Q4 2025 Sol Strategies Inc Earnings Call

January 6, 2026

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Thank you for your continued patience you're meeting will begin shortly if you need assistance at any time. Please press star zero and a member of our team will be happy to help you.

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Thank you for your continued patience Youre meeting will begin shortly if you need assistance at any time. Please press star zero and a member of our team will be happy to help you.

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Michael Hubbard: Digital market shift that happens maybe once or twice in a technology cycle. The regulated capital that's been sitting on the sidelines for years is now moving on-chain. Trading, settlement, property rights, cash movement, and so much more. The entire existing financial system is moving on-chain. Sol Strategies is at the epicenter of the growing Solana economy. Already, today, you can trade real securities on-chain via Superstate's platform, a large complement of wrapped and synthetic securities via Backed and Securitized, and an ever-growing cohort of stablecoins promised to make global payments seamless and instant. There's been a fundamental shift in government policy in the United States that is driving a significant shift by major financial institutions globally as blockchain technology is recognized and accepted more broadly. We're in the engine room of this system.

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The regulated capital that's been sitting on the sidelines for years is now moving on-chain.

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Trading settlement, property rights, cash movement, and so much more.

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The entire existing financial system is moving on-chain.

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Sol Strategies is at the epicenter of the growing Solana economy.

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Thank you for your continued patience Youre meeting will begin shortly if you need assistance at any time. Please press star zero and a member of your team of our team will be happy to help you.

Already, today you can trade real securities on chain via Superstate's platform. A large complement of w and synthetic securities are available via backed and securitized products, and an ever-growing cohort of stablecoins is promised to make global payments seamless and instant.

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There's been a fundamental shift in government policy in the United States. That is driving a significant shift by major financial institutions globally, as blockchain technology is recognized and accepted more broadly.

Michael Hubbard: Through the founding of the Lane Validator and before joining Sol Strategies, I've spent years in the trenches building Solana infrastructure. I've lived through the network outages, economic exploits, and multiple bear markets. I know this ecosystem at the code level, not the PowerPoint level, and I can tell you with absolute certainty: this technology and the blockchain are operating at performance levels not previously seen, with unprecedented adoption and capabilities. We are at the beginning of a multi-year institutional build-out, and Sol Strategies is perfectly positioned to capture a significant share of it. Here's the thesis: one, Solana validators secure the core network, while staking is increasingly attractive to institutions seeking competitive yields while maintaining sole exposure.

Through the founding of the Lane Validator and before joining Sol Strategies, I've spent years in the trenches building Solana infrastructure. I've lived through the network outages, economic exploits, and multiple bear markets. I know this ecosystem at the code level, not the PowerPoint level, and I can tell you with absolute certainty: this technology and the blockchain are operating at performance levels not previously seen, with unprecedented adoption and capabilities. We are at the beginning of a multi-year institutional build-out, and Sol Strategies is perfectly positioned to capture a significant share of it. Here's the thesis: one, Solana validators secure the core network, while staking is increasingly attractive to institutions seeking competitive yields while maintaining sole exposure.

We are in the engine room of this system.

Through the founding of the Lane validator, and before joining Soul Strategies, I spent years in the trenches building Solana infrastructure. I've lived through the network outages, economic exploits, and multiple bear markets.

I know this ecosystem at the code level, not the PowerPoint level.

And I can tell you with absolute certainty.

This technology and the blockchain are operating at performance levels not previously seen, with unprecedented adoption and capabilities.

We are at the beginning of a multi-year institutional buildout, and Sol Strategies is perfectly positioned to capture a significant share of it.

Here's the thesis.

Michael Hubbard: Through our fleet of enterprise-grade validators, we not only secure the network but are literally processing millions of Solana transactions every day, providing a critical foundation from which we believe we can build and unlock more value going forward. Two, we're one of the very few companies globally with a compliance stack, being SOC 2 Type 2, SOC 1 Type 2, ISO 27001, being publicly traded and highly regulated, as well as the technical infrastructure and institutional relationships and standing to be the gateway for traditional finance to the new global financial system on Solana.

Through our fleet of enterprise-grade validators, we not only secure the network but are literally processing millions of Solana transactions every day, providing a critical foundation from which we believe we can build and unlock more value going forward. Two, we're one of the very few companies globally with a compliance stack, being SOC 2 Type 2, SOC 1 Type 2, ISO 27001, being publicly traded and highly regulated, as well as the technical infrastructure and institutional relationships and standing to be the gateway for traditional finance to the new global financial system on Solana.

Solana validators secure the core network, while staking is increasingly attractive to institutions seeking competitive yields, while maintaining SOL exposure.

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Please standby your meeting is about to begin.

Throughout our fleet of enterprise-grade validators, we not only secure the network but are literally processing millions of Solana transactions every day, providing a critical foundation from which we believe we can build and unlock more value going forward.

Good day, everyone and welcome to the sole strategies fiscal year end 2025 earnings conference call. At this time all participants are in a listen only mode. After the Speakers' prepared remarks, we will conduct a question and answer session in order to ask a question or make a comment. Please press the star key followed by the number one.

We're one of the very few companies globally with a compliance stack that includes SOC 2 Type 2, SOC 1 Type 2, and ISO 27001, while also being publicly traded and highly regulated.

<unk> on your telephone.

On the call with US today is Mr. Michael Hubbard, Chief Executive Officer, Mr. Doug Harris, Chief Financial Officer, Mr. Max Kaplan, Chief Technology Officer, and Mr. John <unk> from ICR at this time I will turn the conference over to Mr. John <unk> with ICR. Please go ahead, Sir good afternoon, and thank you for joining sole strategies fiscal fourth quarter.

Michael Hubbard: Three, Solana is already proving that distributed systems can rival existing centralized systems such as the Nasdaq or centralized cryptocurrency exchanges by offering the best price execution, growing adoption of real-world assets such as tokenized equities or money market funds, as well as a vibrant and open builder ecosystem that encourages financial innovation and borderless global finance. Let me show you what that looks like in practice. Institutional adoption isn't coming. It's here. In the past six months, we've become the Solana staking provider for the ARK Invest Digital Asset Revolutions Fund, VanEck Solana ETF, Neptune Digital Assets, Solana Mobile, and Netcoins, just to name a few. These aren't pilot programs. These are partnerships deploying real capital with real fiduciary obligations, and they've all picked us for the same reason.

Three, Solana is already proving that distributed systems can rival existing centralized systems such as the Nasdaq or centralized cryptocurrency exchanges by offering the best price execution, growing adoption of real-world assets such as tokenized equities or money market funds, as well as a vibrant and open builder ecosystem that encourages financial innovation and borderless global finance. Let me show you what that looks like in practice. Institutional adoption isn't coming. It's here. In the past six months, we've become the Solana staking provider for the ARK Invest Digital Asset Revolutions Fund, VanEck Solana ETF, Neptune Digital Assets, Solana Mobile, and Netcoins, just to name a few. These aren't pilot programs. These are partnerships deploying real capital with real fiduciary obligations, and they've all picked us for the same reason.

As well as the technical infrastructure and the institutional relationships and standing to be the gateway for traditional finance to the new global financial system on Solana.

<unk> and full year 2025 earnings conference call before we begin I want to remind everyone that certain statements on this call contain forward looking statements subject to risks and uncertainties actual results may differ materially from these statements. We refer you to our latest press release, MD&A and see the <unk> filings for a detailed risk factors and assumptions.

Solana is already proving that distributed systems can rival existing centralized systems such as the NASDAQ or centralized cryptocurrency exchanges by offering the best price execution, growing adoption of real-world assets such as tokenized equities or money market funds, as well as a vibrant and open builder ecosystem that encourages financial innovation.

Innovation and borderless Global Finance.

Let me show you what that looks like in practice.

Institutional adoption isn't coming—it's here.

All dollar amounts are in Canadian dollars unless otherwise noted.

The company assumes no significant events occur outside our normal course of business and that current trends in the digital assets markets continue however.

In the past 6 months, we've become the Solana staking provider for the ARK Invest Digital Asset Revolutions Fund. VanEck Solana ETF, NET in digital assets, Solana Mobile, and NET Coins just to name a few.

However, I should note that crypto markets are volatile and our business metrics can fluctuate.

Michael Hubbard: We're the operator who meets their performance and compliance requirements, delivering institutional-grade performance, with the technical depth to handle complex custody integrations. But here's what gets me excited: the adoption isn't just coming on the asset management products, but the announcements of major companies like Western Union, J.P. Morgan, and Galaxy Digital building products for financial markets on Solana. Why this matters? Again, we are an important part of the fabric of the Solana economy, and each time more products and transactions occur on Solana, we benefit. Here's the math on the capital-efficient model. While everyone has been talking about DATs, which are just various financial engineering plays on holding SOL, it's our operating model plus the holding of a Solana treasury that sets us apart from the competition. Let me explain why our operational business model creates more value per dollar than any pure DAT.

We're the operator who meets their performance and compliance requirements, delivering institutional-grade performance, with the technical depth to handle complex custody integrations. But here's what gets me excited: the adoption isn't just coming on the asset management products, but the announcements of major companies like Western Union, J.P. Morgan, and Galaxy Digital building products for financial markets on Solana. Why this matters? Again, we are an important part of the fabric of the Solana economy, and each time more products and transactions occur on Solana, we benefit. Here's the math on the capital-efficient model. While everyone has been talking about DATs, which are just various financial engineering plays on holding SOL, it's our operating model plus the holding of a Solana treasury that sets us apart from the competition. Let me explain why our operational business model creates more value per dollar than any pure DAT.

With that let me turn it over to Michael hybrid sales strategy as interim CEO.

These aren't pilot programs; these are partnerships deploying real capital with real fiduciary obligations, and they've all picked us for the same reason: we're the operator who meets their performance and compliance requirements, delivering institutional-grade performance.

Thanks, John Good afternoon, everyone. Let me start with what matters. The last calendar quarter of 2025 was the quarter institutional Salon infrastructure went from theory to reality.

And with the technical depth to handle complex custody integrations.

But here's what gets me excited. The adoption isn't just coming on the asset management product.

And sales strategies is winning.

But the announcements of major companies like Western Union, JP Morgan, and Galaxies building products for financial markets on Solana—

Not talking about incremental progress I'm talking about a fundamental market shift that happens maybe once or twice in a technology cycle.

The regulated capital that's been sitting on the sidelines for years is now moving unchanged.

Why this matters, again: we are an important part of the fabric of the Solana economy, and each time more products and transactions occur on Solana, we benefit.

Here's the math on the capital-efficient model.

Trading settlement property rights cash movement, and so much more.

The entire existing financial system is moving unchain sole strategies is at the epicenter of the growing salon on economy.

Everyone has been talking about debts, which are just various financial engineering plays on holding Soul. It's our operating model, plus the holding of a Solana treasury, that sets us apart from the competition.

Already today, you can trade real securities unchanged by Superstate platform, a large complement of wrapped in synthetic securities buyback, then securitize and an evergreen cohort stable coins promise to make global payments seamless and instant.

Michael Hubbard: Traditional digital asset treasury companies, and there are now almost 300 of them, have one playbook: raise capital, buy tokens, hold, hope for price appreciation. When the token goes up 50%, they're heroes. When it goes down 50%, they're underwater. There's no operational leverage with recurring revenue within the crypto or Solana ecosystem, and no compounding beyond the price. We built something different. Our operational model combines two value drivers that compound on each other. Stream one: earned validator revenue. Staking yield on our own SOL treasury through our validators, currently generating over 6% APY with no fee direct to third-party staking providers or custodians, plus all the transaction fees that validators earn that aren't usually paid to stakers since we operate our own validators. Stream two: delegated third-party stake revenue.

