Q4 2025 Solana Co Earnings Call

March 30, 2026

Operator: Good day, and thank you for standing by. Welcome to the Solana Company Q4 and full year 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michelle Bilski of Investor Relations. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the Solana Company fourth quarter and full year 2025 conference call. At this time, all participants are in a listen-only mode.

Speaker #1: After the speaker's presentation , there will be a question and answer session to ask a question . During the session , you will need to press star one one on your telephone and wait for your name to be announced .

Speaker #1: To withdraw your question , please press star one one again . Please be advised that today's conference is being recorded . I would now like to hand the conference over to your first speaker today , Serena Jaspie of Investor Relations .

Speaker #1: Please go ahead .

Michelle Bilski: Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, 30 March 2026 only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in the sections entitled Risk Factors in our annual report on Form 10-K for the year ended 31 December 2025, filed with the United States Securities and Exchange Commission, or the SEC, on 30 March 2026, and in other subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website.

Speaker #2: Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views.

Speaker #2: As of today , March 30th , 2026 only and will include forward looking statements and opinion statements including predictions , estimates , plans , expectations and other similar information Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties These risks and uncertainties are more fully described in our press release issued earlier today and in the sections entitled Risk Factors in our Annual Report on Form 10-K for the year ended December 31st , 2025 , filed with the United States Securities and Exchange Commission or the SEC on March 30th , 2026 .

Speaker #2: And other subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements.

Michelle Bilski: Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page. With that, I'd now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.

Speaker #2: We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page.

Speaker #2: With that, I would now like to turn the call over to Solana Company's Executive Chairman, Joseph Chu.

Joseph Chee: Thank you. Good afternoon, everyone, and welcome to Solana Company's Q4 and full year 2025 earnings call. I'm Joseph Chee, the Executive Chairman of Solana Company, and I'm pleased to report on a transformative year for Solana and the shareholders. When we closed our $500+ million PIPE transaction in September 2025, we described it as a new beginning. Looking back over the full year, and particularly over the Q4, I believe we have validated the ambition with tangible results across every dimension of our strategy. Our digital treasury is larger, our advocacy is broader, our capital markets toolkit is more sophisticated, and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value-adding legs.

Speaker #3: Thank you. Good afternoon, everyone, and welcome to the fourth quarter and full year 2025 earnings call. I'm Joseph G., the Executive Chairman of Solana Company.

Speaker #3: And I'm pleased to report on a transformative year for Solana and the shareholders. When we close our $500+ million PIPE transaction in September 2025, we describe it as a new beginning. Looking back over the full year, and particularly over the fourth quarter, I believe we have validated the ambition with tangible results across every dimension of our strategy.

Speaker #3: A digital treasury is larger , our advocacy is broader , our capital markets toolkit is more sophisticated , and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value , adding legs .

Joseph Chee: I'll speak to the strategic picture and then Cosmo, Director at the Solana Company, will take you through the operational and financial results. As we close out 2025, I want to walk through the three distinct activities that together define the foundation of the Solana Company and how each contributes to our goal of creating long-term shareholder value by growing Solana Company's SOL per share and contributing to the growth of Solana ecosystem. The first is capital markets. From our ATM programs and other offerings to share buybacks, to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem. The second is asset management. The core accumulation of SOL and the disciplined deployment of capital to grow our holdings in a way that's accretive on a per share basis.

Speaker #3: I'll speak to the strategic picture, and then Cosmo Jiang, our Director at the company, will take you through the operational and financial results.

Speaker #3: As we closed out 2025, I want to walk through the three distinct activities that together define the foundation of the Solana company and how each contributes to our goal of creating long-term shareholder value by growing the company's SOL per share and contributing to the growth of the Solana ecosystem. The first is capital markets—from ATM programs and other offerings to share buybacks to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem. The second is asset management.

Speaker #3: The core of sole and disciplined deployment of capital to grow our holdings in a way that's accretive on a per share basis. This includes staking yield, which is the on-chain income we generate by staking substantially all of our SOL.

Joseph Chee: This includes staking yield, which is the on-chain income we generate by staking substantially all of our SOL. This is not passive. It requires rigorous validator selection, MEV optimization, and continuous rebalancing, and it produces a meaningful and growing revenue stream. Cosmo will speak to the specific APR we achieved in 2025 and year to date 2026, and how that compares to public benchmarks. It also includes intelligent risk-adjusted deployment into other yield opportunities on Solana. We'll talk about our on-chain partnership with Anchorage and Kamino on this front later. The third is marketing and partnership.

Speaker #3: This is not passive. It requires rigorous, validated selection, MF optimization, and continuous rebalancing. And it produces a meaningful and growing revenue stream.

Speaker #3: Cosmo will speak to the specific API we achieved in 2025, and year to date, 2026, and how that compares to public benchmarks.

Speaker #3: It also includes intelligent, risk-adjusted redeployment into other opportunities on Solana. We'll talk about our on-chain partnership with Anchorage and Camino on this front later. The third is marketing and partnership.

Joseph Chee: Our role as a designated DAT partner to the Solana Foundation, particularly in Asia Pacific, and the broader institutional outreach that has defined our public presence since launch. This has included publishing educational content on Solana and DApps on our website, participating in prominent podcasts, engaging with local print and online media, and presenting at key ecosystem industry events, including Solana Breakpoint Abu Dhabi, Solana Accelerate Consensus Hong Kong, Hong Kong FinTech Week, TOKEN2049, GTAC, Japan Fintech Week, among others. The company has also conducted investor roadshows and partnership meetings with Solana Foundation, with a focus on under-penetrated Asian markets, including Mainland China, Japan, Hong Kong, and Singapore. In addition, the company has delivered educational presentation at Web3 and Technology Executive Programs at leading universities and institutions, and made regular appearances on mainstream financial media outlets, including CNBC and Bloomberg.

Speaker #3: Our role as a designated D, a partner to the Solana Foundation, particularly in Asia Pacific and the broader institutional outreach that has defined our public presence since launch.

Speaker #3: This has included publishing , educational content on Solana and DATs on our website , participating in prominent podcasts , engaging with local print and online media , and presenting at key ecosystem industry events including Solana Breakpoint , Abu Dhabi , Solana , Accelerate Consensus , Hong Kong , Hong Kong , FinTech Week , Token Two of 49G text Japan FinTech Week , among others .

Speaker #3: The company has also conducted investor roadshows and partnership meetings with Solana Foundation , with a focus on under Asian markets , including mainland China , Japan , Hong Kong and Singapore .

Speaker #3: In addition , the market has delivered . The company has delivered educational presentation at Web3 and Technology executive programs at leading universities and institutions , and make regular appearances on mainstream financial media outlets , including CNBC and Bloomberg We are also very active in engaging the bankers and research analysts of investment banks and brokers to promote coverage on Solana and Solana , company The company also intends to establish a strategic partnership with major financial institutions across key markets , which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives in February , we announced a landmark collaboration with Anchorage Digital and Camino , making it the first digital asset treasury to enable borrowing against natively staked sole held in qualified custody .

