Sol Strategies' March 3 holdings at 518,139 SOL

Executive Summary

• Sol Strategies Inc. released its February 2026 monthly business update, highlighting significant growth in its validator network and liquid staking platform (STKESOL), alongside the release of its Fiscal Q1 2026 financial results.
• The company announced major governance changes, including the appointment of Michael Hubbard as permanent CEO, Steve Ehrlich as Chief Strategy Officer, and two new independent directors, following a cooperation agreement with shareholders.
• Operational metrics show strong performance, with validator revenue growing 120% year-over-year on a SOL basis, and the STKESOL platform surpassing 690,000 SOL staked in its first weeks.

Key Details

• Validator Network Growth:
  • Unique wallets grew to 33,568 in February, up from the 31,000 milestone announced on Feb. 2.
  • Growth driven by device/mobile integrations, third-party wallet partnerships, and the STKESOL liquid staking platform.
• STKESOL Liquid Staking Platform Metrics:
  • Total SOL staked: 691,039 SOL.
  • Unique STKESOL holders: 1,034.
• Validator Network Operations:
  • Assets under delegation (AuD): 3,873,652 SOL (including treasury stake and third-party delegation).
  • Validator uptime: 99.99% across all proprietary validators.
  • Peak APY delivered: 6.47% (Orangefin) vs. 6.09% network average.
  • Net SOL earned in February from proprietary validators: ~1,276 SOL.
• Financial Performance (Q1 2026 Results):
  • Released Feb. 18, 2026, for the quarter ended Dec. 31, 2025.
  • Validator revenue grew 120% year-over-year on a SOL basis.
  • Management hosted a live webcast and conference call to review results.
• Company Treasury Holdings:
  • Total treasury SOL (including liquid staked SOL): 518,139 SOL.
  • Valuation: Approximately $60,119,668 CAD (based on SOL/CAD rate of $116.03 as of March 3, 2026).
• Corporate Governance & Management Changes:
  • CEO Appointment: Michael Hubbard appointed as permanent CEO (previously interim).
  • CSO Appointment: Steve Ehrlich appointed as Chief Strategy Officer.
  • Board Refreshment: Proposed slate for AGM includes two new independent directors: Laszlo (Les) Borsai and Dennis Logan, alongside five incumbent directors.
  • Shareholder Agreement: Changes reflect a cooperation agreement with shareholders Max Kaplan and Tony Guoga.
• Upcoming Events:
  • Annual General and Special Shareholder Meeting: March 31, 2026.
  • Webull Virtual Conference: March 12, 2026.
  • Roth Conference: March 22–24, 2026, in Laguna Beach, Calif.
  • X Spaces: Next session featuring Kamino on March 5, 2026, at 1:30 p.m. ET.

Notable Quotes

• Michael Hubbard, Interim/Permanent CEO: "In February, we continued to deliver steady growth across our suite of staking products on key metrics, including assets under delegation and unique wallets. Our Q1 2026 results further validated our upward trajectory over the past year. Validator revenue grew 120 per cent on a SOL basis year over year, proving our revenue model scales independent of token price."
• Michael Hubbard, Interim/Permanent CEO: "What matters now is execution. We have four revenue streams operating simultaneously: treasury stake, third party delegated stake, liquid staking and institutional staking services, such as VanEck. The infrastructure thesis is playing out, and we're focused on capturing the opportunity in front of us."