- SOL Strategies shifts focus from accumulating Solana tokens to capturing the wider Solana ecosystem’s value.
- Interim CEO Michael Hubbard views digital asset treasuries (DATs) as unsustainable compared to staking ETFs.
- The company operates validator business delegating over 2.8 million SOL (~$364 million) and holds a treasury of 526,000+ SOL (~$67 million).
- Hubbard emphasizes that the firm aims to be more than a DAT by engaging in the Solana network beyond token holding.
- SOL Strategies shares trade on Nasdaq and the Canadian Securities Exchange amid Solana’s recent 33% price decline.
SOL Strategies, a Canadian publicly traded company centered on the Solana Blockchain, is repositioning itself beyond simply accumulating its native token, SOL. The firm’s interim CEO, Michael Hubbard, who took over leadership in September 2024, has stated that the company aims to capture value from the broader Solana ecosystem rather than focusing solely on SOL token price.
Hubbard criticized the digital asset treasury (DAT) approach, calling it an unsustainable business model driven by short-term hype. He believes the rise of regulated staking exchange-traded funds (ETFs) is making the traditional DAT value proposition obsolete, as ETFs offer similar digital asset exposure with greater investor protections under established frameworks.
According to Hubbard, “the value gap that DATs are filling is narrowing very rapidly.” Staking ETFs, such as the newly launched Bitwise Solana Staking ETF, provide investors with exposure to assets like SOL and Ethereum alongside network staking rewards. This product has maintained consistent demand since its October debut.
Originally known as Cypherpunk Holdings, the company rebranded to SOL Strategies in September 2024, signaling a strategic focus on Solana’s growing layer-1 network. It adopts the term “DAT++” to highlight its validator operations, which manage over 2.8 million SOL (approximately $364 million) under delegation. These operations generate an annual yield near 6.45% in staking rewards.
Additionally, the company holds a digital asset treasury exceeding 526,000 SOL (over $67 million), positioning it among the largest publicly listed Solana token holders. Hubbard stressed the importance of maintaining a significant SOL treasury to support confidence in the asset and ecosystem, while emphasizing the company’s broader participation beyond token custody.
Hubbard described the firm’s vision as akin to “the Berkshire Hathaway of Solana” or the S&P 500 of Solana,” with a goal to accelerate ecosystem growth and capture its expanding value. This vision explicitly distances SOL Strategies from being a simple digital asset treasury vehicle dependent solely on token price performance.
Shares of SOL Strategies began trading on Nasdaq in summer 2025 as part of its cross-listing with the Canadian Securities Exchange. Despite a 33% decline in Solana’s price over the last month to near $127—down more than 56% from its January all-time high of $293—the company’s stock rose 6% recently. Other digital asset treasuries, such as Bitcoin-focused Strategy and Ethereum-specialized BitMine, have experienced share price declines and asset sell-offs in recent weeks.
References for Hubbard’s statements include Michael Hubbard’s interim CEO announcement, the company’s September 2024 rebranding, and the October business update.
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