₿$70,740.00▼ 2.97%
Sol Strategies Inc.
STKE🇨🇦Reserve
Sol Strategies (formerly Cypherpunk Holdings) is a Canadian company focused on Solana ecosystem infrastructure, operating validator nodes and maintaining a SOL token treasury. Originally a privacy-focused investment company that held Bitcoin as a treasury asset, it pivoted to Solana in 2024 and divested all BTC holdings by December 2025.
BTC Holdings
0 BTC
Insufficient history
Stock Price
$0.93
180d
Total financing
31.20M USD
180d
mNAV
—
180d
Leverage
—
180d
Sats/Share
0
180d
Mkt capFD
30.48M USD
SharesFD
32.78M
Fiat reserve
220.00K USD
Total reserve
220.00K USD
Dilution
3.3%
Coverage
0.0 yr
BTC mix
0%
Analytics
Financials
IFRSQuarterlyAs of 2025-12-31
Balance Sheet
Total AssetsC$132.1M
Total LiabilitiesC$52.3M
Stockholders' EquityC$79.8M
Cash & EquivalentsC$222.5K
Total DebtC$49.8M
Digital AssetsC$92.2M
Income Statement
RevenueC$-4.1M
Operating Income—
Net IncomeC$-11.8M
Interest ExpenseC$1.2M
Cash Flow
Operating Cash FlowC$-5.6M
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price |
|---|---|---|---|---|---|
| STKE-Jan28A | Jan '25 – Jan '28 | 2.5% | 27.50M CAD | 27.50M CAD | 20.00 USD |
| STKE-Jan28B | Jan '25 – Jan '28 | 2.5% | 2.50M CAD | 2.50M CAD | 37.28 USD |
| Total | 21.70M USD | ||||
Recent Changes
Tue, Feb 17, 2026
Shares Outstanding
30.9M→31.7M+844.5K(+2.7%)
Increase from ATM sales, warrant/option exercises, and ATW conversions since Jan 7
Interim Financial Statements (Q1 FY 2026)Wed, Jan 7, 2026
Shares Outstanding
28.6M→30.9M+2.3M(+8.0%)
Includes 2,300,726 shares issued for Guoga credit facility repayment
Interim Financial Statements (Q1 FY 2026)Debt OutstandingRepaymentSTKE-CF
14.9M→0-14.9M(-100.0%)
50% converted to equity (2,300,726 shares at C$2.14), 50% repaid in cash
Repayment of Credit Facility with Former Board ChairmanWed, Dec 31, 2025
Shares Outstanding
23.0M→28.6M+5.6M(+24.3%)
Interim Financial Statements (Q1 FY 2026)
Debt OutstandingConversionSTKE-ATW
10.4M→9.5M-900.0K(-8.7%)
US$900,000 converted into 290,094 common shares during Q1 FY2026
Interim Financial Statements (Q1 FY 2026)Debt OutstandingRepaymentSTKE-CF
16.2M→14.9M-1.2M(-7.6%)
Partial repayment; fully repaid Jan 7, 2026 via shares + Kamino facility + USDC
Interim Financial Statements (Q1 FY 2026)Fiat Reserve
1.8M→220.0K-1.6M(-87.7%)CAD
Interim Financial Statements (Q1 FY 2026)
Wed, Dec 3, 2025
BTC Holdings
23.168→0-23.168 BTC(-100.0%)
BTC Holdings Tracker