Joseph Chee: We are also very active in engaging the bankers and research analysts of investment banks and brokers to promote coverage on Solana and Solana Company. The company also intends to establish a strategic partnership with major financial institutions across key markets, which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives. In February, we announced a landmark collaboration with Anchorage Digital and Kamino, making HSDT the first digital asset treasury to enable borrowing against natively staked SOL held in qualified custody. This is the first of its kind tri-party custody model to access on-chain protocols on Solana. Under the structure, Anchorage Digital acts as a collateral manager for our natively staked SOL, allowing us to earn staking rewards while simultaneously unlocking borrowing power on Kamino, all while our assets remain in a segregated account at Anchorage Digital Bank, never leaving custody.

Speaker #3: This is the first of its kind Triparty custody model to access on chain protocols on Solana . Under the structure , Anchorage Digital acts as a collateral manager for our natively staked sole , allowing us to earn staking rewards while simultaneously unlocking borrowing power on Camino , all while our assets remain in a segregated account at Anchorage Digital Bank , never leaving custody .

Joseph Chee: Anchorage Digital's Atlas collateral management system provides 24/7 automated oversight of loan-to-value ratios, orchestrate margin and collateral movements, and execute rules-based liquidations when required, giving us institutional-grade risk and compliance control alongside direct on-chain participation. Also in February, we announced the Pacific Backbone, a strategic roadmap to invest in a new low-latency cluster across the Asia Pacific region, beginning with nodes connecting Seoul, Tokyo, Singapore, and Hong Kong. This infrastructure build-up is designed to drive staking and validation, support ecosystem development in the region, and diversify our revenue streams. Asia Pacific represents the majority of the world's crypto users and a substantial share of global cross-border payments and trading activities. Yet it remains significantly underserved by the Solana's existing network infrastructure. The Pacific Backbone is our commitment to closing that gap.

Speaker #3: Anchorage to Digital Atlas collateral Management System provides 24/7 automated oversight of loan to value ratios . Orchestrate margin and collateral movements , and execute rules based liquidation .

Speaker #3: When required , giving us institutional grade risk and compliance control alongside direct on chain participation . Also in February , we announced the Pacific Backbone , a strategic roadmap to invest in a new low latency cluster across the Asia Pacific region , beginning with notes connecting Seoul , Tokyo , Singapore and Hong Kong .

Speaker #3: This infrastructure buildup is designed to drive staking and validation support ecosystem development in the region, and diversify our revenue streams. Asia Pacific represents the majority of the world's crypto users and a substantial share of global cross-border payments and trading activities.

Speaker #3: Yet it remains significantly underserved by the Solana existing network infrastructure. The Pacific Backbone is our commitment to closing that gap. We plan to begin activating nodes immediately, optimize performance, and adopt new technologies in the second half of 2026, and launch liquidity-related products and services in the next 12 to 18 months.

Joseph Chee: We plan to begin activating nodes immediately, optimize performance, and adopt new technologies in H2 2026, and launch liquidity-related products and services within the next 12 to 18 months. The build-up is designed to serve market makers, high-frequency traders, exchanges, and traditional finance partners, and is expected to include DeFi, liquid staking, AMM, RPC, and execution services for institutional partners in the region. With that, I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results and some of the key financials. Cosmo?

Speaker #3: The build up is designed to serve market makers , high frequency traders , exchanges and traditional finance partners , and is expected to include DeFi liquid staking , am , RPC and execution services for institutional partners in the region With that , I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results and some of the key financials Cosmo

Cosmo Jiang: Thank you, Joe. Hello, everyone. I'm Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital. Pantera has been the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am proud to report on a relatively strong first six months of operation. As I noted last quarter, we believe the genesis phase of the digital asset treasury market is over. The white space that we identified earlier in 2025 has been substantially filled. We're now squarely in the execution and consolidation phase, and I believe the Q4 validated that thesis. We've seen meaningful differentiation among DApps with stronger operators or those with institutional sponsorship, transparent reporting, and disciplined capital management starting to separate from the others.

Speaker #4: Thank you , Joe . Hello , everyone . I'm Cosmo Jiang young , director of Solana Company and general partner at Pantera Capital .

Speaker #4: Pantera has been the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am proud to report on a relatively strong first six months of operation. As I noted last quarter, we believe the Genesis phase of the digital asset treasury market is over.

Speaker #4: The white space that we identified earlier in 2025 has been substantially filled We're now squarely in the execution and consolidation phase , and I believe the fourth quarter validated that thesis We've seen meaningful differentiation among DApps with stronger operators or those with institutional sponsorship , transparent reporting and disciplined capital management starting to separate from the others We believe Solana Company is among the leading group , and the results we are reporting today .

Cosmo Jiang: We believe Solana Company is among that leading group, and the results we are reporting today, we believe, reflect that. Let me begin with staking, as it's one of the most important and differentiated aspects of our business. As of December 31, 2025, Solana Company had staked substantially all of its SOL holdings. For Q4 2025, our internal calculations reflect an average net staking yield of 6.8%. This compares to the system-wide average of 6.2% using public benchmarking data from research provider Blockworks over the same time period, representing outperformance of nearly 60 basis points.

Speaker #4: We believe reflect that . Let me begin with staking , as it's one of the most important and differentiated aspects of our business As of December 31st , 2025 , Solana Company had staked substantially all of its sole holdings for the fourth quarter of 2025 .

Speaker #4: Our internal calculations reflect an average net staking yield of 6.8% . This compares to the system wide average of 6.2% , using public benchmarking data from research provider Blockworks over the same time period , representing outperformance of nearly 60 basis points year to date in 2026 .

Cosmo Jiang: Year to date in 2026, our internal calculations show our staking yield has been 7.0% APY compared to the system-wide average of 6.0%, continuing that same pattern of disciplined outperformance. This staking yield is generated through careful validator selection, active MEV capture, and continuous rebalancing, the same institutional approach that Pantera applies across its broader digital asset portfolio. Staking rewards are automatically restaked to compound returns, and the result is consistent daily on-chain revenue that can fund the operations of the business and grow the company's SOL per share. As Joe mentioned, we have recently expanded our yield generation options through an announced collaboration with Anchorage Digital and Kamino, which provides institutional-grade infrastructure for both custody and on-chain borrowing.

Speaker #4: Our internal calculations show our staking yield has been 7.0% APY, compared to the system-wide average of 6.0%. Continuing that same pattern of disciplined outperformance, this staking yield is generated through careful validator selection.

