SOL Strategies reported approximately CAD$1.2 million of swap-aggregator fee revenue from HoudiniSwap during just one month of operations in fiscal Q3 2026, giving the company its first reported financial contribution from the privacy and cross-chain execution business acquired during the quarter.
HoudiniSwap also contributed approximately CAD$768,000 of EBITDA during the period. Management said that translates into an EBITDA margin above 60%, creating a substantially different earnings profile from SOL Strategies’ existing validator and digital-asset treasury operations.
The quarter was SOL Strategies’ first period of segmented reporting following the addition of its Houdini privacy-technology business. The acquisition closed June 1, meaning the quarter ended June 30 incorporated only one month of Houdini’s results.
The new business arrives as revenue from SOL Strategies’ traditional staking operation faces pressure. Staking and validation income declined to $622,299 from $3.04 million in the comparable period, with the company attributing the reduction mainly to a lower average Solana price and reduced per-epoch staking and block rewards resulting from Solana’s programmed inflation schedule.
Assets under delegation totaled approximately 3.4 million SOL, valued at CAD$355 million, at June 30, down about 8% from 3.74 million SOL a year earlier. The company’s validators nevertheless maintained 100% uptime and reached a peak APY of 5.84%, above the stated Solana network average of 5.53%.
SOL Strategies’ own holdings totaled approximately 460,000 SOL, valued at CAD$48 million, compared with 435,159 SOL valued at approximately CAD$126.4 million at September 30, 2025. The large difference in Canadian-dollar value despite increased token holdings illustrates the effect of Solana price movements on the treasury component of the company’s business.
SOL Strategies also said its validator network served more than 33,000 unique wallets at quarter-end. The addition of Houdini gives the company a second operating layer centered on swap aggregation, privacy and cross-chain execution rather than relying exclusively on staking, validation and treasury exposure.
KEY QUOTE:
“We closed the Houdini acquisition on June 1, and even with just one month of results included, the business performed well and gave us our first look at what a privacy and cross-chain execution layer can add on top of our validator and treasury operations. With an EBITDA margin of over 60% and over CAD1.2m in revenue for just the first month, the Houdini business is a fundamental change that we expect to perform very well in the coming quarters.”
Michael Hubbard, Chief Executive Officer of SOL Strategies
