SOL Strategies, a Solana-focused infrastructure firm, released its February operational update showing strong growth across its staking business. The company's validator network now supports 33,568 unique wallets, up from around 31,000 earlier in February. Total assets under delegation reached approximately 3.87 million SOL, including both treasury stake and external delegations. The network maintained 99.99% validator uptime, a key metric for consistent reward generation.
STKESOL Drives Liquid Staking Adoption
The liquid staking platform STKESOL, launched earlier this year, has gained significant traction. Over 691,000 tokens have been staked through the platform, with more than 1,000 holders. STKESOL allows users to earn staking rewards while retaining liquidity through tokenized positions, offering flexibility compared to traditional locked staking. This adds a new revenue stream for SOL Strategies alongside validator services and institutional partnerships.
Market Reaction: Shares Surge 16.8%
Investors responded positively to the update. SOL Strategies shares rose to approximately 2.01 CAD, a 16.8% gain in the trading session following the announcement. The stock has experienced volatility in recent months, but the jump signals renewed interest in the company's Solana strategy. Meanwhile, Solana's price remained stable at around $91.35, up 0.82% in 24 hours (CoinMarketCap).
Leadership Changes Strengthen Long-Term Strategy
SOL Strategies also announced leadership updates. Michael Hubbard, previously interim CEO, has been appointed permanent CEO ahead of the annual shareholder meeting on March 31. The board and leadership structure have been refreshed to support the expanding staking and infrastructure operations. The company, formerly known as Cypherpunk Holdings, rebranded in 2024 to focus entirely on Solana. It now holds over 518,000 SOL in its treasury and works closely with Solana DeFi teams and investors through events and online discussions.