Sol Strategies (NASDAQ/CSE: STKE) is broadening its revenue base beyond Solana staking after acquiring Houdini Swap, a cross-chain transactional platform, which began contributing to the company's results shortly after closing on June 1, 2026.
In its first full month of operation, Houdini Swap generated between CAD 1 million and CAD 1.2 million in revenue with EBITDA margins exceeding 60%, according to statements made by CEO Michael Hubbard and Director of Capital Markets Steve Ehrlich during a Water Tower Research Virtual Insights Conference presentation on Sept. 22, 2026.
Trading volumes on the platform have continued to climb: Houdini processed CAD 65 million in June, CAD 65.65 million in July—a 1% increase—and CAD 74 million in August, representing a 12% to 15% rise over the prior month.
Houdini Swap operates across more than 120 blockchains and supports over 1 million tokens, enabling privacy-enhanced cross-chain swaps that do not expose full transaction histories. The platform is also expanding its B2B wallet integration business.
Sol Strategies said its core operations now span three segments: treasury management, validator and staking services, and the Houdini Swap transactional platform. The company noted that its staking business experienced a rebound over the 45 to 60 days leading up to the conference, following a weaker period earlier.
VanEck's Solana Staking ETF continues to use Sol Strategies exclusively as its staking provider, the company said. Hubbard also noted that Bitwise and VanEck represent two of the crypto-forward institutional ETF issuers engaging with the growing Solana staking market.
"Blockchain is here to stay," Hubbard said. "Regulation will come. Regulation is good. It provides us with exact clarity and ideas of how to implement technologies, and it's just a matter of time."
Ehrlich added that the total addressable market is expanding. "The pie is getting bigger," he said. "The infrastructure is moving to the blockchain, and you want to get in when you can earlier, not later."
Shares of Sol Strategies closed at $1.65 on the day of the conference, up 7.14% from a previous close of $1.54, bringing its market capitalization to approximately $59.48 million. The stock has gained 37.5% over the past week and 30.51% over the past six months, trading within a 52-week range of $0.85 to $6.11. Peak daily volume reached 5 million shares on July 1, with roughly two-thirds to three-quarters of daily trading occurring on Nasdaq versus the Canadian Securities Exchange.
Revenue for the last twelve months stood at $9.02 million, down roughly 18% year over year, though the addition of Houdini Swap's contribution may begin to offset the decline in subsequent periods.
