Soft Quarter, Strong Vision; Moving Up The Stack as a Verticalized Infrastructure Play

Research evidence excerpt

Soft Quarter, Strong Vision; Moving Up The Stack as a Verticalized Infrastructure Play

Crypto & Blockchain

SOL Strategies Inc. (STKE)

EQUITY RESEARCH Assuming Coverage

May 19, 2026

Soft Quarter, Strong Vision; Moving Up The Stack as a Price: $1.74

Price Target: $2.00 Verticalized Infrastructure Play

Rating: Overweight

We are assuming coverage.

Key Statistics:

Symbol NASDAQ: STKE Sol Strategies (STKE) reported its fiscal 2Q26 earnings Monday morning (5/18) and

52-Week Range 0.85 - 23.84 held its conference call after the market closed. STKE earned 9,171 SOL during the

Market Cap 68.1 quarter from its staking and validator operations (-6.3% q/q from 9,787 in 1Q26),

ADV (3 mo) 267,327 equivalent to $1.2m CAD of revenue, which was down -45% q/q compared to $2.1m EV ($M) 23

in 1Q26. The quarter's weakness was primarily due to the continued decrease in SOL Shares Out (M) 38.7

price along with increased competition among its validators, with the mark to market

of its digital asset holdings (-$68.6m in 2Q26) being the largest driver of its ($89.9m) Research Analysts:

Gareth Gacetta operating loss in the quarter.

212-915-1251

Gareth.Gacetta@cantor.com Despite the quarter’s softness, management had an upbeat tone during the earnings

Nathan Frankovitz call. Following the quarter, management announced acquisitions of Darklake Labs and

929-706-2050 HoudiniSwap, which we believe signal a strategic broadening of the company beyond

Nathan.Frankovitz@cantor.com treasury exposure and validator operations toward transaction infrastructure and

Brett Knoblauch, CFA software-driven revenue streams. Management repeatedly described a verticalization 212-610-2221

Brett.Knoblauch@cantor.com strategy in which STKE is progressively “moving up the stack” within the Solana

ecosystem.