Sol Strategies Inc. Common Shares

SOL Strategies reported C$1.79 million of operating revenue in its third quarter of fiscal 2026, down 41% from the prior-year quarter, but the composition shifted materially after the June 1 closing of Houdini. Houdini contributed C$1.17 million of swap aggregator fees from only one month of ownership, representing about 65% of quarterly operating revenue, while combined staking and validation income fell to C$622,000 from C$3.04 million a year earlier. Houdini also generated C$768,000 of EBITDA, implying a 66% EBITDA margin, and management indicated the September quarter was looking promising. At quarter-end, STKE had C$1.9 million of cash and C$37.3 million of current liabilities, but also C$48.3 million of digital assets, including roughly C$22 million of unencumbered assets available for liquidity. STKE's direct SOL holdings are currently worth $38.9 million, equal to roughly 84% of the company's $46.6 million market capitalization.