The company's financial position appears increasingly strained as the debt-to-equity ratio climbed to 1.06 in 2026Q2, up from 0.45 in 2025Q4, signaling heightened reliance on leverage.
| Total Current Assets | 1.98M | 3.55M | 1.81M | 2.04M | 18.74M | 1.39M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 84.1M | 166.04M | 27.09M | 15.01M | 5.15M | 29.84M |
| Property, Plant & Equipment | 13.45K | 20.32K | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | -833.32x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 22.01M | 38.81M | 0 | 0 | 675.29K | 864.02K |
| Long-Term Investments | 63.17M | 685.66K | 1.51M | 6.46M | 3.86M | 4.62M |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 86.08M | 169.6M | 28.9M | 17.05M | 23.89M | 31.23M |
| Asset Turnover | -0.10x | - | - | - | - | - |
| Asset Growth % | 1012.06% | 486.77% | 69.48% | -28.62% | -23.5% | - |
| Total Current Liabilities | 21.31M | 32.96M | 1.78M | 226.48K | 308.29K | 1.51M |
| Accounts Payable | 991.22K | 760.16K | 83.41K | 107.03K | 194.84K | 188.31K |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 21.31M | 30.64M | 0 | 0 | 0 | 1.19M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | -1.77M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.09x | 0.11x | 1.02x | 9.03x | 60.80x | 0.92x |
| Quick Ratio | 0.09x | 0.11x | 1.02x | 9.03x | 60.80x | 0.92x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 23.92M | 21.86M | 399.41K | 0 | 0 | 1.88M |
| Long-Term Debt | 22.14M | 21.27M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 45.23M | 54.82M | 2.18M | 226.48K | 308.29K | 3.39M |
| Total Debt | 43.45M | 51.91M | 0 | 0 | 0 | 1.19M |
| Net Debt | 43.09M | 50.13M | -1.81M | -1.93M | -18.54M | 309.05K |
| Debt / Equity | 1.06x | 0.45x | - | - | - | 0.04x |
| Debt / EBITDA | -0.36x | - | - | - | - | - |
| Net Debt / EBITDA | -0.36x | - | -0.22x | - | -17.68x | - |
| Interest Coverage | -31.96x | -13.02x | - | - | - | - |
| Total Equity | 40.86M | 114.78M | 26.72M | 16.83M | 23.58M | 27.84M |
| Equity Growth % | 576.72% | 329.51% | 58.81% | -28.65% | -15.29% | - |
| Book Value per Share | 1.56 | 5.71 | 1.43 | 0.86 | 1.18 | 1.66 |
| Total Shareholders' Equity | 40.86M | 114.78M | 26.72M | 16.83M | 23.58M | 27.84M |
| Common Stock | 109.1M | 70.43M | 17.26M | 17.86M | 18.57M | 18.56M |
| Retained Earnings | -142.02M | -47.14M | -10.37M | -18.51M | -12.23M | -14.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 73.78M | 91.49M | 19.84M | 17.47M | 17.24M | 23.7M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Protocol-dependent liquidity constraints
As reported in recent financial filings, STKE's equity base has contracted from $114.8 million in 2025Q4 to $40.9 million by 2026Q2, reflecting a rapid deterioration in net asset value that appears to stem from the company's aggressive and volatile shift toward concentrated digital asset infrastructure holdings.
The sharp decline in equity, coupled with a ballooning accumulated deficit of $142 million, suggests that the company's strategic pivot has yet to yield a stable foundation for capital preservation. Investors should monitor whether this trajectory represents a temporary adjustment to market conditions or a fundamental inability to maintain book value.
Based on the company's reported figures, the debt-to-equity ratio has climbed significantly from 0.45 in 2025Q4 to 1.06 in 2026Q2, indicating that the firm is increasingly relying on debt financing to support its operations despite the inherent volatility of its underlying digital asset collateral.
This increase in leverage warrants further investigation, as it suggests a higher risk profile during periods of market stress where asset values may decline while debt obligations remain fixed. The reliance on debt to fund operations in a capital-intensive sector may limit the company's flexibility if protocol rewards compress.
According to the latest quarterly data, the current ratio has plummeted to a precarious 0.09 as of 2026Q2, down from 1.02 in 2024Q4, which highlights a critical lack of immediate liquid assets to cover short-term liabilities in the face of ongoing operational cash burn.
This liquidity profile appears highly vulnerable, as the company holds only $368.5K in cash against substantial short-term obligations. Such a narrow buffer suggests that the firm may face significant challenges in meeting its immediate financial commitments without further capital raises or asset liquidations.
As indicated by financial statements, the company carries $22 million in goodwill as of 2026Q2, a figure that has fluctuated wildly from $74 million in 2025Q2, suggesting that headline asset values may be heavily distorted by subjective accounting valuations of intangible assets and past acquisitions.
The volatility in goodwill suggests that the balance sheet is sensitive to impairment risks, which could lead to further equity erosion if the carrying value of these intangibles is not supported by future earnings. This distortion makes the reported total assets a potentially unreliable indicator of the company's true economic value.
Quick answers to the most common questions about buying STKE stock.
As of 2025, Sol Strategies Inc. Common Shares (STKE) had total assets of $169.6M including $3.6M in current assets.
Sol Strategies Inc. Common Shares (STKE) carries total debt of $51.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sol Strategies Inc. Common Shares (STKE) has total shareholders' equity (book value) of $114.8M ($5.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sol Strategies Inc. Common Shares (STKE) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.