Traditional digital asset treasury companies, and there are now almost 300 of them, have one playbook: raise capital, buy tokens, hold, hope for price appreciation. When the token goes up 50%, they're heroes. When it goes down 50%, they're underwater. There's no operational leverage with recurring revenue within the crypto or Solana ecosystem, and no compounding beyond the price. We built something different. Our operational model combines two value drivers that compound on each other. Stream one: earned validator revenue. Staking yield on our own SOL treasury through our validators, currently generating over 6% APY with no fee direct to third-party staking providers or custodians, plus all the transaction fees that validators earn that aren't usually paid to stakers since we operate our own validators. Stream two: delegated third-party stake revenue.

Let me explain why our operational business model creates more value per dollar than any pure debt.

Traditional digital asset treasury companies—and there are now almost 300 of them—have one playbook.

There's been a fundamental shift in government policy in the United States that is driving a significant shift by major financial institutions globally is blockchain technology is recognized and accepted more broadly.

Raise capital, buy tokens, hold—hopeful for price appreciation.

When the token goes up, 50% are heroes; when it goes down, 50% are underwater.

We are in the engine room of this system.

There's no operational leverage with recurring revenue within the crypto or Solana ecosystem.

Through the funding of the lane validated and before joining so strategies spend years in the trenches building Salon infrastructure I've lived through the network outages economic exploits and multiple band market.

And no compounding beyond the price.

We built something different.

Our operational model combines two value drivers that compound on each other.

Stream 1.

I know this ecosystem at the current level not the Powerpoint yellow Nox.

Owned, validator Revenue.

And I can tell you with absolute certainty.

Technology and the blockchain operating at performance levels, not previously seen with unprecedented adoption and capabilities.

We are at the beginning of a multi year institutional buildout and sole strategies is perfectly positioned to capture a significant share of it.

Because all the transaction fees that validator is earned aren't usually paid to stakers, since we operate our own validators.

Stream 2.

Michael Hubbard: Commission fees from over 27,000 third-party institutions and users who delegate to our validators, as well as the transaction revenue generated thanks to that stake. Here's how the unit economics work. Every $1 million we deploy into SOL generates staking yield at current rates. That's recurring, that's predictable, and that's entirely independent of token price. Every institution or individual that delegates to our validators generates commission revenues as a percent of their stake amount. We now have over $450 million in third-party assets under delegation. That's annual recurring revenue from assets we don't own and didn't have to capitalize or raise debt or equity to obtain. This is the flywheel.

Commission fees from over 27,000 third-party institutions and users who delegate to our validators, as well as the transaction revenue generated thanks to that stake. Here's how the unit economics work. Every $1 million we deploy into SOL generates staking yield at current rates. That's recurring, that's predictable, and that's entirely independent of token price. Every institution or individual that delegates to our validators generates commission revenues as a percent of their stake amount. We now have over $450 million in third-party assets under delegation. That's annual recurring revenue from assets we don't own and didn't have to capitalize or raise debt or equity to obtain. This is the flywheel.

Delegated third-party state revenue.

He is the thesis.

One salon and validate a secure the core network, while staking is increasingly attractive to institutions seeking competitive yields while maintaining so exposure.

Commission fees from over 27,000 third-party institutions and users who delegate to our validators, as well as the transaction revenue generated. Thanks to that state.

Here's how the unit economics work.

Our fleet of enterprise grade Validators, we not only secure the network, but are literally processing millions of Salon transactions every day, providing a critical foundation from which we believe we can build and unlock more value going forward.

Every million dollars we deploy into Soul generates staking yield at current rates. That's recurring, that's predictable, and that's entirely independent of token price.

Two.

One of the very few companies globally with the compliance stack being stocked to type II stock one type two ISO 27, <unk> hundred one being publicly traded and highly regulated.

Every institution or individual that delegates to our validators generates commission revenues as a percent of their staked amount. We now have over $450 million in third-party assets under delegation.

That's annual recurring revenue from assets we don't own, and didn't have to capitalize, or raise debt or equity to obtain.

As well as the technical infrastructure and institutional relationships and standing to be the gateway for traditional finance to the new global financial system on Solana.

Michael Hubbard: We raise capital at favorable terms, we deploy it into stakeable SOL, we generate yield from our treasury, we win institutional mandates, we earn commissions on delegated assets, we reinvest the cash flow into more SOL and validated infrastructure. Our improved performance attracts more delegation, and our flywheel accelerates. Unlike pure treasury models, we generate meaningful cash flow even in sideways markets. Our validator business did $5.4 million in revenue in fiscal 2025. That's not price appreciation. That's operational income from running infrastructure. That revenue stream is only a year old, and we are just getting started. Looking forward to the next 12 months, this is our plan to extend the lead. Let me be very clear about our strategy for 2026. We're not hoping the market grows into us. We're going to aggressively capture market share while the window is open. Priority one: validator scale and performance.

We raise capital at favorable terms, we deploy it into stakeable SOL, we generate yield from our treasury, we win institutional mandates, we earn commissions on delegated assets, we reinvest the cash flow into more SOL and validated infrastructure. Our improved performance attracts more delegation, and our flywheel accelerates. Unlike pure treasury models, we generate meaningful cash flow even in sideways markets. Our validator business did $5.4 million in revenue in fiscal 2025. That's not price appreciation. That's operational income from running infrastructure. That revenue stream is only a year old, and we are just getting started. Looking forward to the next 12 months, this is our plan to extend the lead. Let me be very clear about our strategy for 2026. We're not hoping the market grows into us. We're going to aggressively capture market share while the window is open. Priority one: validator scale and performance.

This is the flywheel.

We raise capital at favorable terms.

Three so.

So a lot of it is already proving that distributed systems can rival existing centralized systems, such as the NASDAQ all centralized cryptocurrency exchanges by offering the best price execution growing adoption of reward assets, such as token of equities and money market funds as well as a vibrant and open build the ecosystem that encourages financial innovation.

We deploy it into stable Soul. We generate yield from our treasury. We win institutional mandates.

We earn commissions on delegated assets. We reinvest the cash flow into more SOL and validator infrastructure.

Improved performance attracts more delegation, and our flywheel accelerates.

And unlike pure treasury models, we generate meaningful cash flow—even in sideways markets.

And Borderless Global finance.

Let me show you what that looks like in practice.

Institutional adoption isn't coming at us here.

Our validator business did $5.4 million in revenue in fiscal 2025.

In the past six months, we've become the Salon staking provider for the auction with digital asset resolution Fund Phoenix Salon, ETF Neptune digital assets. So a lot of mobile and <unk> just to name a few.

That's not price appreciation; that's operational income from running infrastructure.

That revenue stream is only a year old, and we are just getting started.

Looking ahead to the next 12 months, this is our plan to extend the lead.

These aren't pilot programs. These are partnerships deploying real capital with real fiduciary obligations and they've all pick that's for the same reason.

Let me be very clear about our strategy for 2026.

We're the operator, who meet their performance and compliance requirements delivering institutional grade performance and with the technical depth to handle complex custody integrations.

We're not hoping the market goes into us. We're going to aggressively capture market share while the window is open.

Michael Hubbard: We operate six institutional-grade validators today, four of which are proprietary, and two white-label validators operated on behalf of customers. We continue to grow the total assets under delegation to these validators. We capture retail staking flow through our competitive yields and industry-leading uptime. For example, our Lane Validator has now had 22 months of uninterrupted uptime, not even a single minute since February 2024 where it didn't operate to secure the Solana network. We capture institutional staking flows through our compliance platform, standing as a well-known and trusted public company with competitive yields, institutional-grade compliance certifications, and unparalleled uptime reliability. We're also investing heavily in validator performance optimization, MEV capture, and automated failover systems, as well as latency reduction.

We operate six institutional-grade validators today, four of which are proprietary, and two white-label validators operated on behalf of customers. We continue to grow the total assets under delegation to these validators. We capture retail staking flow through our competitive yields and industry-leading uptime. For example, our Lane Validator has now had 22 months of uninterrupted uptime, not even a single minute since February 2024 where it didn't operate to secure the Solana network. We capture institutional staking flows through our compliance platform, standing as a well-known and trusted public company with competitive yields, institutional-grade compliance certifications, and unparalleled uptime reliability. We're also investing heavily in validator performance optimization, MEV capture, and automated failover systems, as well as latency reduction.

Priority one: validate at scale and performance.

But he is what gets me excited the adoption that isn't just coming on the asset management product, but the announcement of major companies like Western Union JP, Morgan and Galaxy building products for financial markets on Solana.

We operate six institutional-grade validators today.

Four of which are proprietary, and two are white-label validators operated on behalf of customers.

We continue to grow the total assets under delegation to these validators.

Why this matters again, we are an important part of the fabric of the salon economy, and each time more product in transactions occur on Solana, we benefit.

We capture retail, staking flow through our competitive yields and industry-leading uptime.

Here's the math on the capital efficient model.

While everyone has been talking about debts, which are just various financial engineering plays on holding so it's our operating model plus the holding of the Salon treasury that sets us apart from the competition.

For example, our lane validator has now had 22 months of uninterrupted uptime—not even a single minute since February 2024—where it didn't operate to secure the Salon Network.

Let me explain why our operational business model creates more value per dollar than any peer that.

We capture institutional staking flows through our compliance platform standing as well. Known and trusted public company with competitive yields, institutional-grade compliance certifications, and unparalleled uptime reliability.

Traditional digital asset Treasury companies and they are now almost 300 of them have one playbook.

Raised capital buy tokens hold hopeful price appreciation.

Michael Hubbard: We have published several open-source software tools to support the Solana ecosystem and other validators to achieve similarly high levels of redundancy, as we have through our internal automated failover detection and mitigation systems, as a more resilient and performant network overall is critical to continued institutional confidence and adoption. We are also actively working on new staking products that will provide better utility and optionality to staking users across the Solana universe, enhancing our positioning as a premier staking provider and generating additional revenue. Why does all this matter? Validators produce blocks on the Solana blockchain. A block is a batch of transactions. There's a finite number of blocks per day, and the more stake you have, the more blocks you get to produce. Blocks have a finite capacity for transactions. Block space is a limited commodity in a blockchain.

We have published several open-source software tools to support the Solana ecosystem and other validators to achieve similarly high levels of redundancy, as we have through our internal automated failover detection and mitigation systems, as a more resilient and performant network overall is critical to continued institutional confidence and adoption. We are also actively working on new staking products that will provide better utility and optionality to staking users across the Solana universe, enhancing our positioning as a premier staking provider and generating additional revenue. Why does all this matter? Validators produce blocks on the Solana blockchain. A block is a batch of transactions. There's a finite number of blocks per day, and the more stake you have, the more blocks you get to produce. Blocks have a finite capacity for transactions. Block space is a limited commodity in a blockchain.

We're also investing heavily in validated performance, optimization, MEV capture, and automated failover systems, as well as latency reduction.

When the <unk> goes up 50% they are heroes when it goes down 50% they are underwater.

There's no operational leverage with recurring revenue within the Cryptos non ecosystem.

We have published several open-source software tools to support the Islamic ecosystem and other validators to achieve similarly high levels of redundancy as we have through our internal automated failover detection and mitigation systems.

And no compounding beyond the price.

We build something different.

A more resilient and performant network overall is critical to continuing institutional confidence and adoption.

Our operational model combines two value drivers the compound on each other.

Streamline.

Earned validated revenue.

Staking yield on our unsold treasury throw validators currently generating over 6% with no fee drag to third parties, taking providers all custodians.

We are also actively working on new staking products that will provide better utility and optionality to staking users across the Solon universe.

Enhancing our positioning as a premier state and provider, and generating additional revenue.

Why does all this matter?

Plus all the transaction fees that validated that unusually paid your stake is since we operate are invalidated.

Streamed to them.

Delegated third party stake revenue.

