SOL Strategies Q2 2025 Net Loss: $3.5M

On June 3rd, the globally publicly listed Canadian company SOL Strategies reported a net loss of $3.5 million in the second quarter of 2025. Despite significant growth in its staking and validation revenue. The financial report indicates that the company's Q2 revenue reached $1.85 million, which is a substantial increase from $67,000 in the same period last year. This growth is mainly driven by staking and node validation rewards from Solana and Sui, including self-owned asset staking and third-party delegation commission. As of March 31st, the company's total cryptocurrency assets reached $35.2 million, with newly added SUI assets. Meanwhile, it has significantly reduced its BTC exposure. In April of this year, SOL Strategies announced the issuance of $500 million in convertible notes and recently submitted a pre-application for a maximum of $1 billion in securities issuance to support its expansion strategy in the Solana ecosystem. Although there was revenue growth, the total quarterly expenses reached $6.21 million. This includes $2.35 million in equity compensation and $1.85 million in amortization expenses, mainly resulting from a recent validator infrastructure acquisition. Additionally, it includes $710,000 in professional fees and $488,000 in interest expenses, which far exceed its crypto revenue.