• An Amazon Web Services (AWS) for the Solana and SUI blockchain ecosystems.
• An American Tower for the digital infrastructure of the Solana and SUI blockchains.

• Validator Node Operation: The company operates specialized servers on Proof-of-Stake blockchain networks like Solana and SUI to validate transactions and propose new blocks.
• Cryptocurrency Staking: Sol Strategies participates in the Proof-of-Stake consensus mechanism by locking up cryptocurrency holdings to support network operations and earn rewards.
• Token Delegation: The company delegates tokens to validator nodes to earn passive rewards.

1. Retail Cryptocurrency Investors: Individual investors who hold Solana (SOL) or SUI tokens and choose to delegate them to Sol Strategies' validator nodes to participate in network security and earn staking rewards.
2. Institutional Investors and Funds: Investment firms, hedge funds, family offices, or corporate treasuries that hold substantial amounts of SOL or SUI and delegate them to professional validators like Sol Strategies for yield generation, secure asset management, and participation in network governance.
3. Blockchain Projects and Decentralized Autonomous Organizations (DAOs): Other projects or DAOs within the Solana or SUI ecosystems that may delegate their treasury holdings of native tokens to reputable validators to support network decentralization, earn staking income, and manage their token supply efficiently.

Michael Hubbard Interim Chief Executive Officer

Michael Hubbard was appointed Interim CEO of Sol Strategies Inc. effective October 1, 2025, and is slated to become the full-time CEO following the Annual General Meeting on March 31, 2026. He previously served as the company's Chief Strategy Officer and Director. Hubbard is the founder of Laine, a Solana validator that amassed over 5.5 million SOL in delegations before its acquisition by Sol Strategies.

Douglas Harris Chief Financial Officer

Douglas Harris serves as the Chief Financial Officer of Sol Strategies Inc.

Andrew McDonald Chief Operating Officer

Andrew McDonald was promoted to Chief Operating Officer in October 2025. He joined Sol Strategies in January 2025 as Director of Operations. McDonald's background includes senior leadership at Bitaccess Inc., where he was instrumental in international expansion and SaaS growth.

Max Kaplan Chief Technology Officer

Max Kaplan holds the position of Chief Technology Officer at Sol Strategies Inc.

Jon Matonis Chief Economist and Director

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

Key Risks to Sol Strategies (STKE)

The core business of Sol Strategies Inc., which involves investing in and providing infrastructure for the Solana Blockchain ecosystem, operating validator nodes on Solana and SUI, and engaging in cryptocurrency staking, exposes the company to several significant risks:

1. High Dependence on Solana and SUI Ecosystems & Network-Specific Risks: Sol Strategies' business model is highly reliant on the health, security, and performance of the Solana and SUI blockchain networks. Solana has experienced multiple network outages and reliability issues, raising concerns about its stability. These disruptions can be attributed to its consensus mechanism, potential centralization risks, and vulnerabilities during periods of high network congestion. The substantial hardware costs and voting fees associated with running a Solana validator node create high barriers to entry, leading to a concentration of power among a smaller number of large operators, which could compromise decentralization. A lower Nakamoto Coefficient, as seen in Solana, indicates a higher concentration of control and increased susceptibility to coordinated attacks or failures of key participants. Furthermore, Solana's smart contracts have demonstrated vulnerabilities, highlighted by a significant theft of $580 million in 2022. The SUI network also faces challenges regarding validator centralization and transparency in its token management. Exploits in associated protocols on the SUI network have negatively impacted its token price and total value locked. A single bug or zero-day vulnerability in a validator client could potentially lead to a network-wide shutdown.

2. Cryptocurrency Market Volatility and Staking Risks: The company's financial performance and asset valuations are significantly exposed to the inherent volatility of cryptocurrency markets. Sol Strategies holds substantial cryptocurrency assets, predominantly Solana tokens, which are subject to rapid and unpredictable price fluctuations. For instance, the company reported a $53.5 million unrealized markdown on its cryptocurrency holdings due to a decline in Solana token prices. Beyond market volatility, the company's staking activities introduce additional risks, including protocol risks (technical errors, bugs, or security flaws in underlying blockchain protocols), slashing risks (penalties for validator misbehavior that can result in the loss of staked assets), and liquidity risks (where staked cryptocurrencies may be locked up for specific periods, limiting their accessibility during market downturns or urgent needs). Moreover, staking rewards are not guaranteed and can fluctuate over time.

3. Regulatory and Legal Uncertainty: The rapidly evolving and fragmented global regulatory landscape for cryptocurrencies and blockchain technology poses a significant risk to Sol Strategies. The legal classification of digital assets, compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements, and data privacy regulations (such as GDPR) can significantly impact the company's ability to operate and offer its services across various jurisdictions. Adverse regulatory shifts, particularly in major economic regions like the U.S. and Europe, could directly affect the viability of the blockchain protocols Sol Strategies relies on. Technology providers, like Sol Strategies, that build market-access infrastructure for the crypto space are increasingly being brought under the purview of regulatory frameworks, potentially leading to increased compliance burdens and operational restrictions.

1. Emergence of Superior Competing Blockchain Platforms: Sol Strategies Inc.'s core business is heavily reliant on the health and prominence of the Solana and SUI blockchain ecosystems. The continuous innovation within the blockchain industry poses a significant threat, as new, potentially more performant, secure, or widely adopted Proof of Stake networks could emerge and displace Solana or SUI from their current market positions. Such a shift would directly diminish demand for Sol Strategies' validator services, reduce the value of its investments in these ecosystems, and make staking on these chains less attractive, akin to how the iPhone disrupted BlackBerry's dominance.