Validators produce blocks on this line of blockchain. A block is a batch of transactions. There's a finite number of blocks per day, and the more stake you have, the more blocks you get to produce.

Commission fees from over 27003rd party institutions, and users who delegate trial validated as well as the transaction revenue generated thanks to that state.

Michael Hubbard: Solana has the most abundant block space of all blockchains, which is why it is a given that it will become the base layer for new globally distributed financial systems. But our clear focus is on capturing as much of that commodity as possible, as the future value of block space is only going to go up. Now moving on to priority two: institutional partnership pipeline. We're actively engaged with ETF issuers, asset managers, and institutional allocators across the world. Our goal is to secure new institutional mandates in fiscal 2026, each representing a significant potential increase in delegation. Our pipeline continues to grow, and we're also expanding custody integrations. We've validated partnerships with BitGo, Crypto.com, and Tetra Trust. In 2026, we're targeting integrations with additional global custodians to enable seamless staking for their client base. Priority three: strategic ecosystem investments.

Solana has the most abundant block space of all blockchains, which is why it is a given that it will become the base layer for new globally distributed financial systems. But our clear focus is on capturing as much of that commodity as possible, as the future value of block space is only going to go up. Now moving on to priority two: institutional partnership pipeline. We're actively engaged with ETF issuers, asset managers, and institutional allocators across the world. Our goal is to secure new institutional mandates in fiscal 2026, each representing a significant potential increase in delegation. Our pipeline continues to grow, and we're also expanding custody integrations. We've validated partnerships with BitGo, Crypto.com, and Tetra Trust. In 2026, we're targeting integrations with additional global custodians to enable seamless staking for their client base. Priority three: strategic ecosystem investments.

Blocks have a finite capacity for transactions. Block space is a limited commodity in a blockchain.

Is how the unit economics work.

Every million dollars redeploy into sold generates taking yield at current rates, that's recurring that's predictable and thats entirely independent of taking price.

Solana has the most abundant block space of all blockchains, which is why it is a given that it will become the base layer for a new, globally distributed financial system.

But our clear focus is on capturing as much of that commodity as possible, as the future value of block spaces is only going to go up.

Every institution or individually the delegates Dr. Validated generous commission revenues as a percent of their state demand. We now have over $450 million in third party assets under delegation.

Now, moving on to Priority 2.

Institutional partnership pipeline.

We're actively engaged with ETF issuers, asset managers, and institutional allocators across the world.

Annual recurring revenue from assets, we don't earn and didn't have to capitalize or raise debt or equity to uptake.

Our goal is to secure new institutional mandates in fiscal 2026, each representing a significant potential increase in delegation.

This is the flywheel.

We raise capital at favorable terms.

Our pipeline continues to grow, and we are also expanding custody integrations.

Deploy it in just a couple so we generated yield from our treasury.

We validate our partnerships with Bitco, Crypto.com, and Tetra Trust.

We weren't institutional mandates.

We earn commissions on delegated assets.

Reinvest cash flow into most hull and validate the infrastructure.

In 2026, we're targeting integrations with additional global custodians to enable seamless staking for their client base.

Our improved performance attracts more delegation.

Michael Hubbard: Beyond running validators, we're planning on making strategic investments in high-growth Solana ecosystem companies and protocols. These investments serve dual purposes: financial returns and strategic positioning that drives delegation back to our validators. We look for opportunities where our validator and ecosystem expertise gives us investment edge and where portfolio companies can become long-term delegators, customers, or beneficiaries. We're also leveraging strategic partnerships like Solana Mobile to integrate our validators into high-growth distribution channels. These aren't separate from delegated stake. They're smart ways to drive low acquisition cost delegation at scale. Priority four: treasury growth with capital discipline. We ended Q4 with over 435,000 SOL on our balance sheet, up over 430% from 2024. Our target is to efficiently grow the treasury through fiscal 2026 with a combination of strategic capital raises, cash flow reinvestment, and opportunistic locked token acquisitions.

Beyond running validators, we're planning on making strategic investments in high-growth Solana ecosystem companies and protocols. These investments serve dual purposes: financial returns and strategic positioning that drives delegation back to our validators. We look for opportunities where our validator and ecosystem expertise gives us investment edge and where portfolio companies can become long-term delegators, customers, or beneficiaries. We're also leveraging strategic partnerships like Solana Mobile to integrate our validators into high-growth distribution channels. These aren't separate from delegated stake. They're smart ways to drive low acquisition cost delegation at scale. Priority four: treasury growth with capital discipline. We ended Q4 with over 435,000 SOL on our balance sheet, up over 430% from 2024. Our target is to efficiently grow the treasury through fiscal 2026 with a combination of strategic capital raises, cash flow reinvestment, and opportunistic locked token acquisitions.

Priority, 3 strategic ecosystem Investments.

Flywheel accelerates.

And unlike pure treasury models, we generate meaningful cash flow even in sideways markets.

Strategic investments and high growth, Solana ecosystem, companies and protocols.

Our validated business did $5 4 million in revenue in fiscal 2025.

These investments serve dual purposes: financial returns, and strategic positioning that drives delegation back to our validators.

Is not price appreciation, that's operational income from running infrastructure.

Revenue stream is there any a year old and we are just getting started.

We look for opportunities where our validator and ecosystem expertise gives us investment edge, and where portfolio companies can become long-term delegators, customers, or beneficiaries.

Looking forward to the next 12 months. This is our plan to extend the lead.

Let me be very clear about our strategy for 2026.

We're also leveraging strategic partnerships like Solana Mobile to interact our validators into high-growth distribution channels.

We're not hoping the market growth and to us we're going to aggressively capture market share while the window is open.

These aren’t separate from delegated stake; their smart way is to drive low-acquisition-cost delegation at scale.

Priority one Val.

Friday. Four, treasury growth with capital discipline.

Elevated scale and performance.

We operate six institutional grade vendor data is today.

Four of which are proprietary and two white label validate is operated on behalf of customers.

We ended Q4 with over 435,000, as seen on our balance sheet, up over 430% from 2024.

We continue to grow the total assets under delegation to these validators.

We capture retail staking flow throughout competitive yields and industry leading uptime.

Michael Hubbard: We will only raise capital when terms are accretive to shareholders. That means favorable pricing, strategic investor alignment, and deployment into high-conviction opportunities like discounted locked SOL, strategic M&A, or tactical debt reduction. Every dollar we raise goes to work immediately, generating yield. So what does winning look like? Let's look at the three-year vision. Let me paint the picture of what success looks like for Sol Strategies. It's fiscal year 2028. An institutional asset manager decides to allocate to Solana staking. They don't run an RFP. They don't evaluate 20 providers. They call Sol Strategies first. In that scenario, we are generating millions in annual recurring revenue from validator operations. We have built proprietary technology that makes institutional staking operationally simple. We have established Sol Strategies as the definitive brand for institutional Solana infrastructure. But that's just the validation business. The bigger vision?

We will only raise capital when terms are accretive to shareholders. That means favorable pricing, strategic investor alignment, and deployment into high-conviction opportunities like discounted locked SOL, strategic M&A, or tactical debt reduction. Every dollar we raise goes to work immediately, generating yield. So what does winning look like? Let's look at the three-year vision. Let me paint the picture of what success looks like for Sol Strategies. It's fiscal year 2028. An institutional asset manager decides to allocate to Solana staking. They don't run an RFP. They don't evaluate 20 providers. They call Sol Strategies first. In that scenario, we are generating millions in annual recurring revenue from validator operations. We have built proprietary technology that makes institutional staking operationally simple. We have established Sol Strategies as the definitive brand for institutional Solana infrastructure. But that's just the validation business. The bigger vision?

Our target is to grow the treasury through fiscal 2026 with a combination of strategic capital raises, cash flow reinvestment, and opportunistic locked token acquisitions.

For example, our lane validated has now had 22 months of uninterrupted uptime.

Not even a single minute since February 2024, where it didn't operate to secure this London network.

We capture institutional staking flows through our compliance platform.

Lending is a well known and trusted public company with competitive yields institutional grade compliance certifications and unparalleled uptime reliability.

Every dollar we raise goes to work immediately, generating yield.

So, what does winning look like? Let's look at the three-year vision.

We're also investing heavily and validated performance optimization <unk> capture and automated sale of our systems as well as the latency reduction.

Let me paint the picture of what success looks like for Soul Strategies: it's fiscal year 2028.

An institutional asset manager decides to allocate to Solana staking.

We have published several open source software tools to support the slammer ecosystem and other validated to achieve similarly high levels of redundancy as we have through our internal automated fail over detection and mitigation systems.

They don't run an RFP; they don't evaluate 20 providers.

They call Source strategies first.

As a more resilient and performing network overall is critical to continued institutional confidence and adoption.

In that scenario, we are generating millions in annual recurring revenue from validator operations. We have built proprietary technology that makes institutional staking operationally simple.

We have established Sol Strategies as the definitive brand for institutional salon infrastructure.

We are also actively working on new <unk> products that will provide better utility and Optionality, which is taking uses across the salami universe and <unk>.

But that's just the validation business.

Michael Hubbard: We're the infrastructure partner of choice for any serious institution pursuing the inevitable adoption of Solana to tap into the new global financial system. We power tokenized securities on Solana and capital markets infrastructure that's being built on-chain. We're processing tens of millions of transactions a day and maximizing our revenue. When traditional finance wants exposure to Solana's DeFi ecosystem, they come to us first because we have the compliance, the expertise, and the track record. That's not a hope. That's not a stretch goal. That's the logical outcome as we execute on everything I've outlined today. The window is open, but it won't stay open forever, and we will take advantage of it. Before I turn it over to Max, Andrew, and Doug, I want to say something about the team we've built. This isn't a group of crypto tourists who showed up in 2024 because tokens were pumping.

We're the infrastructure partner of choice for any serious institution pursuing the inevitable adoption of Solana to tap into the new global financial system. We power tokenized securities on Solana and capital markets infrastructure that's being built on-chain. We're processing tens of millions of transactions a day and maximizing our revenue. When traditional finance wants exposure to Solana's DeFi ecosystem, they come to us first because we have the compliance, the expertise, and the track record. That's not a hope. That's not a stretch goal. That's the logical outcome as we execute on everything I've outlined today. The window is open, but it won't stay open forever, and we will take advantage of it. Before I turn it over to Max, Andrew, and Doug, I want to say something about the team we've built. This isn't a group of crypto tourists who showed up in 2024 because tokens were pumping.

<unk>, our positioning is a premier state and provider and generating additional revenue.

The bigger vision. We are the infrastructure partner of choice for any serious institution pursuing the inevitable adoption of Solana to tap into the new global financial system.

Why does this matter.

Validators produced blocks on the Salon blockchain, a block has a Bachelor of transactions. There is a finite number of blocks per day and the most states you have the more blocks you get to produce.

We power tokenized securities on Solana and capital markets infrastructure. That's being built on-chain for processing tens of millions of transactions a day and maximizing our revenue.

Blocks have a finite capacity for transactions block space as a limited commodity and blockchain.

Silvana has the most abundant block space of all blockchain, which is why it is a given that it will become the base layer for new globally distributed financial system.

When traditional finance wants exposure to Solana, DeFi ecosystem, they come to us first because we have the compliance, the expertise, and the track record.

That's not a hope; that's not a stretch goal.

That's the logical outcome as we execute on everything I've outlined today.

But our clear focus is on capturing as much of that commodity as possible as the future value of block spaces only going to go up.

The window is open, but it won't stay open forever, and we will take advantage of it.

Now moving onto priority too.

Institutional partnership pipeline.

Before I turn it over to Max, Andrew, and Doug, I want to say something about the team we've built.

We're actively engaged with ETF issuers asset managers and institutional allocators across the world.

