SOL Strategies shares jump 20% as firm posts validator network growth

Solana-focused treasury and infrastructure firm SOL Strategies Inc. saw its shares jump over 20%, as it released its February update outlining continued growth across its Solana validator and staking operations.

The company said in its monthly update released Wednesday that its validator network grew to 33,568 unique wallets in February, up from the 31,000 announced on Feb. 2.

A major driver of the growth was the company's STKESOL liquid staking platform, which crossed 691,039 SOL staked and more than 1,000 holders after launching in January. Liquid staking allows users to earn staking rewards while maintaining liquidity through tokenized staking positions, offering a new revenue stream alongside the company's validator operations and institutional staking services.

SOL Strategies also reported 3.87 million SOL in total assets under delegation, including both the company's treasury stake and third-party delegations. During February, proprietary validators generated roughly 1,276 SOL in rewards while maintaining 99.99% uptime across its infrastructure.

Interim CEO Michael Hubbard said the company's staking infrastructure continues to scale even during periods of market volatility. 

"What matters now is execution," Hubbard said in the statement. "We have four revenue streams operating simultaneously: treasury stake, third party delegated stake, liquid staking, and institutional staking services, such as VanEck."

Hubbard noted that the company's latest quarterly results further validated its upward trajectory over the past year. 

In the fourth quarter of 2025, the company posted CAD$2.1 million ($1.5 million) in total staking and validation revenue, up 69% year-on-year, according to its quarterly report released last month. Its staking and validator rewards reached 9,787 SOL in the quarter, up 120% year-on-year.

SOL Strategies' shares closed up 20.97% at $1.5 on Wednesday on the Nasdaq, though the stock has fallen 75.81% over the past six months.

The February update also included governance changes ahead of the company's annual shareholder meeting scheduled for March 31. SOL Strategies confirmed that interim chief executive Michael Hubbard will assume the role permanently.

The Canadian firm, formerly known as Cypherpunk Holdings, began accumulating SOL in the second quarter of 2024 and rebranded in September of that year to reflect its pivot toward a Solana-focused strategy.