Research from Water Tower Research, Water Tower Research

Water Tower Research

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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<ul><li>On March 19, WTR held a fireside chat with Interim CEO and Board Member Michael Hubbard. </li><li>The discussion highlighted the company’s (1) 1QFY26 financial results, with updates since the earnings call, (2) 2026 strategic priorities, including M&amp;A, expansion of institutional staking partnerships, and core growth initiatives, and (3) approaches to navigating the current digital asset market environment, DeFi and TradFi convergence, and institutional adoption trends.</li><li>Hubbard highlighted that the company saw its validator business grow to ~3.4 million SOL in delegated assets in 1QFY26 (October to December 2025), processing up to 2 million transactions daily while securing the Solana network.</li></ul>

On March 19, WTR held a fireside chat with Interim CEO and Board Member Michael Hubbard. The discussion highlighted the company’s (1) 1QFY26 financial results, with updates since the earnings call, (2) 2026 strategic priorities, including M&amp;A, expansion of institutional staking partnerships, and core growth initiatives, and (3) approaches to navigating the current digital asset market environment, DeFi and TradFi convergence, and institutional adoption trends.Hubbard highlighted that the company saw its validator business grow to ~3.4 million SOL in delegated assets in 1QFY26 (October to December 2025), processing up to 2 million transactions daily while securing the Solana network.

STKE: CEO Discusses Recent Business, 2026 Priorities, and Navigating Crypto Volatility

<ul><li>Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 1QFY26 earnings, with total staking and validation revenue of C$2.1 million up 69% Y/Y. </li><li>The company had staking and validator rewards of 9,787 SOL, up from 4,441 SOL for the quarter ended December 31, 2024, an increase of 120%. </li><li>Total SOL holdings as of December 31, 2025, of ~529,000 SOL and SOL equivalent (~C$92.2 million) were up from 139,726 SOL (~C$38.1 million) on December 31, 2024.</li></ul>

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 1QFY26 earnings, with total staking and validation revenue of C$2.1 million up 69% Y/Y. The company had staking and validator rewards of 9,787 SOL, up from 4,441 SOL for the quarter ended December 31, 2024, an increase of 120%. Total SOL holdings as of December 31, 2025, of ~529,000 SOL and SOL equivalent (~C$92.2 million) were up from 139,726 SOL (~C$38.1 million) on December 31, 2024.

STKE: 1QFY26 Earnings Show Staking and Validation Revenue Up 69% Y/Y

<div><ul><li>Solana technology pioneer SOL Strategies (NASDAQ: STKE, CBOE-CA:HODL) announced the launch of STKESOL, a liquid staking token (LST). </li><li>The company believes that it will enable holders of Solana tokens (SOL) to stake their SOL holdings in order to earn staking rewards and receive in exchange a token that is liquid for use across decentralized finance (DeFi) applications.</li><li>STKESOL represents a strategic evolution for SOL Strategies, creating new revenue streams that complement its existing validator operations and SOL holdings. </li></ul></div>

Solana technology pioneer SOL Strategies (NASDAQ: STKE, CBOE-CA:HODL) announced the launch of STKESOL, a liquid staking token (LST). The company believes that it will enable holders of Solana tokens (SOL) to stake their SOL holdings in order to earn staking rewards and receive in exchange a token that is liquid for use across decentralized finance (DeFi) applications.STKESOL represents a strategic evolution for SOL Strategies, creating new revenue streams that complement its existing validator operations and SOL holdings. 

STKE: Liquid Staking Token Launch Creates New Revenue Streams - 20 January 2026

<ul><li>Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CBOE-CA: HODL) announced its FY25 earnings, with revenue of C$14.5 million, up 36.7% Y/Y on December 31, 2025. </li><li>The company reported FY25 adjusted EBITDA of ~C$4.2 million, down from C$9.5 million in FY24. FY25 revenue from validator and staking rewards was C$10.2 million compared with C$0.3 million in the previous year, showing the transition to the infrastructure model. </li><li>Of that, C$5.4 million was validator rewards, which shows the value of the delegation business and owning your own validators.</li></ul>

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CBOE-CA: HODL) announced its FY25 earnings, with revenue of C$14.5 million, up 36.7% Y/Y on December 31, 2025. The company reported FY25 adjusted EBITDA of ~C$4.2 million, down from C$9.5 million in FY24. FY25 revenue from validator and staking rewards was C$10.2 million compared with C$0.3 million in the previous year, showing the transition to the infrastructure model. Of that, C$5.4 million was validator rewards, which shows the value of the delegation business and owning your own validators.

STKE: FY25 Earnings Show Strong Revenue Growth; Up 37% Y/Y - January 5, 2026

<div><ul><li style="list-style-type: square;">Hubbard discussed the company’s previous CEO Leah Wald, who transitioned from a long-time Director to CEO last July and recently stepped down after successfully fulfilling her primary mandate, which was implementing a Solana-focused vision and completing a NASDAQ uplisting in September.</li><li style="list-style-type: square;">She also built a strong executive team, including the CTO, the Chief of Operations, and the current interim CEO.</li><li style="list-style-type: square;">The company had anticipated this transition and had already started an external search for a permanent CEO.</li></ul></div>

Hubbard discussed the company’s previous CEO Leah Wald, who transitioned from a long-time Director to CEO last July and recently stepped down after successfully fulfilling her primary mandate, which was implementing a Solana-focused vision and completing a NASDAQ uplisting in September.She also built a strong executive team, including the CTO, the Chief of Operations, and the current interim CEO.The company had anticipated this transition and had already started an external search for a permanent CEO.

STKE: CEO Discusses Leadership Transition, Capital Raise, and DAT++

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: CEO Discusses Recent Business, 2026 Priorities, and Navigating Crypto Volatility

Hubbard highlighted that the company saw its validator business grow to ~3.4 million SOL in delegated assets in 1QFY26 (October to December 2025)...

Water Tower Research

STKE: 1QFY26 Earnings Show Staking and Validation Revenue Up 69% Y/Y

The company had staking and validator rewards of 9,787 SOL, up from 4,441 SOL for the quarter ended December 31, 2024, an increase of 120%.

Water Tower Research

STKE: Liquid Staking Token Launch Creates New Revenue Streams - 20 January 2026

Solana technology pioneer SOL Strategies (NASDAQ: STKE, CBOE-CA:HODL) announced the launch of STKESOL, a liquid staking token (LST).

Water Tower Research

STKE: FY25 Earnings Show Strong Revenue Growth; Up 37% Y/Y - January 5, 2026

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CBOE-CA: HODL) announced its FY25 earnings, with revenue of C$14.5 million, up 36.7%...

Water Tower Research

STKE: CEO Discusses Leadership Transition, Capital Raise, and DAT++

Hubbard discussed the company’s previous CEO Leah Wald, who transitioned from a long-time Director to CEO last July and recently stepped down after...

Water Tower Research

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