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I was unable to find a public company named "Sol Strategies" with the stock symbol STKE on major stock exchanges or in financial databases.

Therefore, I cannot identify its major customers or categorize its customer base as requested, as information for this specific company and symbol is not publicly available.

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Michael Hubbard, Interim Chief Executive Officer

Michael Hubbard was appointed Interim CEO in September 2025. Prior to this role, he served as the Chief Strategy Officer and a Director for Sol Strategies. He founded Laine, a Solana validator, which grew to over 5.5 million SOL in delegations before its acquisition by Sol Strategies. Hubbard also has a background in managing a technology company in South Africa, where he established one of the largest independent validators on Solana.

Douglas Harris, Chief Financial Officer

Douglas Harris has served as the Director of Finance/Chief Financial Officer for Sol Strategies since December 2021.

Max Kaplan, Chief Technology Officer

Max Kaplan serves as the Chief Technology Officer for Sol Strategies.

Andrew McDonald, Chief Operating Officer

Andrew McDonald holds the position of Chief Operating Officer at Sol Strategies.

Jon Matonis, Chief Economist & Director

Jon Matonis is the Chief Economist and a Director for Sol Strategies.

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The key risks to Sol Strategies (STKE) are primarily tied to its deep integration within the Solana ecosystem and the inherent volatility of the cryptocurrency market.

1. High Dependence on the Solana Ecosystem and Volatility of SOL: Sol Strategies' business model is heavily reliant on the Solana blockchain, with its core operations involving staking SOL tokens and running validator nodes. The company's growth is significantly influenced by the price performance of Solana (SOL), which is known for its high volatility. Fluctuations in the price of Solana could materially and adversely affect the value of an investment in STKE shares, potentially leading to a rapid decline, including to zero. The lack of diversification outside the Solana ecosystem means the company's success is largely tied to Solana's success, posing a significant risk if Solana performs below expectations.
2. Staking Risks and Potential Illiquidity of Staked Assets: As part of its strategy, Sol Strategies stakes a portion of its SOL holdings through third-party service providers, which carries several risks. Staked SOL undergoes activation and de-activation periods during which the assets are locked up and inaccessible. This means the company may not be able to quickly liquidate these assets to meet redemption requests, especially during volatile or stressed market conditions. Furthermore, there is a risk that a decrease in third-party Solana holders delegating their SOL to Sol Strategies' validators could result in fewer awards and lower yields for the company.
3. Reliance on External Funding and Ongoing Cash Flow Issues: Despite a high valuation, Sol Strategies has demonstrated ongoing cash flow issues and a reliance on external funding. The company, at least at certain points, has not generated sufficient revenue to be self-sustaining, depending on outside funding and subsidies for its operations.

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Sol Strategies (symbol: STKE) operates within the global blockchain and decentralized finance (DeFi) markets, with a primary focus on the Solana ecosystem. The company's main products and services include operating validator nodes, providing cryptocurrency staking services, and making strategic investments in Solana-based projects and infrastructure.

The addressable markets for Sol Strategies' main products and services can be clarified as follows:

• Global Blockchain Staking Market: The global blockchain staking market has surged past an estimated $300 billion in value as of August 2025. This market generates significant yield and is considered a substantial source of revenue in global finance. Separately, the global crypto staking platform market size reached USD 6.2 billion in 2024 and is projected to reach USD 32.5 billion by 2033, growing at a compound annual growth rate (CAGR) of 18.7%.
• Global Decentralized Finance (DeFi) Market: The global Decentralized Finance (DeFi) market was valued at approximately USD 30.06 billion in 2024 and is projected to grow to USD 951.9 billion by 2033, exhibiting a CAGR of 46.8% during the forecast period (2026–2033). Other estimates place the DeFi market at USD 20.76 billion in 2024, expecting it to reach USD 637.73 billion by 2032 with a CAGR of 53.56%.
• Solana Ecosystem: While not a market size in traditional revenue terms for Sol Strategies, the Solana ecosystem represents the company's core area of operation and investment. Solana is the most popular blockchain ecosystem, capturing 26.79% of global interest in chain-specific crypto narratives in 2025. Within this ecosystem, approximately $7.4 billion in Solana (SOL) tokens were staked as of July 2025, covering about 69% of its circulating supply.

