1 hour ago
13
SOL Strategies, the Solana-focused infrastructure firm trading on both the CSE (HODL) and NASDAQ (STKE), just posted fiscal Q3 2026 results that tell a clear story: the company is no longer just a staking play.
The headline number comes from Houdini Swap, a cross-chain trading platform SOL Strategies acquired on June 1, 2026, for $18 million USD. In its first full month under new ownership, Houdini generated approximately $1.1 million CAD in revenue and around $740,000 CAD in EBITDA. That works out to roughly a 63% EBITDA margin.
Houdini’s debut month by the numbers
The $1.1 million CAD in revenue was driven by approximately $92 million CAD in trading volume spread across 34,427 orders during June 2026. For a platform that just changed hands, those are solid figures suggesting minimal disruption from the ownership transition.
Before the acquisition, the platform had accumulated cumulative trading volume exceeding $2.5 to $2.7 billion and generated roughly $13 million USD in revenue during 2025.
CEO Michael Hubbard emphasized that the acquisition diversifies the company’s revenue without tapping into its treasury SOL holdings.
Staking still hums, but growth has slowed
In fiscal Q2 2026, which ended March 31, staking and validation revenue came in at 9,171 SOL. That represented a 6% decline quarter over quarter.
SOL Strategies currently holds approximately 524,000 SOL on its balance sheet. On the delegation front, assets under delegation climbed to between 3.468 million and 3.55 million SOL. The company also reported 100% uptime across its proprietary validators.
The institutional bet
Jon Matonis has been appointed as board chairman following the Houdini acquisition.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·