Speaker #4: Active MeV capture and continuous rebalancing . The same institutional approach that Pantera applies across its broader digital asset portfolio . Staking rewards are automatically restaked to compound returns , and the result is consistent daily on chain revenue that can fund the operations of the business and grow the company's sole per share .

Speaker #4: As Joe mentioned, we have recently expanded our yield generation options through an announced collaboration with Anchorage Digital and Camino, which provides institutional-grade infrastructure for both custody and on borrowing. We're in the early stages of executing against this opportunity and believe it could have the potential to drive an additional 100 to 200 basis points of yield across our asset base.

Cosmo Jiang: We're in the early stages of executing against this opportunity and believe it could have the potential to drive an additional 100 to 200 basis points of yield across our asset base. Turning to capital markets. Different market environments and valuation paradigms provide different opportunities, and regardless, we plan to always pursue actions that are accretive on a per share basis. Since the launch of our digital asset treasury, we've been able to grow SOL per share through both share issuance as well as share buybacks. Early in Q4, when our stock traded well above 1.0 times NAV, our ATM program was a useful tool for disciplined issuance. We raised over $29 million through the ATM program, with proceeds deployed primarily into SOL purchases.

Speaker #4: Turning to capital markets , different market environments , and valuation paradigms provide different opportunities and regardless , we plan to always pursue actions that are accretive on a per share basis Since the launch of our digital asset treasury , we've been able to grow sole per share through both share issuance as well as share buybacks .

Speaker #4: Early in the fourth quarter, when our stock traded well above 1.10 times, our ATM program was a useful tool for disciplined issuance.

Speaker #4: We raised over 29 million through the ATM program , with proceeds deployed primarily into sole purchases When the broader digital assets markets pulled back , we also saw our valuation multiple compressed to below 1.0 at 1.0 times and Nav , at which point share repurchases became an accretive option We have now executed over $3 million in share repurchases year to date under our buyback program adopted this past November .

Cosmo Jiang: When the broader digital assets markets pulled back, we also saw our valuation multiple compress to below 1.0x NAV, at which point share repurchases became an accretive option. We have now executed over $3 million in share repurchases year to date under our buyback program adopted this past November, funded primarily by the sale of Solana at prices that were accretive to NAV per share. We believe the ability to operate on both sides of the capital structure, which means issuing when trading at a premium and buying back when trading at a discount, is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model.

Speaker #4: Funded primarily by the sale of Solana at prices that were accretive to Nav per share . We believe the ability to operate on both sides of the capital structure , which means issuing when trading at a premium and buying back when trading at a discount , is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model Looking ahead to 2026 , we continue to evaluate the full spectrum of capital formation alternatives , including convertible debt , warrant linked structures and strategic M&A We're often in exploratory conversations with many different investors , ranging from retail brokerages to family offices to strategic corporates to institutional hedge funds and long only funds .

Cosmo Jiang: Looking ahead to 2026, we continue to evaluate the full spectrum of capital formation alternatives, including convertible debt, warrant-linked structures, and strategic M&A. We're often in exploratory conversations with many different investors, ranging from retail brokerages to family offices to strategic corporates to institutional hedge funds and long-only funds, and we do welcome any shareholder feedback and referrals. Next, our treasury. As of 31 December 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins. The company's diluted share count, including common shares and in-the-money warrants, was 84.1 million shares. As of 27 March 2025, Solana Company held 2.33 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 82.6 million shares.

Speaker #4: And we do welcome any shareholder feedback and referrals Next , our Treasury , as of December 31st , 2025 , Solana Company held 2.36 million Sol tokens and $7 million of cash and stablecoins .

Speaker #4: The company's diluted share counts , including common shares and in the money warrants , was 84.1 million shares as of March 27th , 2025 .

Speaker #4: Solana Company held 2.33 million Sol tokens . The company is diluted share count , including common shares , and in the money warrants , was 82.6 million shares .

Cosmo Jiang: That means that in the six months since the beginning of embarking on our digital asset treasury strategy on 18 September, we have actually increased our SOL per share by 14%. This is measured using the value of the capital raised divided by the price of SOL and the diluted share count at transaction close compared to the 27 March figures just mentioned. We are proud of that meaningful per share accretion from our active management. I will now turn the call over to Jeff Mathiesen for the financial results.

Speaker #4: That means that in the six months since the beginning of embarking on our digital asset treasury strategy on September 18th, we have actually increased our SOL per share by 14%.

Speaker #4: This is measured using the value of the capital raised divided by the price of SOL and the diluted share count at transaction close, compared to the March 27th figures just mentioned.

Speaker #4: We are proud of that meaningful per share accretion from our active management. I will now turn the call over to Jeffrey Mathiesen for the financial results.

Jeff Mathiesen: Thank you, Tasml. Our financial results reflect our full Q4 of DAT operations and the full year ended 31 December 2025. Our Q4 revenue of $5.2 million included staking revenue of $5.1 million, comprising the majority of the increase from the prior year period. For the full year 2025, total revenue was $6 million, including $5.5 million of staking revenue, compared to $0.5 million for the full year 2024. For the Q4, cost of revenue was $0.2 million, in line with the prior year period.

Speaker #5: Thank you, Cosmo. Our financial results reflect our full fourth quarter of date operations and the full year ended December 31, 2025.

Speaker #5: Our fourth quarter revenue of $5.2 million included staking revenue of $5.1 million, comprising the majority of the increase from the prior year period.

Speaker #5: For the full year 2025, total revenue was $6 million, including $5.5 million of staking revenue, compared to $0.5 million for the full year 2020.

Speaker #5: For For the fourth quarter cost of revenue was $0.2 million , in line with the prior year period . Selling , general and administrative expenses for the fourth quarter of 2025 were $13 million , compared to $2.2 million reported in the fourth quarter of 2020 .

Jeff Mathiesen: Selling, general, and administrative expenses for Q4 2025 were $13 million, compared to $2.2 million reported in Q4 2024, due primarily to increased non-cash compensation costs, salaries and wages, digital asset management and custodian fees, as well as legal and professional fees in conjunction with the addition of the company's DAT strategy. Research and development expenses were $0.9 million, in line with the prior year period. Total operating expenses for Q4 2025 were $206.1 million, compared to $3.1 million in Q4 2024.

Speaker #5: Four . Due primarily to increased non-cash compensation costs Salaries and wages . Digital asset management and custodian fees , as well as legal and professional fees in conjunction with the addition of the company's Dat strategy , research and development expenses were 0.9 million in line with the prior year period .

Speaker #5: Total operating expenses for the fourth quarter of 2025 were $206.1 million, compared to $3.1 million in the fourth quarter of 2024. Operating expenses included non-cash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million for realized loss on digital intangible assets, and $2.1 million for unrealized loss on digital assets.