2. Increased Centralization and Competition in Validator Operations: As Proof of Stake networks mature, the landscape for validator node operators is becoming increasingly competitive. There is an emerging trend towards larger, institutional players, cryptocurrency exchanges, or highly capitalized entities consolidating validator power. These larger operators often benefit from economies of scale, advanced infrastructure, and integrated user bases, making it challenging for independent validators like Sol Strategies Inc. to attract and retain token delegations. This increased competition could lead to significant pressure on staking commission rates and operational profitability, mirroring how new business models like Uber challenged traditional taxi services.

Cryptocurrency Staking

• The global crypto staking platform market size was valued at approximately USD 6.2 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 32.5 billion by 2033, with a robust compound annual growth rate (CAGR) of 18.7%.
• In 2024, North America dominated the crypto staking platform market, accounting for approximately 38% of the global market size, which translates to around USD 2.36 billion.
• Europe represented the second-largest market for crypto staking platforms in 2024, holding a market share of approximately 29%, equivalent to about USD 1.8 billion.
• A subset, the global liquid staking market, was valued at USD 168 million in 2024 and is projected to grow to USD 572 million by 2032, exhibiting a CAGR of 16.9%.

Blockchain Infrastructure (for Validator Nodes)

• The global Blockchain in Infrastructure Market is projected to reach a valuation of USD 110.24 billion by 2032, expanding at a CAGR of 26.11% from 2024 to 2032.
• North America is the largest market for blockchain in infrastructure, holding approximately 45% of the global share.
• The overall global blockchain market, which includes infrastructure, is projected to grow from USD 32.99 billion in 2025 to USD 393.45 billion by 2030, at a CAGR of 64.2%.

Contextual Market Capitalization of Supported Blockchains:

• As of December 2024, the market capitalization of the Solana (SOL) blockchain was approximately $97.2 billion. Another source indicates Solana's market cap as $50.57 billion.
• The market capitalization of Sui (SUI) is currently around $3.91 billion.

Here are 3-5 expected drivers of future revenue growth for Sol Strategies (STKE) over the next 2-3 years:

1. Expansion of Staking and Validation Services: Sol Strategies anticipates continued growth from its core business of operating validator nodes on Proof-of-Stake blockchain networks, particularly Solana and SUI. The company reported a 69% year-over-year increase in staking and validation services revenue in Q1 2026, demonstrating strong momentum in this area. Furthermore, Sol Strategies has significantly expanded its validator network, serving over 31,000 unique wallets, a 63% increase, and growing its Assets Under Delegation to 3.3 million SOL.
2. Launch and Adoption of Liquid Staking Tokens (LSTs): The introduction of new products such as the STKESOL Liquid Staking Token is expected to be a significant revenue driver. This token enhances Solana staking offerings by providing liquidity and additional staking options within the crypto ecosystem, thus opening up new market opportunities for the company.
3. Strategic Partnerships and Institutional Client Acquisition: Sol Strategies is poised to benefit from strategic partnerships that increase its institutional client base. A notable example is its selection as the sole staking provider for the VanEck U.S. Solana ETF, which validates the company's operational excellence and compliance framework. Additionally, the company's collaboration with Crypto.com to integrate its validator services into institutional custody offerings is expected to drive further institutional adoption and revenue.
4. Strategic Investments and Mergers & Acquisitions within the Solana Ecosystem: The company's strategy involves making strategic investments in Solana-based projects and infrastructure. Sol Strategies has indicated a dual-pronged growth strategy that includes active mergers and acquisitions, specifically targeting strategic opportunities within the expanding Solana ecosystem, which could lead to new revenue streams and increased market share.
5. Growth in Solana (SOL) Treasury Holdings and Staking Yields: Sol Strategies actively accumulates and stakes SOL tokens, with its holdings significantly increasing to approximately 529,000 SOL by December 31, 2025. The continued growth of its SOL treasury, coupled with favorable market appreciation of the Solana token and efficient yield generation through staking, is expected to enhance revenue from staking rewards.

Share Issuance

• In October 2025, Sol Strategies completed a C$30 million Listed Issuer Financing Exemption (LIFE) offering by issuing 4,380,000 units, each comprising one common share and one common share purchase warrant.
• The company filed a Follow-on Equity Offering in the amount of $50 million as of January 2026.
• The number of outstanding shares increased by 18.36% in the last year (as of March 2026), indicating significant share issuance.

Inbound Investments

• Sol Strategies successfully optimized its balance sheet through a $25 million credit facility restructuring, enhancing liquidity and financial flexibility (reported in February 2026).

Outbound Investments

• In October 2025, Sol Strategies purchased 88,433 SOL tokens for approximately $17.1 million (calculated from 88,433 SOL * $193.93/SOL) using proceeds from its C$30 million offering, including 79,000 locked SOL tokens acquired from the Solana Foundation at a 15% discount.
• As of March 2026, the company had increased its SOL holdings to 86,294.0575 SOL, valued at $21.6 million, for its Solana treasury and staking activities.
• The company sold its remaining 6,590,909 shares of Animoca Brands Corporation Ltd. for gross proceeds of $5.1 million, divesting its entire holding (as of March 4, 2026).

Capital Expenditures

• Capital expenditures for the last 12 months were reported at $25.01 million (as of March 2026).
• The primary focus of these capital expenditures is on providing infrastructure for the Solana Blockchain ecosystem, including operating validator nodes and staking.
• The net proceeds from the October 2025 C$30 million offering were primarily intended for the direct purchase of SOL tokens to expand the Solana treasury, with a portion including locked SOL tokens acquired at a discount for staking, effectively serving as capital for their core business.