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SOL Strategies weighs SOL sales as DeFi loan pledges over half its SOL

In filings, the company reported about C$22 million in unencumbered digital assets as of June 30, while it said roughly C$13.9 million of SOL was pledged to Kamino Finance.

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SOL Strategies said it may sell part of its Solana treasury to meet obligations, after disclosing that a significant portion of its SOL holdings remains pledged to debt, according to an SEC filing reviewed by CryptoSlate.

In the filing, the company reported C$1.87 million in cash as of June 30 and roughly C$22 million of digital assets classified as unencumbered and available for conversion into fiat. It also listed C$37.33 million of current liabilities, including items with staggered repayment dates, such as accounts payable and an acquisition note tied to HoudiniSwap.

The disclosure highlights that it borrowed about C$13.90 million through DeFi protocol Kamino Finance, with the loan backed by 252,851 SOL valued at C$26.4 million. SOL Strategies said Kamino has no fixed maturity, but it can automatically liquidate collateral if the loan-to-value ratio reaches 75%, which would increase its exposure to a sharp SOL decline.

Management outlined a liquidity plan that includes cost reductions, revenue sources such as staking, validators and HoudiniSwap, selective SOL sales, securities issuance, and potential additional borrowing through its ATW convertible note facility. The company also reported that it had a C$119.36 million net loss for the nine months through June, driven by digital-asset revaluation losses, realized crypto losses, and impairment charges.

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