Jeff Mathiesen: Operating expenses included non-cash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million for realized loss on digital intangible assets, and $2.1 million for unrealized loss on digital assets under investment due to the decline in the value of SOL.

Speaker #5: Fund investment due to the decline in the value of sole , the resulting loss from operations for the fourth quarter of 2025 was $201.1 million , compared to a loss of $3.1 million in the prior year period Current year non-operating income for the fourth quarter was $526.6 million , and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September pipe transaction , compared to non-operating loss of $0.8 million in the prior year period , comprised mostly of foreign exchange loss We reported net income for the fourth quarter of 2025 of $325.6 million , or earnings of $4.25 per basic and diluted common share , based on weighted average shares outstanding of $76.6 million .

Jeff Mathiesen: The resulting loss from operations for Q4 2025 was $201.1 million, compared to a loss of $3.1 million in the prior year period. Current year non-operating income for Q4 2025 was $526.6 million, and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September PIPE transaction, compared to non-operating loss of $0.8 million in the prior year period, comprised mostly of foreign exchange loss. We reported net income for Q4 2025 of $325.6 million, or earnings of $4.25 per basic and diluted common share based on weighted average shares outstanding of 76.6 million shares.

Jeff Mathiesen: We had a net loss of $3.9 million in the prior year period, or a loss of $793.01 per basic and diluted share. For the full year of 2025, we reported a net loss of $40.9 million or a loss of $1.85 per basic and diluted common share based on weighted average shares of 22.0 million, compared to a net loss of $11.7 million or a loss of $3,282.26 per basic and diluted common share for the full year of 2024.

Speaker #5: We had a net loss of $3.9 million in the prior year period , or a loss of $793.01 per basic and diluted share for the full year 2025 , we reported a net loss of $40.9 million , or a loss of $1.85 per basic and diluted common share , based on weighted average shares of 22.0 million , compared to a net loss of $11.7 million , or a loss of $3,282.26 per basic and diluted common share for the full year of 2024 .

Jeff Mathiesen: At 31 December 2025, we had $7.3 million in cash and approximately $293.7 million of digital assets, comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable, and $5.6 million in digital assets fund investment, for a combined total of approximately $301 million. Total assets were $303.9 million, and total shareholders' equity was $300.9 million at year-end. With that, operator, let's now open the call up for questions.

Speaker #5: At December 31st , 2025 , we had $7.3 million in cash and approximately $293.7 million of digital assets , comprised of 217.7 million in digital intangible assets , 70.4 million in digital assets receivable and 5.6 million in digital assets .

Speaker #5: Fund investment for combined total of approximately $301 million . Total assets were $303 million . In total , shareholders , $303.9 million and total shareholders equity was $300.9 million at year end .

Speaker #5: With that, operator, let's now open the call up for questions.

Operator: Certainly. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile our Q&A roster. Our first question will be coming from Fedor Shabalin of B. Riley. Your line is open, Fedor.

Speaker #1: Certainly , as a reminder to ask a question , please press star one one on your telephone and wait for your name to be announced to withdraw your question , please press star one one again , please stand by while we compile our Q&A roster .

Speaker #1: Our first question will be coming from Fedor Chamberlain of B. Riley. Your line is open.

Fedor Shabalin: Thank you very much, operator. Good afternoon, everyone, and thank you for the update. I just have a couple of questions. First one is on ATM and buybacks. Beyond these two tools and the staking yield compounding organically, what incremental capital raising structures are you actively evaluating? That's maybe specifically Solana-collateralized term lending beyond the Kamino facility or maybe structured equity products on the table. How do you think about the accretion model for each relative to the dilution cost of the ATM at current levels? Thank you.

Speaker #6: Thank you very much . Operator . And good afternoon , everyone , and thank you for the update . I do have a couple of questions .

Speaker #6: First one is on ATM and buybacks. So beyond these two tools and the staking yield compounding organically, what incremental capital raising structures are you actively evaluating?

Speaker #6: Just maybe specifically Sol collateralized term lending beyond the Camino facility or maybe , maybe structured equity products on the table . And how do you think about the accretion map for for each relative to the dilution cost of the ATM at current levels ?

Jeff Mathiesen: Cosmo, looks like a question for you.

Speaker #6: Thank you

Speaker #3: Looks like a question for you

Cosmo Jiang: Yeah. Thanks, Fedor, for the question. You know, we're thinking pretty broadly about what the capital markets opportunities are to us. We're trying to optimize for the lowest cost of capital that we can get. Clearly when our stock is trading below 1x NAV, we think share buybacks are a pretty powerful tool to accrete value per share for our shareholders. We have an outstanding share buyback program that we'll continue to pursue. At the same time, there are interesting ways where we can raise additional capital in a prudent way, as long as it is, you know, accretive to our shareholders.

Speaker #4: Yeah . Thanks for the question . So , you know , we think we're thinking pretty broadly about what the capital markets opportunities are to us .

Speaker #4: We're trying to optimize for the lowest cost of capital that we can get . Clearly when when our when our stock is trading below one times Nav , we think share buybacks are pretty powerful tool to , to accrete value per share for our shareholders .

Speaker #4: And , and we have an outstanding share , share , share buyback program that will , that will continue to pursue at the same time , there are interesting ways where we can raise additional capital in a prudent way , so long as it is accretive , accretive to our shareholders .

Cosmo Jiang: You know, some of the options that are out there that we've seen some of our competitors do include things like convertible debt with high strike warrants, or high strike warrants, you know, structured equity notes where the common is being sold above NAV, potentially with additional kickers above NAV, as well as the preferred equity options. You know, we're evaluating all these. It really comes down to where we think we can get the best terms and where the market is. It does seem like that there is appetite to do things, but you guys will know when we actually do execute.

Speaker #4: You know , some of the options that are out there that we see in some of our competitors do include things like convertible debt with high strike warrants or high strike with a high strike or high strike warrants .

Speaker #4: You know , structured equity notes with where the common is being sold above nav , potentially with additional kickers above nav , as well as as well as preferred equity options .

Speaker #4: You know, we're evaluating all these. It really comes down to where we think we can get the best terms and where the market is.

Speaker #4: It does seem like that there is appetite to do to do things , but you guys will know when we when we actually do execute , we are going to be focused on to the extent that we are , you know , selling our volatility via the via warrants that we are selling volatility at a price that makes sense .

Cosmo Jiang: We are gonna be focused on, to the extent that we are, you know, selling our volatility via warrants, that we are selling volatility at a price that makes sense. We do think there's a, you know, a reasonable world where we can continue to sell our volatility and do so via either convertible debt or equity structure and equity.

Speaker #4: And we think , think there's a , you know , a reasonable world where we can continue to sell our volatility and do so via either convertible debt or equity or equity , structured equity .