Michael Hubbard: Max Kaplan, our CTO, was at Kraken in 2017 as one of the first engineers scaling infrastructure to handle institutional volume. He founded Orange Fin Ventures, which consistently ranks top three network-wide for validator performance. He knows Solana infrastructure at a depth that maybe 50 people in the world understand. Andrew McDonald, our COO, scaled BitAccess from a startup to a company doing international expansion across regulated markets. He's navigated Canadian securities regulation, built institutional partnerships, and knows how to execute complex operations under compliance constraints. He is responsible for much of the immense work to bring us to the Nasdaq and for closing most of our large M&A and financing deals. Doug Harris, our CFO, has done over $2 billion in M&A transactions. He's a CPA, CBV, has an MBA from Rotman. He's taken companies public, navigated complex financing, and has a wealth of capital market experience.

Max Kaplan, our CTO, was at Kraken in 2017 as one of the first engineers scaling infrastructure to handle institutional volume. He founded Orange Fin Ventures, which consistently ranks top three network-wide for validator performance. He knows Solana infrastructure at a depth that maybe 50 people in the world understand. Andrew McDonald, our COO, scaled BitAccess from a startup to a company doing international expansion across regulated markets. He's navigated Canadian securities regulation, built institutional partnerships, and knows how to execute complex operations under compliance constraints. He is responsible for much of the immense work to bring us to the Nasdaq and for closing most of our large M&A and financing deals. Doug Harris, our CFO, has done over $2 billion in M&A transactions. He's a CPA, CBV, has an MBA from Rotman. He's taken companies public, navigated complex financing, and has a wealth of capital market experience.

This isn't a group of crypto tourists who showed up in 2024 because tokens were pumping.

Our goal is to secure new institutional mandates in fiscal 2026, each representing a significant potential increase in delegation.

Max Kaplan, our CTO, was at Kraken in 2017 and is one of the first engineers.

Scaling infrastructure to handle institutional volume.

Our pipeline continues to grow and we are also expanding Cassidy integrations.

He founded Orange Conventures, which consistently ranks in the top three network-wide for validator performance.

Validated partnerships with Petco cryptic comment Petro test and.

In 2026, we're targeting integrations with additional global custodians to enable seamless taking for their client base.

He knows Salon infrastructure at a depth that maybe 50 people in the world understand.

Priority three strategic ecosystem investments.

Andrew MacDonald, our CEO, scaled BitAccess from a startup to a company, driving international expansion across regulated markets.

The underwriting Validators, we're planning on making strategic investments in high growth Salon ecosystem companies and protocols.

He's navigated Canadian securities regulation, built institutional partnerships, and knows how to execute complex operations under compliance constraints.

These investments have dual purposes.

<unk> returns and strategic positioning that drives delegation backdrop validators.

He is responsible for much of the immense work to bring us to the NASDAQ.

And for closing, most of our large M&A and financing deals.

We look for opportunities, where our valor data and ecosystem expertise gives us investment edge and where portfolio companies can become long term delegate as customers are beneficiaries.

Doug Harris, our CFO, has done over $2 billion in M&A transactions.

He's a CPA, CBV, and has an MBA from Rotman.

We're also leveraging strategic partnerships like salon in mobile to integrate our validators into high growth distribution channels.

He's taken companies public, navigated complex financing, and has a wealth of capital market experience.

Michael Hubbard: The strategic initiatives I've outlined today, the M&A pipeline, the institutional partnerships, the white-label expansion, the treasury growth, all of that is actively happening right now with full board alignment and organizational execution. We're not in a holding pattern. We're executing at full speed. This team has the technical depth, the operational experience, and the institutional credibility to win, and we're hungry. Now let me turn it over to Doug to talk about our financials. Thanks, Michael. 2025 was a transformational year for the company. When we decided to transition the company from a Bitcoin holding company to a Solana company in late fiscal 2024, we had two main goals: to build a Solana treasury in a capital-efficient manner and create a Solana operating business. In year one of the plan, we've accomplished both goals.

The strategic initiatives I've outlined today, the M&A pipeline, the institutional partnerships, the white-label expansion, the treasury growth, all of that is actively happening right now with full board alignment and organizational execution. We're not in a holding pattern. We're executing at full speed. This team has the technical depth, the operational experience, and the institutional credibility to win, and we're hungry. Now let me turn it over to Doug to talk about our financials.

These aren't separate from delegated state there are smart ways to drive <unk> acquisition costs delegation at scale.

So, strategic initiatives I’ve outlined today: the M&A pipeline, the institutional partnerships, the White Label expansion, and the treasury growth.

Alrighty for Treasury growth with capital discipline.

We ended Q4 with over 435000, so on our balance sheet up over 430% from 2024.

All of that is actively happening right now, with full borderline and organization or execution.

We're not in a holding pattern; we're executing at full speed.

Target is to efficiently grow the treasury through fiscal 2026, with a combination of strategic capital raises cash flow reinvestment and opportunistic lock token acquisitions.

This team has the technical depth, the operational experience, and the institutional credibility to win—and we're hungry.

Doug Harris: Thanks, Michael. 2025 was a transformational year for the company. When we decided to transition the company from a Bitcoin holding company to a Solana company in late fiscal 2024, we had two main goals: to build a Solana treasury in a capital-efficient manner and create a Solana operating business. In year one of the plan, we've accomplished both goals.

Now, let me turn it over to Doug to talk about our financials.

Thanks Michael.

We will only raise capital when terms are accretive to shareholders that means favorable pricing strategic investor alignment and deployment into high conviction opportunities like discounted luxor or strategic M&A or tactical with debt reduction.

2025 is the transformational year for the company.

When we decided to transition the company from a Bitcoin holding company to a salon and company in late fiscal 2024,

And create a Solana operating business.

Every dollar we raise goes to work immediately generating yield.

And you're one of the plan. We've accomplished both goals.

Michael Hubbard: At 30 September 2025, we had over $126 million in our Solana treasury, up from $21 million the prior year. This conversion to a Solana treasury allowed us to build revenue and yield from our treasury cryptocurrency. We raised equity capital to grow our treasury in a capital-efficient manner, utilizing short- and longer-term debt facilities as early as January 2025, and equity raises as recently as last October through our LIFE Offering, which closed one day after our year-end. When we complete our financing, our goal is to acquire Solana in a timely manner. We have a long-term directional view that Solana will increase. However, as we've seen, there is extreme volatility with any crypto asset. Where we set ourselves apart from other companies is that when we purchase Solana, we then delegate it as soon as possible to the company's validators.

At 30 September 2025, we had over $126 million in our Solana treasury, up from $21 million the prior year. This conversion to a Solana treasury allowed us to build revenue and yield from our treasury cryptocurrency. We raised equity capital to grow our treasury in a capital-efficient manner, utilizing short- and longer-term debt facilities as early as January 2025, and equity raises as recently as last October through our LIFE Offering, which closed one day after our year-end. When we complete our financing, our goal is to acquire Solana in a timely manner. We have a long-term directional view that Solana will increase. However, as we've seen, there is extreme volatility with any crypto asset. Where we set ourselves apart from other companies is that when we purchase Solana, we then delegate it as soon as possible to the company's validators.

So what does winning look like let's look at the three year vision.

Let me paint the picture of what success looks like for both strategies.

Fiscal year 2028.

And institutional asset manager decides to allocate to Salon staking.

They don't run an RFP, they don't evaluate 20 providers.

They call sole strategies first.

In that scenario, we are generating millions in annual recurring revenue from validate operations. We have built proprietary technology that makes institutional staking operationally simple we.

As of September 30th, 2025, we had over $126 million in our Solana treasury, up from $21 million the prior year. This conversion to a Solana treasury allowed us to build revenue and yield from our treasury. The cryptocurrency we raised—equity capital—grew our treasury in a capital-efficient manner, utilizing short and longer-term debt facilities as early as January 2025 and equity raises as recently as last October through our Live transaction.

We have established so strategies as the definitive grant for institutional Salon infrastructure.

Which closed one day after year-end, when we complete a financing. Our goal is to acquire Solana in a timely manner.

But thats just the validation business.

The bigger vision, we are the infrastructure partner of choice for any serious institution pursuing the inevitable adoption of solana to tap into the new global financial system.

We have a long-term directional view that Solana will increase. However, as we've seen, there is extreme volatility with any crypto asset.

Where we set ourselves apart from other companies is that when we purchase Solana,

Michael Hubbard: This increases the yield we earn beyond merely staking Solana and thus sets our flywheel in motion of increasing our treasury Solana without any additional debt or equity financing. During the year-end of 30 September 2025, the company earned over 23,000 Solana validator rewards from both wholly owned, and third-party SOL delegated to our validators. This represents an average yield of 1.05% on the average total SOL delegated to our validators during the year, approximately 2.2 million SOL. We also earned approximately 19,000 SOL from staking rewards generated from staking our treasury SOL, representing a staking yield of 7.6%. Bear in mind that we acquired the validators at various times during the fiscal year, and only the last fiscal quarter of the year included ownership of all the validators.

This increases the yield we earn beyond merely staking Solana and thus sets our flywheel in motion of increasing our treasury Solana without any additional debt or equity financing. During the year-end of 30 September 2025, the company earned over 23,000 Solana validator rewards from both wholly owned, and third-party SOL delegated to our validators. This represents an average yield of 1.05% on the average total SOL delegated to our validators during the year, approximately 2.2 million SOL. We also earned approximately 19,000 SOL from staking rewards generated from staking our treasury SOL, representing a staking yield of 7.6%. Bear in mind that we acquired the validators at various times during the fiscal year, and only the last fiscal quarter of the year included ownership of all the validators.

We then delegated as soon as possible to the company's validators.

We powered Cocainize securities on Solana and capital markets infrastructure, that's being built unchanged.

The processing tens of millions of transactions, a day and maximizing our revenue.

This increases the yield we earn beyond merely staking Solana and thus sets our flywheel in motion, as increasing our treasury Solana without any additional debt or equity financing.

When traditional finance once exposure to Solana's defy ecosystem.

They come to US first because we have the compliance the expertise and the track record.

During the year end of September 30, 2025, the company earned over 23,000 Salana Validated Rewards.

That's not a hope that's not a stretch goal that's the logical outcome as we execute on everything I've outlined today.

From both wholly owned and third-party SOUL delegated to our validators.

The window is open but it won't stay open forever and we will take advantage of it.

This represents an average yield of 1.05% on the average total sold delegated to our validators during the year.

Approximately 2.2 million sold.

Before I turn it over to Max Andrew Doug I want to say something about the team we've built.

We also earned approximately 19,000 SOL from staking rewards generated from staking our treasury SOL.

This isn't a group of crypto tourists, who showed up in 2024, because tokens we're pumping.

Representing a staking yield of 7.6%.

Max Kaplan, our CTO was at Kraken at 2017 as one of the first engineers scale.

Michael Hubbard: Based on our 7.6% staking yield, the SOL earned from our validator operations during fiscal 2025 was the equivalent of the company holding an additional approximately 310,000 SOL in its treasury throughout the year. The revenue from validation staking rewards exceeded $10 million for the fiscal year compared to less than $300,000 from the prior year. In addition, the company earned approximately $4 million on sales of crypto during the year compared to approximately $7.5 million for the prior fiscal year, which represented the sales of the Bitcoin portfolio. Overall, the first year of our revenue model proves that the decision to convert to a Solana ecosystem-focused strategy was the right call, and it is just the beginning of the overall transformation of the company. Comprehensive loss for fiscal 2025 was approximately $20.2 million compared to $9.3 million in income for fiscal 2024.

