SOL Strategies said its newly acquired Houdini Swap platform generated about CAD 1.1 million in revenue in June 2026, marking an early sign that the company is building a broader crypto infrastructure business beyond staking on Solana.
The company, which trades as HODL on the Canadian Securities Exchange and is also referenced in the source as trading on Nasdaq under STKE, said Houdini contributed about CAD 740,000 in EBITDA in its first full month under SOL Strategies ownership. Based on those figures, the platform posted an EBITDA margin of roughly 63%.
SOL Strategies bought Houdini Swap on June 1 for $18 million in US dollars. For investors, the key point is that the acquisition gives the company exposure to transaction-based revenue rather than relying only on validator and staking income tied to Solana network activity.
#Why does Houdini Swap matter to investors
Houdini Swap matters because it may diversify SOL Strategies' earnings base. According to the source, the platform processed about CAD 92 million in trading volume across 34,427 orders during June.
Those activity levels suggest the platform remained operational through the ownership transition and started contributing meaningful revenue immediately. The source also says Houdini had already handled between $2.5 billion and $2.7 billion in cumulative trading volume before the acquisition and generated about $13 million in revenue during 2025.
If those historical numbers hold up, the deal could give SOL Strategies a more balanced business model. That matters in crypto, where staking yields, token prices, and network usage can all move quickly.
#What is happening with the core staking business
The core staking business is still active, but recent growth appears softer. The source says fiscal Q2 2026 staking and validation revenue totaled 9,171 SOL for the quarter ended March 31, down 6% from the previous quarter.
At the same time, SOL Strategies still holds a sizable Solana position on its balance sheet, with about 524,000 SOL. It also reported assets under delegation of roughly 3.468 million to 3.55 million SOL and said its proprietary validators maintained 100% uptime.
For retail investors, that means the company still has direct exposure to Solana through treasury holdings and validator operations, even as it adds a software-like revenue stream from trading infrastructure.
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#What should investors watch next
Investors should watch whether Houdini can sustain its June run rate over a full quarter. One month of strong revenue is useful, but it does not yet prove long-term performance.
You may also want to track how much of future revenue comes from swap aggregation versus staking, whether margins remain high, and whether management gives more detail on integration costs, user growth, and trading volumes.
The appointment of Jon Matonis as board chairman may also attract attention, especially among crypto-focused investors looking at governance and strategic direction after the acquisition.
Overall, the update points to a company trying to reduce dependence on a single crypto revenue stream. If Houdini continues to perform and Solana network activity stays healthy, SOL Strategies could become a more diversified public-market way to gain exposure to blockchain infrastructure.