SOL Strategies Q3 2026: Houdini Contributes $1.2M Revenue While Staking Income Plunges

summarizeSummary

SOL Strategies reported Q3 2026 results with Houdini contributing $1.2M revenue and $768K EBITDA in its first month, while staking income fell 80% year-over-year due to Solana's price collapse.

check_boxKey Events · Earnings and Guidance · STKE

• Houdini Adds $1.2M Revenue

  In its first month of operations, HoudiniSwap contributed $1.2 million in swap aggregator fees and $768,000 in EBITDA, achieving an EBITDA margin above 60%.

• Staking Income Plunges 80%

  Staking and validation income fell to $622,299 from $3,040,282 a year earlier, driven by a 65% decline in Solana's price and reduced per-epoch rewards.

• SOL Holdings Value Drops

  Total SOL holdings were approximately 460,000 SOL (CAD $48 million) as of June 30, 2026, down from CAD $126.4 million at September 30, 2025.

• First Segmented Reporting

  For the first time, the company reports separately for its Houdini subsidiary and core infrastructure business, providing clearer visibility into each segment.

auto_awesomeAnalysis · STKE · Crypto Assets

The fiscal Q3 2026 results for SOL Strategies reveal a sharp divergence between its new Houdini privacy business and core staking operations. In just one month of ownership, HoudiniSwap delivered $1.2 million in swap aggregator fees and $768,000 in EBITDA, translating to an EBITDA margin above 60%. Meanwhile, staking and validation income collapsed to $622,299 from $3,040,282 a year earlier, pressured by a 65% decline in Solana's price and reduced per-epoch rewards. The value of the company's SOL holdings also fell from CAD $126.4 million to CAD $48 million, reflecting the broader crypto downturn. This quarter marks the first time the company has reported segmented results, offering investors a clearer view of the two business lines. The results underscore both the promise of the Houdini acquisition and the vulnerability of the core business to Solana price swings.