SOL Strategies Inc. shares rose 20.97% Wednesday after the firm reported continued expansion across its Solana validator network and liquid staking platform. The jump signals renewed investor focus on staking infrastructure businesses that generate recurring revenue even during volatile crypto markets.
The Canada-based company said its validator network reached 33,568 unique wallets in February, up from about 31,000 reported on Feb. 2, according to its monthly update released Wednesday. SOL Strategies Inc., formerly Cypherpunk Holdings, operates validators on the Solana blockchain and provides staking services for institutional clients.
A major driver was the company’s STKESOL liquid staking platform, which surpassed 691,039 SOL staked and more than 1,000 holders after launching in January. Liquid staking allows users to earn rewards while keeping tokens liquid through a derivative token representing the staked position.
Can Liquid Staking Drive Sustainable Validator Revenue?
Growth in liquid staking mirrors a broader trend across decentralized finance (DeFi), where staking derivatives have become a key liquidity layer. Data from DeFiLlama shows liquid staking protocols collectively control tens of billions of dollars in total value locked (TVL), led by Ethereum-based platforms but increasingly expanding to alternative chains like Solana.
SOL Strategies also reported 3.87 million SOL in total assets under delegation across its validator network, including both treasury holdings and third-party stake. During February, the company’s proprietary validators generated roughly 1,276 SOL in rewards while maintaining 99.99% uptime across infrastructure.
“What matters now is execution,” said Michael Hubbard, interim chief executive at SOL Strategies, in the company statement.
Hubbard said the firm currently operates four revenue streams: treasury staking, third-party delegated stake, liquid staking, and institutional staking services. Clients include asset manager VanEck, which participates through the firm’s institutional staking offering.
The company’s latest quarterly results highlight the revenue potential of validator operations. In the fourth quarter of 2025, SOL Strategies reported CAD$2.1 million ($1.5 million) in staking and validation revenue, up 69% year-on-year, according to its quarterly report. Staking and validator rewards reached 9,787 SOL during the quarter, a 120% increase from the prior year.
SOL STRATEGIES
Still, the stock’s recent rally follows a steep decline. Shares have fallen 75.81% over the past six months despite the latest gain, closing Wednesday at $1.50 on Nasdaq.
Governance changes may also shape the company’s next phase. SOL Strategies confirmed Hubbard will assume the chief executive role permanently ahead of its annual shareholder meeting scheduled for March 31, with investors watching whether continued staking growth translates into sustained revenue expansion.
