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By Brandon Hornback
SOL Strategies Inc. (NASDAQ: STKE) finished 2025 on a high note, validating the ongoing shift from a passive crypto holder to an institutional-grade Solana infrastructure platform. The company’s DAT++ strategy is now translating directly into revenue, with validator commissions and staking rewards emerging as recurring income streams.
2025 marked an important inflection point and the transition is starting to pay off: Revenue reached C$14.5 million. STKE now operates at the core of the Solana network, combining a growing SOL treasury with enterprise-grade validators that generate yield on both owned assets and third-party delegated stake.
Momentum is carrying into the new year: Street estimates point to continued top-line growth as institutional participation in Solana accelerates, assets under delegation expand to about 3.3 million SOL, and new staking-related products come online. This scale adds operating leverage that is less dependent on short-term SOL price movements.
Importantly, the reported FY25 loss was driven by non-cash and one-time items tied to acquisition expenses and the NASDAQ listing. Adjusted for extraordinary items, STKE remained EBITDA-positive, underscoring improved unit economics as the DAT++ model matures.
With strong liquidity, expanding institutional adoption, and shares trading at a discount to underlying Net Asset Value, STKE appears well positioned for a potential re-rating.
Download the full report for a deeper look at the DAT++ model, validator economics, and the path to sustained value creation in 2026 and beyond.
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