SOL Strategies reported C$37.33 million in current liabilities as of June 30, 2026, a financial position that may force the Solana treasury company to liquidate holdings after pledging more than half its SOL to DeFi protocol Kamino Finance.
The company holds approximately 460,000 SOL worth C$48 million at quarter-end. Of that, 252,851 SOL valued at C$26.4 million are pledged against a C$13.9 million Kamino loan. Kamino can automatically liquidate the collateral if the loan-to-value ratio reaches 75%, creating pressure on SOL Strategies to manage its debt stack.
SOL Strategies reported C$1.87 million in cash on hand and C$22 million in unencumbered digital assets available for conversion. Current liabilities break down as follows: C$3.31 million in accounts payable, C$7.75 million owed on the HoudiniSwap acquisition note, C$784,000 to a vendor, C$865,000 in acquisition holdback, and C$10.73 million in current convertible debentures.
The company already moved to address liquidity. On June 8, SOL Strategies sold 65,001 SOL at an average price of C$87.88 per token, raising C$5.75 million to repay debt. Management’s stated liquidity plan includes cost reductions, revenue from staking operations and validators, selective SOL sales, securities issuance, and potential additional borrowing through an ATW convertible note facility.
During the nine-month period through June, SOL Strategies incurred a net loss of C$119.36 million, driven by 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 consumed C$7.80 million in cash from operating activities.
HoudiniSwap, acquired on June 1, contributed C$1.2 million in fees and C$768,000 in EBITDA during June. Staking and validator operations contributed C$622,299 in the quarter. The HoudiniSwap acquisition note matures December 1, 2026. Other debenture obligations extend into 2028 and 2030. The Kamino borrowing carries no fixed maturity date.
Management stated that available cash, crypto, and other resources were sufficient to support operations for at least 12 months. Current liabilities are staggered and do not represent a single immediate payment. Trade payables are generally due within 30 days.
SOL Strategies also raised C$2.14 million through an at-the-market equity program during the nine-month period. Holders converted US$2.85 million of ATW debt into approximately 1.78 million shares during the same window.
