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By Brandon Hornback
SOL Strategies Inc. (NASDAQ: STKE) is the premiere play on Solana’s (SOL) accelerated growth, packaged as an easily-accessible public equity. After a broad-based selloff in shares of digital asset treasury (DAT) companies,STKE presents a rare opportunity to own a compelling business at a price that may not last long.
The company commands a large and growing holding of SOL, a yield-rich digital asset. STKE now holds 526,600 SOL on its balance sheet and manages 3.1 million SOL in third-party delegation. In its most recent quarter, STKE generated 8,789 SOL in validator rewards and 6,271 SOL in staking rewards, underscoring the effectiveness of its DAT++ model (an enhanced version of the Digital Asset Treasury approach) that compounds value through both yield and commission income.
STKE’s major differentiator: disciplined capital deployment. An upsized C$30.0 million raise, closed in October, funded the immediate purchase of 88,433 SOL at an average price of $193.93, including a large tranche of discounted, locked tokens. STKE also maintains a $500 million convertible note facility and a C$25 million revolver, both dedicated to further SOL accumulation when market windows open.
STKE also works with deliberate speed. The company has repeatedly converted financing into staked, income-producing SOL within days, including the purchase of 122,524 SOL shortly after a $20 million draw earlier in 2025. Targeted acquisitions such as Laine, Stakewiz, and Orangefin have scaled validator capacity and reinforced STKE’s infrastructure moat, allowing it to grow treasury exposure and operating income without excessive dilution.
Distribution continues to broaden across the Solana ecosystem. STKE is already embedded with BitGo, Tetra Trust, Crypto.com’s institutional custody platform, Netcoins, and the Solana Mobile default route. Institutional validation is notably accelerating, with ARK Invest selecting STKE as a staking provider in July 2025 and VanEck naming it the sole staking partner for its Solana ETF in November.
All this translates to an impressive financial profile, with revenue expected to rise from C$10.6 million in fiscal year 2024 to C$14.9 million in 2025, and to C$20.8 million in 2026. Despite this trajectory, STKE trades at a mNAV (Market-to-Net Asset Value) of just 0.92x. Investors can effectively buy SOL at a discount, with the bonus of an operating company that serves as a key node in the Solana economy.
Download the full report for a detailed breakdown of the DAT++ model, validator economics, and complete financial analysis.
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