Khan Resources

What Khan Resources does

SOL Strategies Inc. (NASDAQ: STKE, CSE: HODL) is a Toronto-headquartered, publicly traded institutional infrastructure platform operating in the Solana ecosystem. The company runs four proprietary validators — Laine, Cogent Crypto, SOL Strategies, and Orangefin — maintaining 100% uptime and managing a 530,712 SOL treasury (approximately CAD $60.3M as of April 2026) with 3,714,200 SOL in total Assets Under Delegation across 33,953 unique wallets. Beyond validation, the company offers STKESOL, a liquid staking token launched in January 2026 with 691K SOL TVL using Stakewiz Wiz Score algorithmic delegation; Institutional Staking Services routed through Coinbase Custody with $255M in crime insurance; the Zyga zero-knowledge proof system acquired from Darklake Labs for private on-chain transaction execution; and Houdini Swap, a non-custodial cross-chain privacy aggregator acquired in April 2026 for USD $18M that has processed over $2.5B in cumulative volume across 100+ networks.

The company's revenue model spans five streams: native staking yields on its own treasury at 6-7%, commissions on third-party delegations, STKESOL protocol commissions, Houdini Swap transaction fees (~USD $13M in 2025 standalone revenue), and custom institutional staking services including the VanEck Solana ETF mandate. Go-to-market is hybrid — enterprise field sales and investor relations for funds, RIAs, and family offices; self-serve staking via app.solstrategies.io; and B2B distribution partnerships (Jumper, Pump.fun Terminal, Crypto.com). The company completed a C$30M LIFE Offering in October 2025, holds SOC 1 & 2 Type 2 certification with no exceptions, and operates infrastructure across ISO 27001-certified providers (AWS, Datapacket, Latitude).

Name

Khan Resources

Legal name

SOL Strategies Inc.

Website

https://khanresources.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Cryptocurrency Staking and Validator Infrastructure

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH)

akta.pro secondary industries

Yield Aggregators, Auto-Compounding & Strategy Vaults (DeFi Yield) (FSADAHAK), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), Yield Aggregators & Strategy Vaults (FSADAMAF)

Keywords

• Solana staking services
• Validator infrastructure
• Liquid staking protocol
• Cross-chain swap aggregator
• Institutional crypto custody

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Treasury Stake Rewards: SOL Strategies stakes its own SOL treasury (530,712 SOL as of April 2026, valued at ~CAD $60.3 million) to earn 6-7% native staking rewards. Revenue generated from company's own digital asset holdings.
2. Third-Party Delegation Commissions: Multi-validator strategy attracts SOL delegations from third-party token holders. Commission revenue earned on delegated stake. April 2026: 3,714,200 SOL Assets Under Delegation across 33,953 unique wallets. 100% validator uptime maintained.
3. STKESOL Liquid Staking: Commission revenue from staking rewards distributed through the liquid staking protocol. 691K SOL TVL (January 2026 launch). Serves as distribution channel for validator growth.
4. Houdini Swap Transaction Fees: Non-custodial privacy-focused cross-chain swap aggregator generating revenue through transaction fees. Acquired April 2026 for USD $18M. Processed $2.5 billion cumulative transaction volume across 100+ blockchain networks. Generated ~USD $13M revenue in 2025. Houdini delivered $1.1MM CAD revenue in first month post-acquisition.
5. Institutional Staking Services: Dedicated institutional staking services including staking provider for VanEck Solana ETF. Enterprise-grade infrastructure for funds, RIAs, and family offices.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

SOL Strategies Inc. operates an institutional Solana validator and treasury platform, providing liquid staking via STKESOL, MEV-optimized block construction across four proprietary validators, bespoke staking services for funds and family offices, the Houdini Swap cross-chain privacy aggregator, and ZK research via the Zyga system. The company earns revenue from corporate treasury staking rewards, third-party delegation commissions, STKESOL liquid staking, Houdini Swap transaction fees, and institutional staking service contracts.

Product overview

SOL Strategies operates as an institutional Solana infrastructure platform with a multi-product portfolio. The core offerings include: (1) STKESOL - a liquid staking token launched January 2026 that distributes SOL across a dynamic validator pool using algorithmic delegation, (2) Owned Validator Infrastructure - four enterprise-grade proprietary validators (Laine, Cogent Crypto, SOL Strategies, Orangefin) managing 459K+ SOL treasury with 100% uptime, (3) Institutional Staking Services - custodial staking for institutions via Coinbase Custody with $255M insurance, (4) Houdini Swap - privacy-focused cross-chain swap aggregator acquired in 2026 processing $2.5B+ in volume across 100+ chains, and (5) Zyga - zero-knowledge proof technology for private verifiable execution on Solana, acquired from Darklake Labs in April 2026. The company trades as HODL on CSE and STKE on NASDAQ.