Fedor Shabalin: Thank you very much for the color. That's helpful. My second one, Cosmo, probably for you again. In your press release, your quote references pursuing highly selective strategic capital market transactions to advance the company's objectives. Can you help me understand what highly selective actually means in practice? The company has already launched the Kamino-anchored borrowing structure and the new, recently announced Pacific Backbone structure initiative. Does strategic capital markets transactions refer to new instruments like tokenized equity through Superstate's Opening Bell, Solana-denominated convertible structures, or potentially mergers with complementary DAT vehicles? Given that Solana Company's fully diluted share count moved a little bit by late March through warrant exercises and buyback, what is the internal hurdle rate or Solana per share accretion test the transaction must clear before you would proceed in current environment.

Speaker #6: Thank you very much for the color . That's helpful . And my second one probably for you again , in the press release , your quote reference is pursuing highly selective strategic capital markets transactions to advance the company's objectives Can you help me understand what highly selective , selective actually means in practice ?

Speaker #6: And so the company has already launched the on course borrowing structure and the new recently announced specific backbone infrastructure initiatives . So that strategic capital markets transactions refer to new instruments like tokenized equity through Superstates opening Bell , Solana denominated convertible structures , or potentially mergers with complementary dot vehicles and and given that Solana company is fully diluted , share count moved up a little bit by late March through warrant exercises and buyback .

Speaker #6: What is the internal hurdle rate, or Solana per se? Accretion test transactions must clear before you would proceed in the current environment.

Fedor Shabalin: Thank you very much.

Speaker #6: Thank you very much

Joseph Chee: Fedor, it's Joseph Chee here. Maybe I'll start with one point, and then I think you have kind of like multiple questions in there in one question. I guess when we talk about highly selective strategic, it is like Cosmo said, it's important that we raise capital at the right level so that it's accretive to for our shareholders. At the same time, one important consideration that we bear in mind is also to bring in like high-quality strategic investors. Not only they would, you know, their name on our share register, which means, you know, something to the market, would actually promote the credibility or reputation of the firm.

Speaker #3: Is Joseph G here ? Maybe I'll I'll start with one point and then I think you have kind of like multiple questions in there in one question , I guess when we talk about highly selective strategic , it is like , like customer said , it's important that we raise capital .

Speaker #3: At the right level so that we execute it to for our shareholders . But at the same time , one of the important consideration that we bear in mind is also to bring in like high quality strategic investors , not only they would know the name on our shared register , which means , you know , something to the market would actually promote the credibility and reputation of the firm .

Joseph Chee: Also, I think some of the strategic investors may work with us on some of the strategic business build-out or opportunities. And/or they might be someone that is very close to the Solana ecosystem. I think part of this statement here, when we say highly selective strategic capital markets transaction, it also means optimizing the shareholder register and bringing some of the good investors onto register to help us grow and also to get them onto the Solana ecosystem. We're gonna build out their businesses on the blockchain, right? I guess for the rest of the question, it talks about hurdle rates and things like that. I'll leave that to Cosmo.

Speaker #3: Also , I think some investors may work with us on some of the strategic business build outs or opportunities . And or they might be someone that is very close to the Solana ecosystem .

Speaker #3: I think part of this , this statement here , when you say highly selective strategic capital markets transactions , it also means optimizing the shareholder register and bringing some of the good investors onto register to help us grow , and also to get them on to the Solana ecosystem .

Speaker #3: I to build out their businesses on the blockchain, right? And then I guess for the rest of the question, it talks about hurdle rates and things like that.

Speaker #3: I'll leave that to Cosmo

Cosmo Jiang: Thanks, Joe. Yeah, Fedor, again, great question. I would say, you know, I apologize, pre-apologize for this. It is dependent on what the market will give us. You know, there's our controllables that we can control, and then there's the uncontrollables that are out of our hands. From a controllable perspective, I hope you can trust me when I say that we are aggressively looking at anything under the sun that is reasonable. Now all the options are out there. We're talking to, you know, existing investors that have been with us for a long time.

Speaker #4: Thanks , Joe Yeah . Again , great question . I would say . And you know , I apologize apologize for this . It is dependent on what the market will give us .

Speaker #4: You know , there's our controllables that we can control . And then there's the uncontrollables that are out of our hands from a control perspective , you , I hope I can , I can , you can trust me when I say that we are aggressively looking at anything under the sun that is reasonable .

Speaker #4: Now , all the options are out there . We're talking to , you know , existing investors that have been with us for a long time .

Cosmo Jiang: We're talking to new investors who are looking at DATS, who have been looking at DATS for a long time or even new investors that have not looked at DATS, but are looking for Solana exposure in a alpha-generative way. We're talking to all these folks about what kinds of things make the most sense for them. There is a little bit of a, you know, when you talk about accretion, different structures can be accretive on different time horizons as well, right? Something that may be. There are some transaction structures where it maybe looks a little less accretive near term, but it's actually very accretive long term, especially when you think about the strategic benefits it might bring to us, some of which Joseph Chee just mentioned.

Speaker #4: We're talking to new investors who are looking at that, who have been looking at this for a time, or even investors not looked at that, but are looking for Solana exposure in an alpha generative way. And so we're talking to all these folks about what kinds of things make the most sense for them.

Speaker #4: There's a little bit of a, you know, when you talk about accretion, different structures can be accretive on different time horizons as well, right?

Speaker #4: Something that may be, there are some structures where it looks a little less accretive near term, but it's actually very accretive long term, especially when you think about the benefits it might bring to us.

Speaker #4: Some of which Joseph just mentioned . I think the other , you know , color I would give you is that , you know , we are , you know , we are active repurchase of our stock .

Cosmo Jiang: I think the other, you know, color I would give you is that, you know, we are active repurchasers of our stock, and I'd say that is, you know, that continues to be an interesting avenue. You know, if someone were to do the math, they would be able to get to, probably something like, you know, double-digit type accretion that we're targeting. That said, there's always opportunity to do things for less than that, with less accretion than that. You know, I am very proud to say that we are managing both the asset side of the balance sheet as well as the liability side of the balance sheet. You know, the asset side, which means buying things well, finding opportunities to acquire Solana in interesting ways beyond just buying spot Solana.

Speaker #4: And I'd say that is that continues to be an interesting avenue . You know , if , if someone were to do the math , they would , they would be able to get to probably something like , you know , double digit type accretion that we're , we're targeting .

Speaker #4: That said , there's always opportunity to do things for , for less than that with less accretion than that , you know , I am very proud to say that we are managing both the asset side of the balance sheet as well as the liability side of the sheet .

Speaker #4: Asset side, which is buying things well, finding opportunities to acquire Solana, and interesting ways beyond just buying spot Solana; and the liability side, all the capital markets transactions we've been talking about.