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Sol Strategies (STKE) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and its core business model. Key expected drivers include:

1. Growth and Expansion of Solana Ecosystem and Validator Operations: Sol Strategies specializes in the Solana blockchain ecosystem, operating validator nodes and providing infrastructure solutions. The company's revenue generation is directly linked to the health and expansion of the Solana network and its validator operations. Sol Strategies reported a 15% month-over-month revenue growth from its validator operations in July 2025, driven by increased network activity and operational efficiency. The company currently manages over CAD $1.24 billion in delegated SOL across five validators, serving over 5,500 unique wallets with 99.995% uptime. The CEO has emphasized the company's commitment to building the Solana blockchain ecosystem.
2. Strategic Partnerships and Institutional Client Expansion: Forming and expanding strategic partnerships is a significant driver. Sol Strategies has been selected by ARK Invest as a staking provider, a notable achievement in expanding its institutional client base. Additionally, a strategic staking partnership with DigitalX is expected to further broaden its institutional reach. These collaborations are crucial for increasing delegated SOL and, consequently, enhancing validator revenue. The company has also integrated with BitGo's institutional custody platform.
3. Expansion and Optimization of the Digital Asset Treasury (DAT++) Model: Sol Strategies employs a "DAT++" (Digital Asset Treasury Plus) model, which combines traditional treasury holdings with revenue generated from its validator infrastructure. This dual-revenue approach is designed to compound growth more effectively than traditional staking-only models. The company's Solana treasury has substantially grown to $144 million, holding 435,064 SOL tokens. Management's strategy involves rapidly deploying capital into SOL and embedded validator channels, thereby strengthening the link between capital markets and recurring revenues from staking and commissions.
4. Strategic Acquisitions and Vertical Integration: The company has pursued strategic acquisitions of validator networks, including Cogent, Orangefin, and Laine's, to achieve vertical integration within the Solana infrastructure space. These acquisitions have played a crucial role in transforming Sol Strategies into a comprehensive Solana infrastructure operation, with the acquisition of Laine's validator network alone doubling the company's staked SOL assets. This strategy enhances its scalable platform and allows it to serve prominent participants in the Solana ecosystem.
5. Potential Nasdaq Listing: Sol Strategies has announced a 1-for-8 share consolidation, approved by its Board, to facilitate a planned Nasdaq listing. A successful uplisting to Nasdaq could significantly enhance the company's visibility, attract a wider institutional and retail investor base, and potentially improve its access to capital markets. This increased exposure and liquidity could indirectly fuel revenue growth by enabling further investments in its operations and strategic expansion opportunities.

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Share Repurchases

• In the quarter ending June 30, 2025, Sol Strategies Inc. had a sale purchase of stock of -$10.909M USD.
• The annual sale purchase of stock for Sol Strategies Inc. in 2024 was -$554.785K.
• In 2023, the annual sale purchase of stock was -$511.298K.

Share Issuance

• In October 2025, Sol Strategies Inc. closed a C$30,003,000 LIFE Offering, issuing 4,380,000 units, each consisting of one common share and one common share purchase warrant.
• The exercise of all warrants from the LIFE Offering could provide an additional C$38.9 million in gross proceeds for SOL treasury expansion and general corporate purposes.

Inbound Investments

• The company secured a US$500 million convertible note facility with an affiliate of ATW Partners in March 2025, the first digital asset financing structure dedicated exclusively to acquiring and staking SOL.

Outbound Investments

• In October 2025, Sol Strategies Inc. purchased 88,433 SOL tokens at an average price of USD$193.93 per token using proceeds from its C$30 million LIFE offering, including approximately 79,000 locked SOL tokens acquired at a 15% discount from the Solana Foundation.
• In May 2025, the company acquired 26,478.37 SOL for US$4,700,000.
• Sol Strategies made a strategic acquisition of Laine's validator operations in March 2025, which significantly increased its staked assets under management.

Capital Expenditures

• The primary focus of capital expenditures is on building blockchain infrastructure and expanding staking operations within the Solana ecosystem.
• This includes significant investment in validator expansion, such as the acquisition of Laine's validator operations in March 2025, to support the Solana network by verifying transactions and producing new blocks.