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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<div><ul><li>Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 3QFY26 earnings with the first quarter of results on a segmented basis showing HoudiniSwap broke out. </li><li>This structural shift reflects the recent acquisition of privacy platform HoudiniSwap LLC, which closed on June 1, 2026.</li><li>CEO Michael Hubbard highlighted, “This was a milestone quarter for SOL Strategies.</li></ul></div>

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 3QFY26 earnings with the first quarter of results on a segmented basis showing HoudiniSwap broke out. This structural shift reflects the recent acquisition of privacy platform HoudiniSwap LLC, which closed on June 1, 2026.CEO Michael Hubbard highlighted, “This was a milestone quarter for SOL Strategies.

STKE: 3QFY26 Earnings Show Potential for Houdini

<ul><li>Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) reported strong results from the first month of operating Houdini Swap following its acquisition on June 1, 2026. </li><li>The non-custodial privacy aggregator generated ~C$1.1 million in revenue and ~C$740,000 in EBITDA, achieving an impressive 63% EBITDA margin.</li><li>These figures were generated from ~C$92 million in total transaction volume across 34,427 orders.</li></ul>

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) reported strong results from the first month of operating Houdini Swap following its acquisition on June 1, 2026. The non-custodial privacy aggregator generated ~C$1.1 million in revenue and ~C$740,000 in EBITDA, achieving an impressive 63% EBITDA margin.These figures were generated from ~C$92 million in total transaction volume across 34,427 orders.

STKE: Strong First Month for Houdini Swap Accelerates Digital Asset Infrastructure Business

<div><ul><li>Solana technology pioneer SOL Strategies (NASDAQ: STKE, CSE: HODL) announced its 2QFY26 earnings, with Assets under Delegation experiencing significant growth of 15% since the beginning of 2026.</li><li>While post-quarter close, the key acquisitions of Darklake and Houdini Swap significantly accelerated its transition into an active infrastructure builder.</li><li>The Darklake acquisition brought the innovative Zyga zero-knowledge technology and its expert research team directly onto the platform to pioneer compliant on-chain privacy solutions.</li></ul></div>

Solana technology pioneer SOL Strategies (NASDAQ: STKE, CSE: HODL) announced its 2QFY26 earnings, with Assets under Delegation experiencing significant growth of 15% since the beginning of 2026.While post-quarter close, the key acquisitions of Darklake and Houdini Swap significantly accelerated its transition into an active infrastructure builder.The Darklake acquisition brought the innovative Zyga zero-knowledge technology and its expert research team directly onto the platform to pioneer compliant on-chain privacy solutions.

STKE: 2QFY26 Lays Foundation for Crypto Infrastructure Innovation with Key Acquisitions

<ul><li>SOL Strategies has entered into a definitive agreement to acquire HoudiniSwap LLC, a privacy-focused, cross-chain swap aggregator, for US$18 million.</li><li>This acquisition, expected to close by May 29, 2026, aims to transform SOL Strategies from a validator and staking-focused entity into a broader transaction engine.</li><li>Houdini brings a non-custodial platform that has processed more than $2.5 billion in volume across 100+ blockchain networks, significantly expanding the company’s infrastructure capabilities. </li></ul>

SOL Strategies has entered into a definitive agreement to acquire HoudiniSwap LLC, a privacy-focused, cross-chain swap aggregator, for US$18 million.This acquisition, expected to close by May 29, 2026, aims to transform SOL Strategies from a validator and staking-focused entity into a broader transaction engine.Houdini brings a non-custodial platform that has processed more than $2.5 billion in volume across 100+ blockchain networks, significantly expanding the company’s infrastructure capabilities. 

STKE: Strategic Expansion Through Acquisition of Houdini

<div><ul><li>Infrastructure and growth focus. Hubbard explained that SOL Strategies is a Canadian public company that is fully dedicated to the Solana ecosystem, aiming to leverage high-performance blockchain technology to transform global finance. </li><li>The company operates as a key infrastructure provider by running validators that process ~1% of all daily transactions on the Solana network.</li><li>Furthermore, it is expanding its revenue streams by capturing economic activity through its validator business, which includes significant third-party staking support.</li></ul></div>

Infrastructure and growth focus. Hubbard explained that SOL Strategies is a Canadian public company that is fully dedicated to the Solana ecosystem, aiming to leverage high-performance blockchain technology to transform global finance. The company operates as a key infrastructure provider by running validators that process ~1% of all daily transactions on the Solana network.Furthermore, it is expanding its revenue streams by capturing economic activity through its validator business, which includes significant third-party staking support.

STKE: Conference Highlights New STKESOL, Regulatory Progress, and Darklake Acquisition

United States

Sol Strategies Inc. operates as a holding company. The Company, through its subsidiaries, invests in technologies and crypto currencies. Sol Strategies serves customers in Canada.

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Sol Strategies (STKE US)

STKE: 3QFY26 Earnings Show Potential for Houdini

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 3QFY26 earnings with the first quarter of results on a...

Water Tower Research

STKE: Strong First Month for Houdini Swap Accelerates Digital Asset Infrastructure Business

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) reported strong results from the first month of operating Houdini Swap...

Water Tower Research

STKE: 2QFY26 Lays Foundation for Crypto Infrastructure Innovation with Key Acquisitions

The Darklake acquisition brought the innovative Zyga zero-knowledge technology and its expert research team directly onto the platform to pioneer...

Water Tower Research

STKE: Strategic Expansion Through Acquisition of Houdini

SOL Strategies has entered into a definitive agreement to acquire HoudiniSwap LLC, a privacy-focused, cross-chain swap aggregator, for US$18 million.

Water Tower Research

STKE: Conference Highlights New STKESOL, Regulatory Progress, and Darklake Acquisition

The company operates as a key infrastructure provider by running validators that process ~1% of all daily transactions on the Solana network.

Water Tower Research

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