Cosmo Jiang: The liability side, all the capital market transactions we've been talking about. In aggregate, in the six months since we've started doing this, you know, it's pretty compelling that we've been able to grow Solana per share by 14%, all right, over six months. Now, I'm definitely not saying that that is what we will do going forward or necessarily that the market will present opportunities for us to do that. You know, at least from inception to date of this strategy, we're pretty happy about those results.

Speaker #4: And in aggregate , in the six months since we've started doing this , you know , we're pretty it's pretty . I would say it's pretty compelling that we've been able to grow Solana per share by 14% over six months now .

Speaker #4: I'm definitely not saying that that is what we will do going forward, or necessarily that the market will present opportunities for us to do that.

Speaker #4: But, you know, at least from inception to date of this strategy, we're pretty happy about those results.

Fedor Shabalin: Okay. That's clear. Thank you very much. Thank you very much for your color, and continued best of luck.

Speaker #6: Okay. That's clear. Thank you very much. Thank you very much for your color and continue. Best of luck.

Operator: Our next question will be coming from the line of Matthew Galinko of Maxim Group. Your line is open, Matthew.

Speaker #1: And our next question will be coming from the line of Matthew Galanko of Maxim Group. Your line is open, Matthew.

Matthew Galinko: Hey. Appreciate you taking my questions. You touched on the, I guess, the DATS space entering consolidation phase. Just hoping maybe you could go a little bit deeper into how you see that playing out and, you know, over what timeframe we might see consolidation, particularly in SolDATs. Thanks.

Speaker #7: Hey . Appreciate you taking my questions . You , you touched on the , I guess the that space center and consolidation phase .

Speaker #7: So hoping maybe you could go a little bit deeper into how you see that playing out and , you know , over what , what time frame we might see consolidation , particularly in the sold out .

Joseph Chee: Thank you, Matthew. Looks like you have, yeah, I guess, your question is actually for Cosmo as well. Cosmo?

Speaker #7: Thanks .

Speaker #3: Thank you . Matthew , it looks like you have you know , I guess your question is actually for Cosmo as well . Cosmo .

Cosmo Jiang: Yeah. It's a great question. Look, I would say, you know, I wear a few hats. One is certainly as director of HSDT and the other is, you know, as an investor at Pantera Capital, where we've invested in many of these DATS. I think you'll realize that a lot of these DATS were formed, you know, not so long ago, right? I'm realizing that now it's almost exactly the one-year anniversary of when I decided to kick off investing in these digital asset treasuries, which really kicked off the boom in the DATS space, almost exactly a year ago, today.

Speaker #4: Yeah , it's a great question . Look , I would say , you know , I wear a few hats . One is certainly as a director of HSBC and the other is , you know , as an investor at Pantera Capital , where we've invested in many of these , these dots .

Speaker #4: And I think you'll , you , you'll , you'll realize that a lot of these assets reformed , you know , not so long ago , right ?

Speaker #4: This I'm realizing that now it's almost exactly the one year anniversary of when I decided to , to , to kick off investing in these digital asset treasuries and which really kicked off the boom in the , that space almost ago today .

Cosmo Jiang: You know, a lot of these companies and management teams have only been at it for, at most a year, which was an early one, or more likely, you know, three to six months. As you would expect, many of these people who came in with the right intentions still believe they have the right to win. It's gonna take some time for some management teams to realize they either are not gonna make it or they need to throw in the towel. That takes some time for people to come to that realization. That's one thing to think about. The other is, you know, strategically, it has to be a good fit, and culturally, it has to be a good fit.

Speaker #4: And , and so , you know , a lot of these companies and management teams have only been at it for at most a year , which was early one or more likely , you know , 3 to 6 months .

Speaker #4: And so, as you would expect, many of these people who came in with the right intentions still believe they have the right to win.

Speaker #4: And so it's going to take some time for some management teams to realize they either are not going to make it, or they need to throw in the towel.

Speaker #4: And so that takes some time for people to come to that realization . And , and so that that's , that's one thing to think about .

Speaker #4: The other is , you know , the strategically , it has to be a good fit . And culturally , it has to be a good fit .

Cosmo Jiang: It takes two to tango ultimately with consolidation. To date, we've only seen one instance of DApp consolidation in the Bitcoin space. We haven't seen anything else. I think it's the easiest way to consolidate is certainly Solana DApp to Solana DApp. It is possible that we see acquisition opportunities of other assets, and certainly, of other asset DApps, that could be accretive, even if they're acquired by a Solana DApp. We're considering things pretty widely. It does take two to tango. It does take a management team that's willing to realize that the right path forward is consolidation. Then just as importantly, there is the concept of whether it's accretive enough.

Speaker #4: It takes two to tango . Ultimately , with consolidation , you know , to date , we've only seen one instance of dad consolidation in the Bitcoin space .

Speaker #4: We haven't seen anything else . But I think it's and the easiest way to consolidate certainly Solana debt to Solana debt . But it is possible that we see , you know , acquisition opportunities of other assets and certainly of other asset that's that could be accretive , even if they even if they're acquired by Solana debt .

Speaker #4: And so we're looking , we're considering things pretty widely , but it does take two to tango . It does take it does take a management team that's , that's that's willing to realize that the right path forward is consolidation .

Speaker #4: And then just as importantly , there is the concept of , you know , whether it's accretive enough . And , you know , while the math is kind of tricky , while everyone trades below one times nav , there are ways to structure it .

Cosmo Jiang: You know, while the math is kind of tricky, while everyone trades below 1 times NAV, there are ways to structure it, and we don't wanna give away all the capital markets special sauce that we're working on, but there are interesting things that we can do. We're working through that, and hopefully there's something to do eventually, but unfortunately nothing to report today.

Speaker #4: And we don't want to give away all the capital market special sauce that we're working on . But there is , there are interesting things that we can do .

Speaker #4: And so we're working through that, and hopefully, we—hopefully there's something to do eventually. But unfortunately, nothing to report today.

Matthew Galinko: All right, great. That's super helpful. Appreciate it, and look forward to seeing where that goes. My follow-up question just on, I guess, cleanup on the model. Your SG&A was about $13 million in Q4. I'm just curious if that's a good number to use as the run rate, you know, on a GAAP basis in 2026, or is that a little bit inflated for kind of the early stages of, you know, operating through the DApp launch? Thanks.

Speaker #7: Great . That's super helpful . Appreciate it and look forward to seeing where that goes . My follow up question just on , I guess the clean up on the model , your say was about 13 million in the fourth quarter .

Speaker #7: I'm just curious if that's a good number to use as the run rate, you know, on a GAAP basis in 2026, or is that a little bit inflated for kind of the early stages of operating through the DAD launch?

Joseph Chee: Again, thank you for the questions. I think it's probably a question that our CFO, Jeff, should answer. Jeff?

Speaker #7: Thanks

Speaker #3: Again, thank you for the questions. I think it's probably a question that our CFO, Jeff, should answer. Yeah.

