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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 (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

<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

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: 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

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

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