SOL Strategies, a Canadian company specializing in Solana infrastructure, reported a net loss of $3.5 million for Q2 2025. Despite this, the company saw a substantial increase in revenue, reaching $1.85 million, up from $67,000 in the same period last year. This growth was driven by staking and node verification rewards from Solana and Sui, including commissions from third-party delegations. As of March 31, SOL Strategies held $35.2 million in crypto assets, with a notable reduction in BTC exposure and the addition of SUI assets. The company also announced a $500 million convertible notes issuance in April and submitted a pre-application for a $1 billion securities issuance to support its expansion in the Solana ecosystem. However, total expenses for the quarter were $6.21 million, including $2.35 million in equity compensation and $1.85 million in amortization expenses, which contributed to the net loss.