Jeff Mathiesen: Are you able to hear me?

Joseph Chee: Now I can, yes.

Speaker #5: Are you able to hear me?

Jeff Mathiesen: Okay. All right. We talked about was the, you know, non-cash compensation expense that came in during the quarter. And then also, you know, we had higher run rate for legal and professional fees as we were setting up this new business for us. As we get moving forward, some of that should come out of our future costs. Obviously it's gonna somewhat fluctuate as you know, we do you know, some of the business, but I would say for the most part, Q4 was higher than what you'd expect.

Speaker #3: No, I can—yes.

Speaker #5: Okay . All right . We talked about was the you know , non-cash compensation expense that came in during the quarter . And then also , you know , we had higher run rate for legal professional fees as we were setting up this new business for us .

Speaker #5: So as we get moving forward , some of that should should come out of our future costs . And obviously it's going to somewhat fluctuate as , as we do , you know , some of the business .

Speaker #5: But I would say, for the most part, fourth quarter was higher than what you'd see or expect.

Matthew Galinko: Thank you.

Operator: Our next question will be coming from the line of Bill Papanastasiou of Chardan Capital Markets. Your line is open.

Speaker #8: Thank you

Operator: Our next question will be coming from the line of Bill Papanastasiou of Chardan Capital Markets. Your line is open.

Speaker #1: And our next question will be coming from the line of Bill Papanastasiou of Zahedan Capital Markets. Your line is open.

Bill Papanastasiou: Yeah. Good evening, gentlemen. Thank you for taking my questions. For the first one, I apologize if I missed this, but just a clarification. Is the Anchorage collaboration active today? Are you able to share how that's going in the early days and what kind of institutions you're seeing the most demand from using this product, or which ones you plan on targeting first? Thanks.

Speaker #9: Yeah . Good evening gentlemen . Thank you for taking my questions . For the first one . Paul , apologize if I missed this , but just clarification .

Speaker #9: Is the Anchorage collaboration active today? And are you able to share how that's going in the early days, and what kind of institutions you've seen?

Speaker #9: Where is the most demand coming from when using this product, or which ones are you planning on targeting first? Thanks.

Joseph Chee: No worries, Bill. You didn't miss anything. Cosmo?

Speaker #3: No worries, Bill. They didn't miss anything. Cosmo.

Cosmo Jiang: Bill, thanks for dialing in. The Anchorage partnership is still. We're still working out the kinks. You know, we're pretty excited to deploy, but we wanna do so in a risk managed way and in a way that makes sense. We anticipate that being relatively soon, but it has not yet taken off. I would say that, you know, some of the most interesting opportunities that exist on Kamino today relate to some of their private credit yields, or rather, sorry, relate to their more housing-backed financing opportunities such as PRIME, which yields in the 7%+ range, or some of the other stablecoin yields, which are in the 6%+ range.

Speaker #4: Bill , thanks for dealing in . So the Anchorage partnership is still we're still working out the kinks . You know , we're pretty excited to deploy , but we want to do so in a in a risk managed way .

Speaker #4: And in a way that in a risk managed way that makes sense . We , we anticipate that being relatively soon , but it has not yet taken off .

Speaker #4: I would say that , you know , some of the most interesting opportunities that exist on on Camino today relate to some of their private credit yields , or rather , sorry , relate to their , their , their more their housing backed financing opportunities , such as Prime , which yields in the 7% plus range or some of the other stablecoin yields , which are in the 6% plus range .

Cosmo Jiang: You know, we believe we're able to borrow closer to 3% or 4% to be able to pursue those opportunities, and so that is a really interesting spread. Now we wanna do so again in a risk-managed and controlled way, but we do think that is available to us, and we feel pretty good about the capacity of those opportunities. We do think that, you know, as the first ones to really do this, we anticipate that other people will want to follow and will likely follow in our footsteps. We certainly welcome that for the growth of the Solana ecosystem.

Speaker #4: You know, we believe we're able to borrow closer to 3% or 4% to be able to pursue those opportunities. And so, that is a really interesting spread.

Speaker #4: Now we want to do so again in a risk manage and controlled way . But we do think that that is available to us and we feel pretty good about about the capacity of those opportunities .

Speaker #4: We do think that, you know, as the first ones to really do this, we anticipate that other people will want to follow and will likely follow in our footsteps.

Speaker #4: And we certainly welcome that for the growth of the Solana ecosystem . We're doing this as much for , you know , growing our actual yield that we can generate at Solana , as well as to make sure that the underlying Solana token , which we believe in , are invested in , also increases in value as we as we participate in the ecosystem and encourage others to participate , we right now , we haven't seen a lot of other institutions start to deploy yet in Solana , DeFi .

Cosmo Jiang: We're doing this as much for, you know, growing our actual yield that we can generate at Solana, as well as to make sure that the underlying Solana token, which we believe in and are invested in, also increases in value as we, as we participate in the ecosystem and encourage others to participate. Right now, we haven't seen a lot of other institutions start to deploy yet in Solana DeFi. I think a big piece of that is the regulatory clarity. People are looking for market structure legislation to pass in order to come into DeFi in a much bigger way. When we do, we believe the on-chain yield available to us on Solana could actually increase in addition to capacity increasing.

Speaker #4: I think a big piece of that is the regulatory clarity . People are looking for . Market structure , legislation to pass in order to come in to DeFi in a much bigger way .

Speaker #4: But when we do, we believe the on-chain yields available to us on Solana could actually increase, in addition to capacity increasing.

Cosmo Jiang: We are excited about that opportunity in the medium-term horizon.

Speaker #4: And so we're pretty—we are excited about that opportunity in the medium-term horizon.

Bill Papanastasiou: Great. Appreciate that color. One last question, if I may. Kind of just a high level one on the Solana ecosystem. You know, taking a step back and looking at the landscape, obviously there's a lot of excitement with tokenization of real world assets and bringing TradFi markets on chain. Perhaps you can just provide your view on where Solana sits in all of this and, you know, how you see it competing with the other networks that are going after similar markets.

Speaker #9: Great . Appreciate that color . And then one last question , if I may , just a high level one on the Solana ecosystem .

Speaker #9: You know , taking a step back and looking at the at the landscape , obviously , there's a lot of excitement with tokenization of real world assets and bringing tradfi markets on chain .

Speaker #9: Perhaps you can just provide your view on where Solana sits in all of this . And , and , you know , how you see it competing with the other networks that are , that are going after similar markets ?

Joseph Chee: Cosmo, do you want to go first? I'll step in then.

Speaker #3: Q1: Do you want to go first? I'll...

Cosmo Jiang: Yeah, happy to.

Joseph Chee: Yep.

