SOL Strategies now earns most of its revenue from cross-chain swap fees.
The Toronto-based Solana validator and treasury company, listed on Nasdaq as STKE and on the Canadian Securities Exchange as HODL, reported preliminary, unaudited revenue of about C$4.0 million for its fiscal fourth quarter to 30 September 2026, according to its 10 November release filed with the SEC. About C$3.4 million of that came from fees at Houdini Swap, the swap aggregator SOL Strategies bought in June. By our arithmetic, that is roughly 85% of the total.
The remaining C$625,000 or so came from the business SOL Strategies was built on. Staking rewards on the company's own SOL brought in about C$410,000, and validation service income, the commission it earns from running validators that other SOL holders delegate their stake to, about C$215,000, the company said. Combined, that is level with the C$622,299 SOL Strategies reported for the June quarter in its fiscal third-quarter results. In that release the company put a fall from C$3.04 million a year earlier down to a lower average SOL price and to Solana's programmed disinflation, the scheduled yearly reduction in the network's inflation rate, which sets how much new SOL is paid out as staking rewards.
Houdini Swap volume and EBITDA margin in its first full quarter
Houdini Swap handled about C$326 million (about US$230 million) of swaps from July to September, its first full quarter inside SOL Strategies, and its monthly volume rose 37% from June to September, partly through new distribution partnerships, according to the company. SOL Strategies put Houdini's EBITDA at about C$1.9 million, a margin of roughly 56%. EBITDA (earnings before interest, tax, depreciation and amortization) is a non-IFRS measure here, calculated for the Houdini segment only: it adds C$0.6 million of income tax and C$0.3 million of amortization back to the segment's comprehensive income of about C$1.0 million.
SOL Strategies closed the US$18 million Houdini acquisition on 1 June 2026. That filing describes Houdini as a non-custodial, privacy-focused cross-chain swap aggregator: it routes a swap between tokens on different blockchains through partner exchanges without holding the user's funds. It listed more than 100 networks and 32 exchange partners, Jupiter and Solflare among them on Solana, and said SOL Strategies financed the cash part of the price through DeFi protocols on Solana without selling treasury SOL.
In June, its first month under SOL Strategies, Houdini Swap earned C$1.2 million in fees and C$768,000 of EBITDA, per the third-quarter release. Chief executive Michael Hubbard said in the company's announcement that the quarter showed "the value of our broader, more diversified business with the addition of Houdini".
SOL Strategies treasury and delegated stake at 30 September
SOL Strategies held about 465,000 SOL in its treasury at 30 September 2026, worth about C$77.9 million, and had about 3.56 million SOL (about C$596 million) delegated to its validators, the company said. Against 30 June, that is about 5,000 more treasury SOL and about 160,000 more delegated SOL, an increase of roughly 5%, by our arithmetic. The Canadian-dollar values rose much faster than the SOL counts, from C$48 million and C$355 million in June, because each is marked at the SOL price on the reporting date.
For scale, about 432.4 million SOL was actively staked across the network at epoch 1083 on 11 November 2026, per Solana Compass staking data. SOL Strategies' 30 September delegation is equivalent to roughly 0.8% of that total; the two figures are six weeks apart, so the share is approximate. The company's validator business is also taking on new work: Jito named SOL Strategies on 2 November as one of the first three outside operators of BAM, Jito's block-building network.
Audited fiscal 2026 results due by 29 December
SOL Strategies' fiscal fourth-quarter figures are preliminary and unaudited, and the company says audited results "may differ materially". It expects to file audited statements for the year to 30 September 2026 on or before 29 December 2026. Those will be the first annual accounts to include Houdini Swap, covering its four months under SOL Strategies, and the place to watch for the full-year split between swap fees and staking and validation income.
