SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) has released preliminary, unaudited financial results for its fiscal fourth quarter ended September 30, 2026, reporting total revenue of approximately $4.0 million CAD. The quarter marked the first full period of operations for Houdini Swap as a wholly-owned subsidiary following its June 1, 2026 acquisition. Houdini alone generated approximately $3.4 million CAD in swap aggregator fees on transaction volume of approximately $326 million CAD, delivering a 56% EBITDA margin that investors may be watching closely as a signal of the platform's scalability.

Key Points

  • SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) is a Toronto-based digital asset infrastructure company focused on blockchain and privacy technologies.
  • Preliminary Q4 fiscal 2026 total revenue reached approximately $4.0 million CAD, led by Houdini Swap's $3.4 million CAD in swap aggregator fees.
  • Houdini posted EBITDA of approximately $1.9 million CAD (56% margin) on $326 million CAD in transaction volume; monthly swap volume grew 37% from June to September.
  • Total SOL treasury holdings stood at approximately 465,000 SOL (~$77.9 million CAD) as of September 30, 2026; audited annual results are expected on or before December 29, 2026.

Houdini Swap Drives SOL Strategies' Q4 Revenue Performance

Houdini Swap, a non-custodial, privacy-focused cross-chain swap aggregator, contributed approximately $3.4 million CAD in swap aggregator fees during the quarter, representing the dominant share of the company's total revenue. The platform processed approximately $326 million CAD (approximately US$230 million) in transaction volume during the period. Houdini's total comprehensive income reached approximately $1.0 million CAD after taxes and amortisation, while EBITDA of approximately $1.9 million CAD reflected a margin of approximately 56%. EBITDA is a non-IFRS measure and may not be comparable to metrics reported by other issuers.

Monthly Volume Growth and New Distribution Partners Support Houdini's Momentum

The release states that monthly swap volume on the Houdini platform increased 37% from June to September 2026, with new distribution partnerships cited as a contributing factor. SOL Strategies completed the acquisition of Houdini on June 1, 2026, making fiscal Q4 the first full quarter under the company's ownership. The disclosure suggests the business development pipeline is gaining traction, though the company cautioned that forward-looking expectations regarding continued volume growth are subject to risks and uncertainties and may differ materially from actual outcomes.

Solana Treasury and Validator Operations Round Out SOL Strategies' Asset Base

Beyond Houdini, the company reported staking rewards of approximately $410,000 CAD and validation service income of approximately $215,000 CAD for the quarter. As of September 30, 2026, SOL Strategies held approximately 465,000 SOL in its treasury, valued at approximately $77.9 million CAD, and had assets under delegation of approximately 3.56 million SOL, valued at approximately $596 million CAD. These figures underscore the company's dual focus on operating blockchain infrastructure and maintaining a material Solana treasury position alongside its Houdini Swap subsidiary.

Audited Results Pending With Preliminary Figures Subject to Change

SOL Strategies has indicated that all financial results disclosed in this announcement are preliminary and unaudited, and that audited results may differ materially. The company expects to file its audited annual consolidated financial statements and management's discussion and analysis for the fiscal year ended September 30, 2026, on or before December 29, 2026. The immediate share price impact was not clear from available public information. Investors may be watching the forthcoming audited filing for confirmation of the figures presented in this preliminary release.