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TORONTO - SOL Strategies Inc. (CSE:HODL) (NASDAQ:STKE), a $98.41 million market cap company currently rated as overvalued according to InvestingPro analysis, announced significant leadership changes and operational updates for September 2025, according to a press release statement issued Friday.
The company, which combines a Solana token treasury with validator operations, reported that CEO Leah Wald stepped down as Director effective September 22 and resigned as CEO effective October 1. Michael Hubbard, formerly Chief Strategy Officer, has been appointed Interim CEO, while Andrew McDonald has been promoted to COO. The leadership change comes as the company faces profitability challenges, with InvestingPro data showing negative earnings per share of -$0.17 over the last twelve months.
SOL Strategies successfully completed its cross-listing on the NASDAQ Global Select Market under the symbol "STKE" on September 9, while maintaining its Canadian Securities Exchange listing under "HODL."
The company closed a CAD$30 million financing under Canada’s Listed Issuer Financing Exemption, with proceeds primarily intended for acquiring additional SOL tokens for its treasury.
As of September 30, SOL Strategies reported holding 435,033 SOL tokens (approximately CAD$126.1 million). The company earned about 1,660 SOL from its proprietary validators in September. Despite impressive revenue growth of 2,786% year-over-year, the company’s financial health indicators reveal challenges, with a current ratio of 0.17 suggesting potential liquidity constraints. InvestingPro subscribers have access to 13 additional key insights about the company’s financial position.
The firm’s Assets Under Delegation (AUD) decreased 23.7% from 3.62 million SOL to 2.76 million SOL during the month. The company attributed this decline to increased competition among validator operators, new entrants to the digital asset treasury space, and shifting institutional preferences.
In response to these challenges, SOL Strategies has expanded business development initiatives, including appointing a Head of Growth, deepening engagement with ETF providers, growing its Solana Mobile validator, and establishing a partnership with Crypto.com to integrate validator services into institutional custody offerings.
The company’s Solana Mobile Validator, launched in August, grew 450% in delegated stake to 448,237 SOL during September.
In other recent news, SOL Strategies Inc. announced that Leah Wald will step down as Chief Executive Officer effective October 1, 2025, and has already resigned from her position as Director. Michael Hubbard, the company’s Chief Strategy Officer and Director, has been appointed as Interim CEO while an external firm conducts a search for a permanent replacement. Additionally, SOL Strategies has promoted Andrew McDonald to Chief Operating Officer. McDonald, who previously served as Director of Operations, has been with the company since January 2025 and has been involved in strategic initiatives and regulatory compliance. These leadership changes come as the company continues to adjust its executive team. Investors will be closely monitoring how these developments may impact the company’s strategic direction.
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