Based on our 7.6% staking yield, the SOL earned from our validator operations during fiscal 2025 was the equivalent of the company holding an additional approximately 310,000 SOL in its treasury throughout the year. The revenue from validation staking rewards exceeded $10 million for the fiscal year compared to less than $300,000 from the prior year. In addition, the company earned approximately $4 million on sales of crypto during the year compared to approximately $7.5 million for the prior fiscal year, which represented the sales of the Bitcoin portfolio. Overall, the first year of our revenue model proves that the decision to convert to a Solana ecosystem-focused strategy was the right call, and it is just the beginning of the overall transformation of the company. Comprehensive loss for fiscal 2025 was approximately $20.2 million compared to $9.3 million in income for fiscal 2024.

Scaling infrastructure to handle institutional volume.

He founded our interest in ventures, which consistently ranks top three network wide for validated performance.

He knows salon infrastructure at the depth that maybe 50 people on the board on the staff.

Andrew Mcdonald Osceola scaled bit access from a startup to accompany doing international expansion across regulated markets.

Bear in mind that we acquired the validators at various times during the fiscal year, and only the last fiscal quarter of the year included ownership of all the validators. Based on our 7.6% staking yield, the Sol earned from our validator operations during fiscal 2025 was the equivalent of the company holding an additional approximately 310,000 Sol in its treasury throughout the year.

The revenue from validation staking rewards exceeded $10 million.

He has navigated Canadian securities regulation built institutional partnerships and knows how to execute complex operations under compliance constraints.

For the fiscal year, compared to less than dollars from the prior year.

He is responsible for much of the immense work to bring us to the NASDAQ and for clothing, most of our large M&A and financing deals.

In addition, the company earned approximately $4 million on sales of crypto during the year, compared to approximately $7.5 million for the prior fiscal year, which represented the sales of the Bitcoin portfolio overall.

Doug Harris, our CFO has done over $2 billion in M&A transactions.

CPA CVV has an MBA from Rodman he.

He is taking companies public navigated complex financing and has a wealth of capital market experience.

The first year of our revenue model proves that the decision to convert to a Solana ecosystem, focus strategy, was the right call, and it is just the beginning of the overall transformation of the company.

The strategic initiatives I've outlined today, the M&A pipeline the institutional partnerships the white label expansion the treasury growth.

Michael Hubbard: The 2025 fiscal numbers include significant one-time and non-cash items, including $27.5 million of impairment charges on intangible assets, $10.2 million of amortization on intangible assets, and $7.9 million of stock-based compensation. This totals approximately $45.6 million of non-cash charges, which, if removed, would convert the comprehensive loss to a gain of $23.4 million. Additionally, the fiscal 2025 numbers include one-time charges of $3.9 million in professional fees, mainly due to increased legal and accounting costs related to the Nasdaq listing. The write-down of intangible assets is related to the company's validators. A third-party valuation was completed in compliance with IFRS standards and reflected a reduction in value primarily due to a significant amount of delegated assets being unstaked late in the fourth fiscal quarter.

The 2025 fiscal numbers include significant one-time and non-cash items, including $27.5 million of impairment charges on intangible assets, $10.2 million of amortization on intangible assets, and $7.9 million of stock-based compensation. This totals approximately $45.6 million of non-cash charges, which, if removed, would convert the comprehensive loss to a gain of $23.4 million. Additionally, the fiscal 2025 numbers include one-time charges of $3.9 million in professional fees, mainly due to increased legal and accounting costs related to the Nasdaq listing. The write-down of intangible assets is related to the company's validators. A third-party valuation was completed in compliance with IFRS standards and reflected a reduction in value primarily due to a significant amount of delegated assets being unstaked late in the fourth fiscal quarter.

Comprehensive loss for fiscal 2025 was approximately $20.2 million, compared to $9.3 million in income for fiscal 2024.

All of that is actively happening right now with full board alignment and organizational execution.

We're not in a holding pattern, we're executing at full speed.

This team has the technical depth, the operational experience and the institutional credibility to win and we're hungry.

Now, let me turn it over to Doug to talk about our financials.

Thanks, Michael.

25 of the transformational year for the company.

We decided to transition the company from a bitcoin holding company to the Salon. The company in late fiscal 2024, we had two main goal to build a salon treasury in a capital efficient manner and create a salon operating business.

This total is approximately $45.6 million of non-cash charges, which, if removed, would convert the comprehensive loss to a gain of $23.4 million. Additionally, the fiscal 2025 numbers include one-time charges of $3.9 million in professional fees, mainly due to increased legal and accounting costs related to the NASDAQ listing.

To write down the intangible assets is related to the company's value.

And you're one of the plan we've accomplished both goals.

At September 32025, we had over $126 million and our Salon a treasury.

Michael Hubbard: While this impacted the valuation of our validator intangibles subsequent to year-end, it has been partially offset by growth in SOL delegated to the Solana Mobile validator and the addition of the VanEck Solana ETF. In closing, I'm very proud of what the team has accomplished in fiscal 2025. The company has established itself as an important participant in the Solana economy and is well-positioned for continued growth and success in 2026 and beyond. With that, I turn it over to Max Kaplan, our CTO. Thank you, Doug. 2025 marked the first full year I was with the company, and we were able to accomplish so much. On top of our treasury strategy, we grew our delegated stake to 3.3 million SOL by the end of 2025, making us one of the largest staking providers on all of Solana.

While this impacted the valuation of our validator intangibles subsequent to year-end, it has been partially offset by growth in SOL delegated to the Solana Mobile validator and the addition of the VanEck Solana ETF. In closing, I'm very proud of what the team has accomplished in fiscal 2025. The company has established itself as an important participant in the Solana economy and is well-positioned for continued growth and success in 2026 and beyond. With that, I turn it over to Max Kaplan, our CTO.

21 million the prior year this conversion to Solana Treasury allowed us to build revenue and yields from our treasury crypto currency, we raised equity capital to grow our treasury in a capital efficient manner, utilizing short and longer term debt facilities as early as January 2025, and equity raises as recently as last October through.

With IRS standards and reflected a reduction in value, primarily due to a significant amount of delegated assets being unstaked late in the fourth fiscal quarter.

Well, this impacted evaluation of our validator intangible. Subsequently, year end, it has been partially offset by growth.

Our life transaction.

Which closed one day after a year and when we complete a financing our goal is to acquire smaller in a timely manner.

In SOL delegated to the Solana Mobile Validator, and the addition of the Vanx Solana ETF in closing, I'm very proud of what the team has accomplished in fiscal 2025. The company has established itself as an important participant in the Solana economy and is well positioned for continued growth and success in 2026 and beyond.

We have a long term directional view that Solana will increase however, as we've seen there is extreme volatility with any crypto asset.

Max Kaplan: Thank you, Doug. 2025 marked the first full year I was with the company, and we were able to accomplish so much. On top of our treasury strategy, we grew our delegated stake to 3.3 million SOL by the end of 2025, making us one of the largest staking providers on all of Solana.

We set ourselves apart from other companies is that when we purchased the Lana.

We then delegated as soon as possible to the company's Validators. This increases the yield we earn beyond merely stinking Solana and <unk>.

Michael Hubbard: While my colleagues before me spoke about tremendous milestones we hit this year and this quarter, I want to talk a bit further about all the work we did to get where we are today and what makes us respected within the Solana ecosystem. Our staking platform is backed by world-class automation and yield optimization. It's one of the main reasons why so many of our institutional customers decide to stake with us. Institutions need best-in-class yield availability and security. We offer this, further backed by our institutional certifications. However, this is really just the start. This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like VanEck. Many of you listening on the call today have a long background in financial services with some familiarity with crypto. As many of you know, crypto is a highly technical field.

While my colleagues before me spoke about tremendous milestones we hit this year and this quarter, I want to talk a bit further about all the work we did to get where we are today and what makes us respected within the Solana ecosystem. Our staking platform is backed by world-class automation and yield optimization. It's one of the main reasons why so many of our institutional customers decide to stake with us. Institutions need best-in-class yield availability and security. We offer this, further backed by our institutional certifications. However, this is really just the start. This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like VanEck. Many of you listening on the call today have a long background in financial services with some familiarity with crypto. As many of you know, crypto is a highly technical field.

With that, I turn it over to Max Kaplan, our CTO. Thank you, Doug. 2025 marked the first full year I was with the company, and we were able to accomplish so much. On top of our treasury strategy, we grew our delegated stake to 3.3 million SOL by the end of 2025, making us one of the largest staking providers on all of Solana. Well, my colleagues before me.

Flywheel in motion or increasing our treasury falana without any additional debt or equity financings.

During the year ended September 32025, the company earned over 23000 Salon a validated rewards.

We spoke about the tremendous milestones we hit this year in this quarter. I want to talk further about all the work we did to get where we are today, and what makes us respected within the Solana ecosystem.

From both wholly owned and third party solar delegated to our Validators.

This represents an average yield of 1.05% on the average total sold delegated to a validated during the year approximately $2 2 million.

We also had approximately 19000, so all from staking rewards generated from staking our treasury saw.

Representing is taking yield of seven 6%.

Bear in mind that we acquired the Validators at various times during the fiscal year and only the last fiscal quarter of the year include ownership of all the Validators based on a seven 6% taking yield the solar and from our validated operations. During fiscal 2025 was the equivalent of the company holding an additional of <unk>.

Michael Hubbard: Terminology like MEV, inflation rewards, block rewards, and epochs is not something a manager of a traditional fund knows about. Additionally, one of blockchain's biggest appeals is how fast funds settle. Coupling crypto's highly technical nature with how fast funds settle, you might be able to imagine how difficult it might be to build out reporting for something like VanEck Solana ETF. This is one of the main developments we made this cycle within the engineering department. We added capabilities to our reporting stack to manage all of VanEck's reporting for them. On top of our high-yield and enterprise-grade security, this is another reason why we were able to land such a big deal for the company. Our reporting platform now has the capabilities to map all of the Solana blockchain's rewards into a format that entities like State Street expect.

Terminology like MEV, inflation rewards, block rewards, and epochs is not something a manager of a traditional fund knows about. Additionally, one of blockchain's biggest appeals is how fast funds settle. Coupling crypto's highly technical nature with how fast funds settle, you might be able to imagine how difficult it might be to build out reporting for something like VanEck Solana ETF. This is one of the main developments we made this cycle within the engineering department. We added capabilities to our reporting stack to manage all of VanEck's reporting for them. On top of our high-yield and enterprise-grade security, this is another reason why we were able to land such a big deal for the company. Our reporting platform now has the capabilities to map all of the Solana blockchain's rewards into a format that entities like State Street expect.

My world-class automation and yield optimization—it's one of the main reasons why so many of our institutional customers decide to stake with us. Institutions need best-in-class yield, availability, and security. We offer this, further backed by our institutional certifications. However, this is really just the start. This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like VanEck. Many of you listening on the call today have a long background in financial services, with some familiarity with crypto. As many of you know, crypto is a highly technical field. Terminology like 'any inflation rewards,' 'block rewards,' and 'epochs' is not something a manager of a traditional fund knows about.

Approximately 310000, so and its treasury throughout the year.

The revenue from validation, taking rewards exceeded $10 million.

For the fiscal year compared to less than $300000 from the prior year.

Additionally, one of a blockchain's biggest appeals is how fast funds settle, coupling crypto’s highly technical nature with how fast funds settle. You might be able to imagine how difficult it might be to build out reporting for something like a Xanax Salana ETF. This is one of the main developments we made this cycle within the engineering department.

In addition, the company earned approximately $4 million on sales of crypto during the year compared to approximately seven 5 million for the prior fiscal year, which represented the sales of the bitcoin portfolio overall.

First year of our revenue model.

Susan to convert to Solana.

