Jul. 28 at 1:47 PM
$STKE just put numbers behind its operating-company thesis.
In Houdini’s first full month under SOL Strategies:
C
$1.1M revenue
C
$740K EBITDA
63% EBITDA margin
C
$92M transaction volume
34,427 orders
At that one-month pace, EBITDA would annualize near C
$8.9M, although one month is not yet a durable run rate.
The important distinction is that this income depends on transaction activity, not SOL appreciating. STKE now has treasury SOL, staking and validator economics, and an operating business that could become an internal source of capital.
Most SOL treasuries only have the first engine.
