'Solana Holdings' SOL Strategies Reports Net Loss Despite Increased Staking and Validation Revenue
Summary
- SOL Strategies announced a net loss of 4.8 million Canadian dollars in Q2.
- During the same period, staking and validation revenue increased, but the company reported a net loss due to total expenses of 8.52 million Canadian dollars.
- In April, the company announced the issuance of convertible bonds worth 500 million dollars to acquire more cryptocurrencies, and said it had accumulated Solana and Sui while reducing its Bitcoin holdings.
SOL Strategies, a Canada-based firm designating Solana (SOL) as a reserve asset, recorded a net loss in Q2.
According to cryptocurrency news outlet Cointelegraph on the 2nd (local time), SOL Strategies posted a net loss of 4.8 million Canadian dollars in Q2.
However, during the same period, revenue surged by about 2.5 million dollars year-on-year. Most of SOL Strategies' revenue came from cryptocurrency staking and validation. By operating validation nodes, SOL Strategies generated revenue from fees on both its own and third-party delegations, receiving rewards in Solana and other tokens.
Despite the increase in revenue, SOL Strategies recorded a net loss due to higher expenditures compared to revenue. In Q2, SOL Strategies recorded total expenses of 8.52 million Canadian dollars.
Earlier in April, SOL Strategies announced the issuance of convertible bonds worth 500 million dollars to purchase additional cryptocurrencies. At that time, SOL Strategies accumulated Solana and Sui (SUI) and reduced its Bitcoin (BTC) holdings.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
