unique wallets served: 15,132.

  • Validator uptime: 100%; peak APY delivered: 6.96% (Orangefin) vs. network average 6.71%.

  • Market Impact & Strategic Initiatives

  • Delegated stake decreased due to heightened competition and shifting institutional preferences.

  • Growth initiatives:

    • Head of Growth hired; deepened engagement with ETF providers evaluating Solana‑linked products.
    • Solana Mobile validator scaled 450% since August launch, now at 448,237 SOL delegated.
    • Strategic partnership with Crypto.com to integrate validator services into institutional custody offerings and leverage Crypto.com Custody for treasury operations.

  • Management Commentary (Michael Hubbard, Interim CEO)

  • Highlighted the transformational month: Nasdaq listing, LIFE financing, and leadership team strength.

  • Emphasized confidence in regaining delegation through ETF engagement, mobile validator growth, and Crypto.com partnership.

  • Upcoming Investor Event

  • Cantor Crypto AI/Energy Infrastructure Conference – Nov 10‑12 2025, Miami Beach.
  • Attendee: Michael Hubbard (Interim CEO).

Notable Quotes

“September marked a transformational month as we completed our Nasdaq cross‑listing and launched our LIFE offering… we are well positioned to continue creating shareholder value and deliver on our mission of providing institutional staking services while furthering our treasury goals.” – Michael Hubbard, Interim CEO

All CAD equivalents based on 1 SOL = CAD $289.87 (Kraken, Sep 30 2025). Figures are subject to change.

Read the original news release →

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