Solana staking business expansion drives SOL Strategies stock price up more than 20% in a single day, with nearly 700,000 SOL locked on the STKESOL platform

On March 5, SOL Strategies Inc., a company focused on Solana ecosystem fund management and blockchain infrastructure, announced its February business update, causing its stock price to rise over 20% on the same day. The report shows that the company’s Solana validator network and staking services continue to expand, attracting market attention to the growth prospects of its Solana infrastructure and staking services.

According to the monthly report, as of the end of February, the number of wallet addresses served by SOL Strategies’ validator network reached 33,568, up from approximately 31,000 disclosed at the beginning of February, indicating sustained user engagement. A key driver of this growth is the company’s launch of the STKESOL liquid staking platform. Since its launch in January 2026, the platform has attracted over 1,000 holders, with a total staked SOL of 691,039 tokens. Liquid staking allows users to earn staking rewards while maintaining asset liquidity, providing a new capital efficiency model for the Solana staking ecosystem and generating additional revenue for the company.

In terms of total assets, the company currently manages or holds approximately 3.87 million staked SOL, including both its own funds and third-party delegated assets. In February, its validator nodes earned about 1,276 SOL in rewards, maintaining 99.99% infrastructure uptime. Acting CEO Michael Hubbard stated that even amid market volatility, the company’s staking network continues to expand stably.

Hubbard noted that the company currently operates four core revenue streams, including treasury SOL staking, third-party delegated staking, the liquid staking platform, and staking services for institutional clients. As institutional funds gradually enter the Solana ecosystem, these business segments are viewed as long-term growth drivers.

The company’s previously disclosed quarterly financial report showed that in Q4 2025, its staking and validation business generated CAD 2.1 million in revenue, a 69% year-over-year increase; during the same period, SOL staking rewards totaled 9,787 tokens, up 120% year-over-year. Despite a more than 75% decline in SOL Strategies’ stock price over the past six months, the latest business data continues to improve market sentiment.

Additionally, the company announced that before the annual shareholders’ meeting on March 31, it will undergo governance restructuring, confirming that Michael Hubbard will officially assume the role of CEO. Headquartered in Canada, SOL Strategies was formerly known as Cypherpunk Holdings. The company has been steadily increasing its SOL holdings since Q2 2024 and completed a rebranding in September of the same year to strengthen its development strategy around Solana validator nodes, staking services, and infrastructure development.