Differentiator

Problem solved

Functional benefit

Brands

• STKESOL: Liquid staking token for Solana enabling users to stake SOL while maintaining liquidity
• Zyga
• Houdini Swap

Products and services

• STKESOL Liquid Staking A liquid staking protocol that enables Solana holders to stake SOL while maintaining liquidity through a tradeable receipt token. Targets institutional and individual crypto holders seeking yield without lock-up.
• Institutional Staking Services Bespoke staking solutions including pre-staking for clients since 2018, MEV-optimized block construction, and SOC 1/SOC 2 Type 2 compliant infrastructure. Targeted at crypto funds, family offices, RIAs, asset managers and corporate treasuries.
• Houdini Swap A non-custodial, privacy-focused cross-chain swap aggregator with over $2.5B in cumulative volume. Enables users to execute cross-chain token swaps with privacy features, used by privacy-focused protocols, DeFi traders, and cross-chain users.
• Solana Validator Infrastructure Operations Operation of four proprietary Solana validators (Laine, Cogent Crypto, SOL Strategies, Orangefin) running Solana mainnet consensus with 100% uptime. Validators are part of the Solana Foundation delegation program.
• Zyga Zero-Knowledge Proof System ZK research and development system operated by Zyga Labs, focused on zero-knowledge proof technology for blockchain privacy and scaling. Targets developers and institutions requiring privacy-preserving computation.

Quantifiable outcome

• 6.08% APY delivered vs 5.74% network average (Orangefin validator)
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered major, core and minor.

• Pump.fun TerminalmajorChannel Partner/ Reseller/ Distributor · 16 July 2026Houdini partners with Pump.fun's Terminal to bring private deposits and withdrawals to on-chain trading, letting traders manage multiple wallets without onchain linkage.
• Jumper ExchangemajorChannel Partner/ Reseller/ Distributor · 18 June 2026Houdini Swap brings private cross-chain transactions to Jumper. Jumper users can swap, bridge, and receive privately through Houdini's API.
• Darklake LabscoreStrategic or Co-development Partner · 14 April 2026Acquired Darklake Labs Pte. Ltd. assets including Zyga zero-knowledge proof technology and founding team for USD $1.2 million. Team includes Vitor Py Braga (Director of Engineering), Amber Hales, and Tiago Alves (Head of ZK Research). Zyga enables private transaction execution on Solana.
• HoudiniSwap LLCcoreStrategic or Co-development Partner · 7 April 2026Entered definitive agreement to acquire HoudiniSwap LLC for USD $18 million in cash and stock. Non-custodial privacy-focused cross-chain swap aggregator processing $2.5 billion cumulative volume across 100+ networks. Fifth revenue stream for SOL Strategies.
• VanEckcoreChannel Partner/ Reseller/ Distributor · 1 November 2025Selected as official staking provider for VanEck Solana ETF, providing institutional-grade staking infrastructure for ETF shareholders.
• Crypto.commajorStrategic or Co-development Partner · 1 October 2025Crypto.com partners with SOL Strategies to support treasury strategy and power validator integration for Crypto.com's Solana operations.
• Colosseum AcceleratorminorOthersDarklake Labs was accepted into Colosseum Accelerator, Solana's validator-focused accelerator program.
• Academic Research PartnersminorOthersDarklake maintains active academic research partnerships at two Brazilian universities for ZK cryptography research.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Coinbase: Coinbase operates institutional staking services and is SOL Strategies' primary custody partner via Coinbase Custody. Coinbase also runs validators across major chains and competes in institutional staking more broadly.
• Anchorage Digital: Federally chartered crypto custody and staking provider serving institutions. Anchorage competes directly with SOL Strategies' institutional staking services for fund, ETF, and family office mandates.
• Galaxy Digital: Public crypto financial services firm offering institutional trading, custody, staking, and asset management. Galaxy competes for the same institutional crypto clients SOL Strategies targets with its validator and staking services.
• Hut 8: Public crypto infrastructure company combining compute operations with digital asset treasury strategy. Hut 8 is comparable as a publicly traded crypto-native treasury/infrastructure vehicle, although focused on BTC mining rather than Solana.
• Lido Finance: Largest multi-chain liquid staking protocol (stETH, stSOL). Lido is the incumbent in liquid staking across chains, providing strategic context for SOL Strategies' STKESOL positioning on Solana.

Others

• Polychain Capital: Crypto-native investment firm operating venture and liquid strategies. Polychain is thematically comparable as a Solana-ecosystem capital allocator and was an early validator/infrastructure investor in similar assets.

Direct peers

• Marinade Finance: Solana's largest liquid staking protocol offering mSOL, directly comparable to SOL Strategies' STKESOL liquid staking product and validator aggregation strategy. Both compete for SOL delegators and validator commission revenue on the same chain.
• Helius: Solana-native infrastructure provider offering RPC, validator, and staking-related services. Helius competes in the Solana infrastructure layer alongside SOL Strategies' validator operations.
• Jito Labs: Solana MEV infrastructure and liquid staking (jitoSOL) provider. Jito operates validators and competes directly with SOL Strategies for staking commission revenue and MEV-driven yield optimization on Solana.
• Sanctum: Solana liquid staking protocol and LST infrastructure layer. Sanctum competes for liquid staking TVL and validator delegation alongside SOL Strategies' STKESOL offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/solstrategies
• LinkedInlinkedin.com/company/khan-resources-ltd-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Khan Resources