Michael Hubbard: These capabilities will allow us to target more regulated entities in the future, and we plan on building further onto our reporting platform in the months to come. This work is far from the most fun thing to build, but it solves real problems for major institutions, which we will always continue to do to make our product as best as possible for all of our customers. Additionally, we open-sourced several new tools this quarter to the wider validator audience across Solana. As a company that holds a large amount of SOL, we benefit from the blockchain being as fast and reliable as possible. We open-sourced several new tools to allow validators to perform failovers faster. Solana is continuing to improve at a rapid pace. Many exciting improvements like Alpenglow are coming to Solana, which has one of the largest validator operators we are at the forefront of.

These capabilities will allow us to target more regulated entities in the future, and we plan on building further onto our reporting platform in the months to come. This work is far from the most fun thing to build, but it solves real problems for major institutions, which we will always continue to do to make our product as best as possible for all of our customers. Additionally, we open-sourced several new tools this quarter to the wider validator audience across Solana. As a company that holds a large amount of SOL, we benefit from the blockchain being as fast and reliable as possible. We open-sourced several new tools to allow validators to perform failovers faster. Solana is continuing to improve at a rapid pace. Many exciting improvements like Alpenglow are coming to Solana, which has one of the largest validator operators we are at the forefront of.

We added capabilities through our reporting stack to manage all of Xanax reporting for them, on top of our high-yield and enterprise-grade security. This is another reason why we are able to land such a big deal for the company. Our reporting platform now has the capabilities to map all of the Solana blockchain’s rewards into a format that entities like State Street expect.

These capabilities will allow us to target more regulated entities in the future, and we plan on building further onto our reporting platform in the months to come.

Ecosystem focused strategy was the right call and it is just the beginning of the overall transformation of it.

The company.

Comprehensive loss for fiscal 2025 was approximately $20.

This work is far from the most fun thing to build, but it solves real problems for major institutions, which we will always continue to do to make our product as best as possible for all of our customers. Additionally, we open source several new tools this quarter to the wider validator audience across the line. As a company that holds a large amount of SOL, we benefit from the blockchain being as fast and reliable as possible. We open source several new tools to allow validators to perform failover faster.

The $2 million compared to $9 3 million in income for fiscal 2024.

Michael Hubbard: This next quarter, we will continue to improve our staking platform and roll out new products that we expect to benefit our business. With that, I'll hand it over to Andrew McDonald, our COO. Thank you, Max. My tenure at Sol Strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company. Being promoted to Chief Operating Officer since joining has allowed me to directly drive forward key initiatives, including the successful Nasdaq cross-listing and the final receipt of our shelf prospectus. Following the successful closure of our LIFE offering, we finalized regulatory filings and readied ourselves for an at-the-market offering. The ATM program is vital to providing necessary financial flexibility and capital access to support both our current projects and our future growth opportunities.

This next quarter, we will continue to improve our staking platform and roll out new products that we expect to benefit our business. With that, I'll hand it over to Andrew McDonald, our COO.

20.

Andrew McDonald: Thank you, Max. My tenure at Sol Strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company. Being promoted to Chief Operating Officer since joining has allowed me to directly drive forward key initiatives, including the successful Nasdaq cross-listing and the final receipt of our shelf prospectus. Following the successful closure of our LIFE offering, we finalized regulatory filings and readied ourselves for an at-the-market offering. The ATM program is vital to providing necessary financial flexibility and capital access to support both our current projects and our future growth opportunities.

The law is continuing to improve at a rapid pace. Many exciting improvements, like Alpen Glow, are coming to Solana, which has one of the largest validator operators. We are at the forefront of this next quarter. We will continue to improve our staking platform and roll out new products that we expect to benefit our business. With that, I'll hand it over to Andrew McDonald, our Co-

25 fiscal numbers include significant onetime and noncash items, including $27 5 million of impairment charges on intangible assets $10 2 million of amortization.

Thank you, Max.

My tenure itself—strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company.

On intangible assets and $7 9 million of stock based compensation.

This totals approximately $45 6 million of noncash charges, which is which if removed the convert the comprehensive loss to a gain of $23 4 million. Additionally, the fiscal 2025 numbers include one time charges of $3 9 million in professional fees, mainly due to increased legal and accounting costs related to the Nasdaq.

Being promoted to Chief Operating Officer since joining has allowed me to directly drive forward key initiatives, including the successful NASDAQ cross-listing and the final receipt of our shelf prospectus.

Listing.

The write down of intangible assets is related to the company's Validators a third party valuation was completed in compliance with ISO standards and reflected a reduction in value primarily due to a significant amount of delegated asset screen Unstate Lee in the fourth fiscal quarter.

Michael Hubbard: Recently, I, along with several executive team members, attended Breakpoint in Abu Dhabi, the year's most significant Solana conference. What truly inspires me about the future of Sol Strategies is the palpable evolution of the entire Solana economy and the tangible transition of traditional finance markets moving on-chain. It is clear that the future of international finance will operate on-chain, and we firmly believe Solana is poised to be the primary beneficiary of this. Sol Strategies is uniquely positioned to capitalize on this generational leap. Moving forward, I am committed to leading the company's growth. This will involve expanding our product offerings through both organic strategy and M&A, increasing our pipeline of new business, and ensuring our existing operations are as lean and as efficient as possible. 2026 is shaping up to be an exceptionally exciting year, and we are well prepared to succeed. Thanks, Max, Andrew, and Doug.

Recently, I, along with several executive team members, attended Breakpoint in Abu Dhabi, the year's most significant Solana conference. What truly inspires me about the future of Sol Strategies is the palpable evolution of the entire Solana economy and the tangible transition of traditional finance markets moving on-chain. It is clear that the future of international finance will operate on-chain, and we firmly believe Solana is poised to be the primary beneficiary of this. Sol Strategies is uniquely positioned to capitalize on this generational leap. Moving forward, I am committed to leading the company's growth. This will involve expanding our product offerings through both organic strategy and M&A, increasing our pipeline of new business, and ensuring our existing operations are as lean and as efficient as possible. 2026 is shaping up to be an exceptionally exciting year, and we are well prepared to succeed.

Following the successful closure of our life offering, we finalized regulatory filings and readied ourselves for an at-the-market offering. The ATM program is vital to providing necessary financial flexibility and capital access to support both our current projects and our future growth opportunities.

Recently, I, along with several executive team members, attended Breakpoint in Abu Dhabi—the year's most significant salon or conference.

While this impacted the valuation of our Validators intangible and subsequent to year end. It has been partially offset by growth.

And sold delegated to the Salon and mobile are validated and the addition of the <unk> Etfs.

What truly inspires me about the future of Sol Strategies is the palpable evolution of the entire Solana economy, and the tangible transition of traditional finance markets moving on-chain.

In closing I'm very proud of what the team has accomplished in fiscal 2025.

It is clear that the future of international finance will operate on-chain. And we firmly believe Solana is poised to be the primary beneficiary of this.

The company has established itself as an important participant in the Salon and economy and is well positioned for continued growth and success in 2026 and beyond with that I turn it over to Max Kaplan. Our CTO. Thank you Doug 2025 marked the first full year I was with the company and we were able to accomplish so much on top of.

Sol Strategies is uniquely positioned to capitalize on this generational leap.

Moving forward, I am committed to leading the company's growth.

Our treasury strategy, we grew our delegated state of $3 3 million solved by the end of 2025, making US one of the largest staking providers on all of Salon, while my colleague before me spoke about tremendous milestones. We hit this year in this quarter I want to talk a bit further about all the work we did to get where we are today and what makes us a respected.

This will involve expanding our product offerings through both organic strategy and M&A, increasing our pipeline of new business, and ensuring our existing operations are as lean and as efficient as possible.

2026 is shaping up to be an exceptionally exciting year.

Michael Hubbard: Thanks, Max, Andrew, and Doug.

And we are well prevented.

Michael Hubbard: Before I wrap up, here's what I need you to understand. Sol Strategies is not a bet on Solana's price. It's a bet on institutional infrastructure adoption. It's a bet on a global unified financial system operating at the speed of light on the most capable and promising blockchain for that purpose. And that reality is far more durable than any single token's price movement. We fired our ATM with this in mind. It is a tool that is available to us and which we will draw upon when it is accretive to shareholders, not one we'll be blindly firing away on. We are well positioned to take advantage when the growth continues to accelerate. We will continue to position ourselves as a leader in the Solana economy, and everything we do is looking forward to that growth. We're going to be aggressive on strategic M&A.

Before I wrap up, here's what I need you to understand. Sol Strategies is not a bet on Solana's price. It's a bet on institutional infrastructure adoption. It's a bet on a global unified financial system operating at the speed of light on the most capable and promising blockchain for that purpose. And that reality is far more durable than any single token's price movement. We fired our ATM with this in mind. It is a tool that is available to us and which we will draw upon when it is accretive to shareholders, not one we'll be blindly firing away on. We are well positioned to take advantage when the growth continues to accelerate. We will continue to position ourselves as a leader in the Solana economy, and everything we do is looking forward to that growth. We're going to be aggressive on strategic M&A.

Thanks Max and Doug.

Before I wrap up, here's what I need you to understand.

And then the Solana ecosystem.

Our staking platform is backed by World class automation and yield optimization. It's one of the main reasons why so many of our institutional customers decided to stick with us institutions need best in class yield availability and security. We offer this further backed by our institutional certifications. However, this is really just us.

Sol Strategies is not a bet on Solana's price. It's a bet on institutional infrastructure adoption. It's a bet on a global, unified financial system operating at the speed of light on the most capable and promising blockchain for that purpose.

And that reality is far more durable than any single token's price movement.

We filed our ATM with this in mind.

This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like many of you listening on the call today have a long background in financial services with some familiarity with crept out as many of you know crypto as a highly technical field terminology like anybody inflation rewards blocker award than <unk>.

It is a tool that is available to us, and which we will draw upon when it is accretive to shareholders. Not one will be blindly firing away on.

We are well positioned to take advantage when the growth continues to accelerate.

And this Alana economy, and everything we do is looking forward to that growth.

Michael Hubbard: We're going to be disciplined on capital allocation, and we're going to move faster than anyone trying to catch us. We're going to be relentless on execution. Lastly, stay tuned for our next announcements of a brand new product that we're announcing very soon that will further enhance our revenue platform. To our shareholders, thank you for backing us during this build-out phase. The institutional adoption we've been talking about for 18 months. This year, now we execute. To our partners, thank you for trusting us with your capital and your reputation. We don't take that lightly. To our team, let's finish what we started. We didn't build this company to be second place. Operator, let's open it up for questions. Certainly, Mr. Hubbard, thank you. Ladies and gentlemen, at this time, if you do have any questions or comments, please press Star 1.

We're going to be disciplined on capital allocation, and we're going to move faster than anyone trying to catch us. We're going to be relentless on execution. Lastly, stay tuned for our next announcements of a brand new product that we're announcing very soon that will further enhance our revenue platform. To our shareholders, thank you for backing us during this build-out phase. The institutional adoption we've been talking about for 18 months. This year, now we execute. To our partners, thank you for trusting us with your capital and your reputation. We don't take that lightly. To our team, let's finish what we started. We didn't build this company to be second place. Operator, let's open it up for questions.

<unk> is not something a manager of a traditional fund knows about Additionally, one of blockchain biggest appeals is how fast funds settle coupling cryptos highly technical nature with how fast funds settle you might be able to imagine how difficult it might be to build out reporting for something like van Exelon in Etfs because one.

We're going to be aggressive on strategic M&A.

We're going to be disciplined on capital allocation.

And we're going to move faster than anyone trying to catch us.

We're going to be relentless on execution.

Lastly, stay tuned for our next announcements of a brand new product that we're announcing very soon, which will further enhance our Revenue platform.

To our shareholders.

The main developments, we need to cycle within the engineering Department.

Thank you for backing us during this build-out phase.

We added capabilities from a reporting staff to manage all of the annex reporting for them on top of our high yield and enterprise grade security. This is another reason why we are able to land such a big deal for the company are reporting platform now has the capability to map all of the Salon, a blockchain rewards into a format that entities like State Street expect these.

