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TORONTO - SOL Strategies Inc. (CSE:HODL) (NASDAQ:STKE), a $96 million market cap company operating in the Solana ecosystem, announced Monday it has completed its SOC 2 Type 2 and SOC 1 Type 2 examination with no exceptions noted, validating the security controls of its Solana validator operations. According to InvestingPro data, the company has achieved impressive revenue growth, though it currently faces profitability challenges.
The audit evaluated the company’s validator operations, corporate security framework, and operational controls over an extended period, confirming that controls operated effectively throughout the examination period.
"Successfully completing our SOC 2 Type 2 & SOC 1 Type 2 examination with no exceptions noted reinforces our position as the institutional backbone of the Solana ecosystem," said Michael Hubbard, Interim CEO of SOL Strategies, in a press release statement.
SOL Strategies describes itself as the first publicly traded company combining a Solana treasury with a revenue-generating validator business.
The SOC 2 Type 2 certification is considered a comprehensive security standard for service organizations, as it validates the operational effectiveness of controls over time rather than just at a single point.
Max Kaplan, CTO of SOL Strategies, stated that the certification "reflects the maturity and resilience of our staking platform and corporate cybersecurity."
The company’s security framework now includes several certifications: SOC 2 Type 2, SOC 2 Type 1, SOC 1 Type 1, SOC 1 Type 2, and ISO 27001, an international standard for information security management systems.
SOL Strategies maintains a dedicated trust center at its website that provides access to compliance reports, certifications, and security policies related to Solana staking. While the company focuses on strengthening its security infrastructure, its stock has experienced significant volatility, with the price currently showing a 70% decline over the past year.
In other recent news, SOL Strategies Inc. has made a strategic acquisition of 88,433 SOL tokens, utilizing proceeds from a C$30 million LIFE offering. This purchase includes approximately 79,000 locked SOL tokens acquired from the Solana Foundation at a 15% discount, with the remainder bought as spot tokens on the open market. The locked tokens will unlock after twelve months and have been staked to the company’s validators. Additionally, significant leadership changes have occurred at SOL Strategies, with CEO Leah Wald stepping down from her role as Director and CEO. Michael Hubbard, previously the Chief Strategy Officer, has been appointed as Interim CEO. The company is conducting a search for a permanent CEO. In another development, Andrew McDonald has been promoted to Chief Operating Officer from Director of Operations. These changes reflect ongoing adjustments within the company’s leadership and operational strategies.
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