SOL Strategies, the Canadian firm that holds roughly 460,000 SOL, said it may sell part of its Solana treasury to meet obligations. As of June 30, the company had C$1.87 million in cash and about C$22 million of digital assets that aren't pledged, against C$37.33 million of current liabilities. Much of its SOL is tied up as collateral.
The debt stack
Current liabilities break down into several pieces. There's C$3.31 million in accounts payable, a C$7.75 million note from the HoudiniSwap acquisition, C$784,000 owed to a vendor, and C$865,000 in a current acquisition holdback. The company also borrowed C$13.90 million via Kamino Finance and carries C$10.73 million in current convertible debentures. Repayment schedules vary: trade payables are due within 30 days, the Houdini note matures Dec. 1, the holdback splits between 9 and 18 months, Kamino has no fixed maturity, and the debentures extend to 2028/2030.
The Kamino pledge
More than half of the SOL holdings are tied to borrowing. SOL Strategies has 252,851 SOL, worth C$26.4 million at quarter-end, pledged to Kamino against C$13.9 million of debt. That arrangement carries a risk: Kamino can auto-liquidate if the loan-to-value ratio hits 75%, which would increase exposure to a SOL decline. After accounting for the Kamino borrowing, the digital assets provided roughly C$34 million in net liquidity.
How it plans to pay
The liquidity plan includes cost reductions, revenue from staking, validators, and HoudiniSwap, selective SOL sales, securities issuance, and potential borrowing via an ATW convertible note. Management said available cash, crypto, and other resources are sufficient for at least 12 months. The company already sold 65,001 SOL on June 8 at an average of C$87.88, generating about C$5.75 million to repay debt. It also raised C$2.14 million through an at-the-market equity program, and holders converted US$2.85 million of ATW debt into about 1.78 million shares during the nine months.
The nine-month loss
SOL Strategies reported a C$119.36 million net loss for the nine months through June. That includes C$61.95 million in digital-asset revaluation losses, C$22.82 million in realized crypto losses, and C$16.11 million in impairment charges. The company used C$7.80 million in cash for operating activities during the period. On the revenue side, HoudiniSwap generated C$1.2 million in fees and C$768,000 in EBITDA in June, while staking and validator operations contributed C$622,299 during the quarter.
The near-term test is whether those businesses generate enough cash to meet obligations without more SOL sales or dilution. The company's own assessment is that it has enough for a year, but the margin is thin.