The institutional adoption we've been talking about for 18 months, this year.

Now, we execute

To our partners: Thank you for trusting us with your capital and your reputation. We don't take that lightly.

To our team: let's finish what we started. We didn't build this company to be second place.

Operator: Certainly, Mr. Hubbard, thank you. Ladies and gentlemen, at this time, if you do have any questions or comments, please press Star 1.

Operator, let's open it up for questions.

Capabilities will allow us to target more regulated entities in the future and we plan on building further on tower onto our reporting platform in the months to come.

Michael Hubbard: If you find your question has been addressed, you can always remove yourself from the queue by pressing Star 2. Once again, Star 1, please, for questions. We'll go first this afternoon to Brett Knoblock of Cantor Fitzgerald. Brett, please go ahead. Hi, guys. Thanks for taking my question and Happy New Year. I think you talked about how Solana is kind of seeing the institutional momentum is here today, and you talked about your pipeline being maybe much bigger than what it's been in the past. Could you maybe just elaborate on that, kind of the north of $5 million of validator revenue this year? Where are you expecting that to go? How much opportunity do you see in the pipeline? How are those deals compared to the deals that you have signed with institutional clients today?

If you find your question has been addressed, you can always remove yourself from the queue by pressing Star 2. Once again, Star 1, please, for questions. We'll go first this afternoon to Brett Knoblock of Cantor Fitzgerald. Brett, please go ahead.

This work is far from the most fun thing to build but it solves real problems for major institutions, which we will always continue to do to make our product as best as possible for all of our customers. Additionally, we open source several new tools this quarter to the wider validate our audience across a lot of them.

Brett Knoblauch: Hi, guys. Thanks for taking my question and Happy New Year. I think you talked about how Solana is kind of seeing the institutional momentum is here today, and you talked about your pipeline being maybe much bigger than what it's been in the past. Could you maybe just elaborate on that, kind of the north of $5 million of validator revenue this year? Where are you expecting that to go? How much opportunity do you see in the pipeline? How are those deals compared to the deals that you have signed with institutional clients today?

Certainly, Mr. Hubbert. Thank you, ladies and gentlemen. At this time, if you do have any questions or comments, please press star 1. And if you find your question has been addressed, you can always remove yourself from the queue by pressing star 2. Once again, star 1 please for questions. We'll go first this afternoon to Brett Knobloch of Cantor Fitzgerald. Brett, please go ahead.

As a company that holds a large amount of salt we benefit on the blockchain being as fast and reliable as possible. We open source several new tools to allow validators to performed calibers faster.

<unk> is continuing to improve at a rapid pace. Many exciting improvements like alpenglow are coming to Solana, which has one of the largest validate our operators. We are at the forefront of this next quarter, we will continue to improve our staking platforms and rollout new products that we expect to benefit our business with that I'll hand, it over to Andrew Mcdonald our COO.

Hi guys, thanks for taking my question and happy New Year. Um, I think you talked about how, you know, Salon is kind of seeing like the institutional momentum is here today, and you talked about your pipeline being, um, maybe much bigger than what it's been in the past. Could you maybe just elaborate on that, you know, kind of the, you know, north of $5 million of validated revenue this year? Um, you know, where are you expecting that to go?

Michael Hubbard: Is this something where maybe the pipeline or activity or demand has increased recently or has been steadily growing? How should we think about that? Yeah, thanks, Brett. That's a great question. Definitely, we've been seeing a very steady increase in institutional demand over the last six to nine months, I would say, particularly. I think just today we saw the Morgan Stanley Solana ETF announcement, which is great news. More and more big institutions coming into the space. As far as the pipeline goes, the way we're seeing it is that we have a couple of different sort of products in the staking space. ETFs are one of our targets, as we've seen with the VanEck ETF. We're seeing some growth in the demand there, and we're going to continue to target those.

Is this something where maybe the pipeline or activity or demand has increased recently or has been steadily growing? How should we think about that?

Michael Hubbard: Yeah, thanks, Brett. That's a great question. Definitely, we've been seeing a very steady increase in institutional demand over the last six to nine months, I would say, particularly. I think just today we saw the Morgan Stanley Solana ETF announcement, which is great news. More and more big institutions coming into the space. As far as the pipeline goes, the way we're seeing it is that we have a couple of different sort of products in the staking space. ETFs are one of our targets, as we've seen with the VanEck ETF. We're seeing some growth in the demand there, and we're going to continue to target those.

Thank you Max.

How much opportunity do you see in the pipeline? How are those deals compared to the deals that you have signed with institutional clients today? Um, and is this something where maybe the pipeline or activity or demand has increased recently? Has it been steadily growing, how should we think about that?

My tenure itself strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company Inc.

Being promoted to Chief operating officer since joining has allowed me to directly drive on key initiatives, including the successful mass Dot cross listing in the final receipt of our shelf prospectus.

Following the successful closure of our life offering we finalized regulatory filings and readied readying ourselves for an at the market offering.

Yeah, thanks Brit. That's a great question. Um, definitely we've been seeing a very steady increase in institutional demand over the last, um, 69 months. I would say, particularly, um, I think, you know, just today we saw the Morgan Stanley Salon at DF announcement, which is great news. Um, more and more, you know, big institutions coming into the space. As far as the pipeline goes, the way we're seeing it is that

The ATM program is vital to providing necessary financial flexibility and capital access.

So, we have a couple of different sort of products in the staking space. ETFs are one of our targets, as we've seen with the VanEck ETF.

Both our current projects and our future growth opportunities.

Recently I along with several executive team members attended Breakpoint in Abu Dhabi <unk>, most significant there's a lot of conference.

Michael Hubbard: But we're also seeing that institutions are kind of a broad term, right? So institutions being kind of the traditional banks, but also more and more of kind of the financial mid-sized companies in the space are getting more interested in what Solana has to offer beyond just staking and just kind of the vanilla options, right? So we're seeing opportunity there in how we can become an intermediary and offer services to all of these players and become their gateway to the entire Solana ecosystem and DeFi space. So what I'm trying to say here is that the pipeline has been growing consistently, and we're getting inquiries, and we're talking to people and having conversations that are evolving beyond kind of just the simple plain staking type relationships.

But we're also seeing that institutions are kind of a broad term, right? So institutions being kind of the traditional banks, but also more and more of kind of the financial mid-sized companies in the space are getting more interested in what Solana has to offer beyond just staking and just kind of the vanilla options, right? So we're seeing opportunity there in how we can become an intermediary and offer services to all of these players and become their gateway to the entire Solana ecosystem and DeFi space. So what I'm trying to say here is that the pipeline has been growing consistently, and we're getting inquiries, and we're talking to people and having conversations that are evolving beyond kind of just the simple plain staking type relationships.

And we're seeing, um, you know, some growth in the demand there, and we're going to continue to target those. But we're also seeing that in institutions, and—

What truly inspires me about the future of sole strategy is palpable evolution of the entire salon, our economy and the tangible transition of traditional finance markets moving on Shane.

Is clear that the future of international Finance will operate on Shannon, we firmly believe salon is poised to be the primary beneficiary of this.

Um, institutions are kind of a broad term, right? So, so institutions being kind of the, the traditional Banks, but also more, and more of kind of the financial mid-sized companies in the space are getting more interested in what Salon has to offer. Beyond just just staking and just kind of the

So all strategies is uniquely positioned to capitalize on this generational leap.

Kind of vanilla options, right? So, we're seeing opportunity there in how we can become an intermediary and offer services to all of these players and become their gateway to the entire Solana ecosystem and DeFi space.

Going forward.

I am committed to leading the companys growth.

This will involve expanding our product offerings through both organic strategy and M&A.

<unk> pipeline of new business, and ensuring our existing operations are lean and efficient as possible.

Michael Hubbard: As we have more to announce there and specific offers, sorry, specific partnerships, we'll obviously be making those announcements. Awesome. Thank you, guys. Really appreciate it. Thank you. Just a quick reminder, ladies and gentlemen, Star 1, please, for any questions this afternoon. We go next now to John Roy of Water Tower Research. John, please go ahead. Thank you. So I know you mentioned a number of strategic initiatives. I wonder if you could maybe give us a little more maybe color on milestones we might see going forward. Obviously, the institutional growth is going to create announcements, but you can't obviously pre-announce those. I just wondered if there's any specific milestones you see coming that we could track. Absolutely. Thanks, John. So right now, our primary products that we're offering is staking services, right?

As we have more to announce there and specific offers, sorry, specific partnerships, we'll obviously be making those announcements.

<unk> 26 is shaping up to be an exceptionally exciting here.

Brett Knoblauch: Awesome. Thank you, guys. Really appreciate it.

So, what I'm trying to say here is that the Pathfinder has been growing consistently and we're getting inquiries, and we're talking to people and having conversations that are evolving beyond kind of just a simple, you know, plain staking type, um, relationships. And as we have more to announce there and specific offers—so, specific partnerships—we'll obviously be making those announcements.

We are well prepared to succeed.

Operator: Thank you. Just a quick reminder, ladies and gentlemen, Star 1, please, for any questions this afternoon. We go next now to John Roy of Water Tower Research. John, please go ahead.

Awesome. Thanks, guys. Really appreciate it.

Thanks, Max Andrew and Doug.

Before I wrap up here's what I need you to understand.

Both strategies is not a bad answer line of price, it's a bit on the institutional infrastructure reduction.

John Roy: Thank you. So I know you mentioned a number of strategic initiatives. I wonder if you could maybe give us a little more maybe color on milestones we might see going forward. Obviously, the institutional growth is going to create announcements, but you can't obviously pre-announce those. I just wondered if there's any specific milestones you see coming that we could track.

Mind your lines, ladies and gentlemen. Star 1, please, for any questions this afternoon. We go next now to John Roy of Water Tower Research. John, please go ahead.

It's a bit on a global unified financial system operating at the speed of light on the most capable and promising blockchain for that purpose.

Uh, thank you. So I know you mentioned a number of strategic initiatives. I wonder if you could maybe give us a little more...

And that reality is far more durable than any single tokens price movement.

We filed our ATM with S. A mud does it.

<unk> that is available to us and which we will draw upon when it is accretive to shareholders not one movie blindly firing away on.

Michael Hubbard: Absolutely. Thanks, John. So right now, our primary products that we're offering is staking services, right?

Maybe color on milestones we might see going forward. Obviously, the institutional growth is going to create announcements, but you can't, obviously, pre-announce those. Just wondering if there's any specific milestones you see coming that we could track.

We are well positioned to take advantage when the growth continues to accelerate we.

We will continue to position ourselves as a leader in this Atlanta economy and everything we do is looking forward to that growth.

Michael Hubbard: So we've got clients like VanEck or just anyone on the blockchain who can come and stake with any of our validators, completely permissionless. Right now, we have over 27,000 people and/or companies that are staking with us across our validators that we're operating. We also offer white-label validator services. So we operate validators for groups such as Solana Mobile. So if you buy a Solana Mobile phone, the default validator on that phone, and there's over 150,000 devices ordered, will be a validator operated by us. Now, we're looking at expanding into new products in the staking space, and we will have an announcement relating to that later this month. So that will be coming up very soon. I can't say too much more right now, but keep your eyes out for that.

So we've got clients like VanEck or just anyone on the blockchain who can come and stake with any of our validators, completely permissionless. Right now, we have over 27,000 people and/or companies that are staking with us across our validators that we're operating. We also offer white-label validator services. So we operate validators for groups such as Solana Mobile. So if you buy a Solana Mobile phone, the default validator on that phone, and there's over 150,000 devices ordered, will be a validator operated by us. Now, we're looking at expanding into new products in the staking space, and we will have an announcement relating to that later this month. So that will be coming up very soon. I can't say too much more right now, but keep your eyes out for that.

We're going to be aggressive on strategic M&A, we're going to be disciplined on capital allocation.

And we're going to move faster than anyone trying to catch us.

We're going to be relentless on execution.

Lastly, stay tuned for our next announcements of a brand new product that we're announcing very soon that will further enhance our revenue platform.

To our shareholders.

Thank you for backing us during this build out phase.

Institutional adoption, we've been talking about for 18 months is here.

Data operated by us.

Now we execute.

So our partners. Thank you for trusting us with your capital and your reputation we don't take that lightly.

Now we're looking at expanding into new products in the staking space, and we will have an announcement relating to that later this month. So that will be coming up very soon.

To our team let's finish what we started we didn't built this company to be second place.

Michael Hubbard: And then we are looking at other opportunities in the broader infrastructure space as well, not directly related to staking, but other infrastructure services that may be interesting to institutions and entities that want to become more active and operate in the Solana blockchain, and ways that we can help them access that ecosystem. Excellent. That's very helpful. One follow-up. I know you may not have had a chance to react to this. Don't know how much you've seen from the MSCI announcement that DAS would not be excluded. I didn't know if you had any color. I know you had a response when they initially came out with their thoughts. It seems that they may have changed their thinking. Yeah, I haven't actually seen that yet. Generally speaking, I don't have too much of a reaction. We're not a DAT. We don't consider ourselves one.

And then we are looking at other opportunities in the broader infrastructure space as well, not directly related to staking, but other infrastructure services that may be interesting to institutions and entities that want to become more active and operate in the Solana blockchain, and ways that we can help them access that ecosystem.

Operator, let's open it up for questions.

Certainly Mr. Hubbard, Thank you, ladies and gentlemen at this time if you do you have any questions or comments. Please press star one and if you find your question has been addressed you can always remove yourself from the queue by pressing star to once again star one. Please for questions well go first this afternoon to Brett Knoblock of Cantor Fitzgerald, Brett. Please go ahead.

John Roy: Excellent. That's very helpful. One follow-up. I know you may not have had a chance to react to this. Don't know how much you've seen from the MSCI announcement that DAS would not be excluded. I didn't know if you had any color. I know you had a response when they initially came out with their thoughts. It seems that they may have changed their thinking.

Keep your eyes out for that, and then we are, uh, looking at other opportunities in the broader infrastructure space as well—not directly related to staking, but other infrastructure services that may be interesting to institutions and entities that want to become more active and operate in the S of blockchain, and ways that we can help them assess that ecosystem.

Hi, guys. Thanks for taking my question and happy New year.

I think you've talked about how <unk> is kind of seeing like the institutional momentum is here today and you talked about your pipeline being.

Maybe must be here than what it's been in the past can you maybe just elaborate on that kind of.

Michael Hubbard: Yeah, I haven't actually seen that yet. Generally speaking, I don't have too much of a reaction. We're not a DAT. We don't consider ourselves one.

North of $5 million about eight of revenue this year.

Excellent. That's very helpful. One follow-up. Um, I know you may not have had a chance to react to this. Don't know how much you've seen from the, uh, MSCI announcement—that, uh, deaths would not be excluded. I didn't know if you had any color. I know you had a response when they initially came out with their thoughts, and it seems that they may have changed your thinking.

Where are you.

Expecting that to go how much opportunity do you see the pipeline how are those deals compared to the deals that you have signed with institutional clients today.

Um, yeah, I—I haven't actually seen that yet. Um,

Michael Hubbard: So we never really thought that this was going to be that relevant to us in particular. I think it's an interesting situation for other DATs, and it sounds like it may be a bit of a lifeline. But yeah, broadly speaking, I think the market as a whole has been very interesting in the last six to nine months. We have seen a lot of DATs launch, and we're going to see a lot of competition, I think, between ETFs and DATs going forward. And we're very happy to be where we are, which is focused on the infrastructure and focused on building a revenue-generating business as opposed to being a pure treasury play. Right. Yeah, that makes a lot more sense from a business model. Thanks so much. Absolutely. Thank you.

So we never really thought that this was going to be that relevant to us in particular. I think it's an interesting situation for other DATs, and it sounds like it may be a bit of a lifeline. But yeah, broadly speaking, I think the market as a whole has been very interesting in the last six to nine months. We have seen a lot of DATs launch, and we're going to see a lot of competition, I think, between ETFs and DATs going forward. And we're very happy to be where we are, which is focused on the infrastructure and focused on building a revenue-generating business as opposed to being a pure treasury play.

And is this something where.

Maybe the pipeline of activity or demand has increased recently entered it and steadily growing how should we think about that.

Yeah. Thanks, Brett So that's a great question.

Definitely we have been seeing a very steady increase in institutional demand over the last six to nine months I would say, particularly.

Look generally speaking. I don't have too much of a reaction. Um we're not at that. We we don't consider ourselves 1. So we never really thought that this was going to be that uh relevant to us in particular. I think um it's an interesting situation for for other debts and it sounds like it may be a bit of a Lifeline. Um, but we have broadly speaking, I think the market as a whole has been very interesting.

69 months.

And just today, we saw the Morgan Stanley Salon, ADF announcement, which is great news.

Uh, we have seen, you know, a lot of that launch, and we're going to see—

More more and more big institutions coming into the space as far as the pipeline goes the way we're seeing it as that.

John Roy: Right. Yeah, that makes a lot more sense from a business model. Thanks so much.

So we have a couple of different sort of product in the <unk> space Etfs are one of our targets as we've seen with the vanek ETF.

There's a lot of competition, I think, between ETFs, and that's going forward. We're very happy to be where we are, which is focused on the infrastructure and focused on building a revenue-generating business, as opposed to being a pure treasury play.

Michael Hubbard: Absolutely.

Operator: Thank you. Again, just a quick reminder, ladies and gentlemen: any further questions this afternoon, please press star 1, and we'll pause for just one moment. Gentlemen, it appears we have no further questions coming in this afternoon. Mr. Hubbard, I'd like to turn things back to you for any closing comments.

Right. Yeah, that makes a lot more sense from a business model. Thanks so much.

Absolutely.

Michael Hubbard: Again, just a quick reminder, ladies and gentlemen: any further questions this afternoon, please press star 1, and we'll pause for just one moment. Gentlemen, it appears we have no further questions coming in this afternoon. Mr. Hubbard, I'd like to turn things back to you for any closing comments. Awesome. Thank you so much. Thank you, everyone, for dialing in. We really appreciate your time and attention. It's been a great year behind us, a great year of transformation, and we're very excited for the year ahead. We think the Solana economy is going to be growing really, really massively. Thanks again for dialing in and keep an eye out for future announcements. Thank you very much, Mr. Hubbard. Again, ladies and gentlemen, that will conclude the Sol Strategies Fiscal Year-End 2025 earnings conference call.

And we are seeing.

Some growth and the demand there.

And we're going to continue to target those but we're also seeing that.

Thank you. And again, just a quick reminder, ladies and gentlemen: any further questions this afternoon, please press star 1. We'll pause for just one moment.

Institutions and.

Institutions with kind of a broad sense.

Situtions being kind of the traditional banks.

A more moral kind of the financial.

Mid sized companies in the space.

Getting more interested in Botswana is to offer beyond just just staking and just kind of the.

Michael Hubbard: Awesome. Thank you so much. Thank you, everyone, for dialing in. We really appreciate your time and attention. It's been a great year behind us, a great year of transformation, and we're very excited for the year ahead. We think the Solana economy is going to be growing really, really massively. Thanks again for dialing in and keep an eye out for future announcements.

And, gentlemen, it appears we have no further questions coming in this afternoon. Mr. Hubard, I'd like to turn things back to you for any closing comments.

Kind of in the options right. So we're seeing opportunity there and how we can become an intermediary and offer services to all of these players and become their gateway to the entire salon ecosystem and defense space.

So what I'm trying to say here is that the.

Awesome. Thank you so much. Um, thank you, everyone, for dialing in. We really appreciate your time and attention. Uh, it's been a great year behind us, a great deal of transformation, and we're very excited for the year ahead. We think the Solan economy is going to be growing really, really massively, and

<unk> has been growing consistently and we are getting inquiries.

We're talking to people and having conversations that are evolving beyond just kind of just a simple.

Thanks again for dialing in, and keep an eye out for future announcements.

Operator: Thank you very much, Mr. Hubbard. Again, ladies and gentlemen, that will conclude the Sol Strategies Fiscal Year-End 2025 earnings conference call.

Claim staking tact.

Our relationships and as we have more to announce there in specific offers.

Michael Hubbard: Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

Specific partnerships, we'll obviously be making those announcements.

Thank you very much, Mr. Hubard. Again, ladies and gentlemen, that will conclude the Sol Strategies fiscal year-end 2025 earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

Awesome. Thanks, guys really appreciate it.

Thank you and just a quick reminder, ladies and gentlemen star one please for any questions. This afternoon. We'll go next now to John Roy of Water Tower Research John. Please go ahead.

Thank you. So I know you mentioned a number of strategic initiatives I'm wondering if you could maybe give us a little more.

Maybe color on milestones, we might see going forward, obviously, the institutional growth is going to create announcements.

But you can't obviously pre announce those I was just wondering if there's any specific milestones you see coming that we could track.

Absolutely. Thanks, Tom So right now our primary products that we're offering is staking services right. So we've got clients like panic.

Or just any one on the on the blockchain, who can come in steak with any of our Validators.

Particularly permission is right now we have over 27000.

People and or companies that are sticking with us across all validators that cooperating we will sell off a white label validated services. So we operate validated for groups such as a lot of mobile. So if you buy a lot of mobile phone the default validate on that fund and there is a 150000 devices ordered will be validated operated by us.

Now, we're looking at expanding into new product and mistaking space and we will have an announcement.

<unk> to debt later this month, so that will be coming up very soon I cant say too much more right now.

Can you guys out for that and then we are looking at other opportunities in the broader infrastructure space as well not directly relate to just sticking but other infrastructure services that maybe interesting to institutions and entities that want to become more active and operate in this line of blockchain.

And ways that we can help them access that ecosystem.

Excellent that's very helpful and one follow up I know you may not have had a chance to react to this I don't know how much you have seen from me.

Mmm MSCI announcement that deaths would not be excluded I didn't know if you had any color I know you had a response when they initially came out with their thoughts it seems that they may have changed your thinking.

Yes.

<unk> seen that yet.

Look generally speaking I don't have too much of a reaction.

But we're not that we don't consider ourselves one so we never really felt that this was going to be that.

And just in particular I think it's an interesting situation for four out of the depths and it sounds like it may be a bit of a lifeline.

But broadly speaking I think the market as a whole has been very interesting in the last six to nine months.

We have seen.

A lot of that launch and we're going to see.

A lot of competition nothing between ETF and Thats going forward and we're very happy to be where we are which is focused on the infrastructure and focus on building a revenue generating business as opposed to being a pure treasury play.

Right, Yes that makes more sense from a business model. Thanks, so much.

Absolutely.

Yeah.

Thank you and again just a quick reminder, ladies and gentlemen, any further questions. This afternoon. Please press star one and we'll pause for just one moment.

And gentlemen, it appears we have no further questions coming in this afternoon, Mr. Hubbard I'd like to turn things back to you for any closing comments.

Awesome. Thank you so much. Thank you everyone for dialing in we really appreciate your time and attention that's been a great year behind us a great deal of transformation and we're very excited for the year ahead, we think the salon in economy is going to be growing really really massively and.

Thanks, again for dialing in and keep an eye out for future announcements.

Thank you very much Mr. Hubbard again, ladies and gentlemen that will conclude diesel strategies fiscal year end 2025 earnings conference call again, thanks, so much for joining US everyone and we wish you all a great day Goodbye.

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