Cosmo Jiang: Look, Bill, thank you so much for asking that. I mean, as much as an investment in Solana Company is about, you know, investing in our management team's ability to execute against this plan and grow Solana for sure in an effective way. You know, the most important piece of that function is certainly Solana itself, the Sol itself and its value growth. You know, this really comes back to why we are so excited about pursuing a Solana-based digital asset treasury. Because one of the areas that we're seeing really finding product market fit right now across blockchain technology is this concept of real-world assets, tokenization, and everything that you can do with that when you put it into DeFi.

Speaker #4: Happy to .

Speaker #3: Yeah .

Speaker #4: Look , Bill , thank you so much for asking that . I mean , as much as investing and investment in Solana Company is about , you know , investing in our , the , our management team's ability to execute against this plan and grow Solana .

Speaker #4: For sure . And effective way , you know , the most important piece of that function is certainly Solana itself . But the soul itself and its value growth .

Speaker #4: And , you know , it really comes back to why we are so excited about pursuing a Solana based digital asset treasury . And because one of the areas that we're seeing really find product market fit right now across blockchain technology is this concept of real world assets , tokenization , and everything that can that you can do with that .

Cosmo Jiang: Solana is very well-positioned because Solana's speed, low fees, broad retail and institutional distribution make it one of the most compelling networks for RWA tokenization. Solana is the 3rd blockchain for RWAs, with $1.7 billion on-chain, and the 2nd network for tokenized stocks, with over $260 million of value locked. According to Blockworks Research, Solana has facilitated almost 98% of tokenized equity spot volume by blockchain, showing that Solana is actually, you know, while it may be the second or third place for a number of assets, is actually the chain where assets actually move and are traded. The top 3 contributors to Solana's RWA TVL are BlackRock products, their tokenized treasuries, PRIME, which is issued by Figure Markets and asset-backed credit, and Ondo's U.S. Treasuries.

Speaker #4: When you put it into DeFi , Solana is very well positioned because Solana's low fees , broad retail , and institutional distribution make it one of the most compelling networks for our a tokenization Solana is the number blockchain for ideas , with 1.7 billion on chain and the number two network for tokenized stocks with over 260 million of value locked , according to Blockworks research , Solana has facilitated almost 98% of tokenized equity spot volume by blockchain , showing that Solana is actually , you know , while it may be the second or third place for a number of assets is actually the chain where assets actually move in , are traded .

Speaker #4: The top three contributors to Solana's , RWA , TVL are BlackRock product , their tokenized treasuries , Prime , which is issued by Figure Markets and asset backed credit .

Cosmo Jiang: There's a growing roster of institutional partnerships already live on the network from Apollo Global and their tokenized private credit fund to Janus Henderson and their two tokenized funds on Solana or VanEck's Treasury Fund or Franklin Templeton's Money Market Fund. We really look forward to seeing the continued traction from these asset issuers as well as new issuers and new products as the RWA tokenization market matures.

Speaker #4: And on those US Treasuries, there's a growing roster of institutional partnerships already live on the network, from Apollo Global and their tokenized private credit fund to Janus Henderson.

Speaker #4: And their two tokenized funds on Solana are the Treasury Fund and Franklin Templeton's Money Market Fund. And so we really look forward to seeing the continued traction from these asset issuers, as well as new issuers and new products, as the RWA tokenization market matures.

Joseph Chee: Thanks, Cosmo. And Bill, I guess, just to add on to that, right? I think I've been asked that question many times, whether it's we get various functions and dinners and seminars, right? Like, all of the RWA that you get onto the chain, where's the liquidity coming from? That's probably the biggest question mark for most people around the world. Let's say you have another $10 trillion of asset coming on-chain. Who's buying it? We think that a lot of this liquidity that we're buying this on-chain asset will be sort of accumulation of stablecoins and crypto-based payment, mainly from cross-border payments. A lot of that probably have to do with trade over time. I mean, in various functions, we did talk about this.

Speaker #3: Thanks , Cosmo and Bill . I guess just to add on to that , right , I think I've been asked that question many times when I at various functions and dinners and seminars , right ?

Speaker #3: Like all that, the other way that you get onto the chain, where's the query coming from? That's the biggest question mark for most people around the world.

Speaker #3: Let's say you have another 10 trillion of assets coming on chain . Who's buying it ? We think that a lot of this liquidity that we're buying is on chain asset will be sort of accumulation of stablecoins and crypto based payment , mainly from cross-border payments .

Speaker #3: And a lot of that probably has to do with trade over time. We did, in various functions. We did talk about this.

Joseph Chee: I think as you could see that last year, in the broad numbers, the crypto stablecoin payments are ready to hit something like over $30 trillion, right? A lot of this, I think over time, they will stay in the form of crypto instead of turning back to fiat. If you think about, you know, Solana, especially if you think about the export, and, you know, cross-border trade, a big part of it has to do with Asia, China being one of them, the markets that's very export-led. As you know, for all these cross-border trading companies, manufacturing companies, speed and certainty, you know, lowering the FX risk is important, but cost is also very important. Then you can see all that sort of point towards Solana.

Speaker #3: I think , as you could see that last year , the the broad numbers , the stablecoins payment is already hit something like over 30 trillion , right .

Speaker #3: And a lot of this, I think over time they will stay in the form of crypto, instead of turning back to fiat.

Speaker #3: And if you think about , you know , Solana , especially if you think about the export and cross-border trade , a big part of it has to do with Asia , China being one of them .

Speaker #3: The market that's very export led . And as you know , for all this cross-border trading companies , manufacturing companies , speed and certainty , you know , lowering the FX risk is important .

Speaker #3: But cost is also very important . And then you can see all that sort of point towards Solana . That's why we also spend quite a bit of work in in different parts of Asia , especially , there are a lot of import export trade and a lot of cross-border payments .

Joseph Chee: That's why we're also spending quite a bit of work in different parts of Asia, especially there are a lot of trade and a lot of cross-border payments. We believe that Solana probably will be one of the main blockchain, if not the blockchain, to use for a lot of these cross-border payments.

Speaker #3: We believe that Solana probably will be one of the main blockchains, if not the blockchain, to use for a lot of this cross-border payments.

Bill Papanastasiou: Great. Thank you for all the color.

Speaker #9: Great. Thank you for all the color.

Operator: I would now like to turn the call back to Joseph Chee for closing remarks.

Speaker #1: And I would now like to turn the call back to Joseph Chee for closing remarks.

Joseph Chee: Thank you. Thank you all for joining Solana Company's Q4 FY 2025 operating results update, and thanks for all the good questions. We are pleased about the progress we've made this year and look forward to sharing further updates next quarter. Operator, and I guess, it's time to close up the call. Thank you.

Speaker #3: Thank you. Thank you all for joining Solana Company's fourth quarter and full year 2025 operating results update. And thanks for all the good questions.

Speaker #3: We are pleased by the progress we've made this year and look forward to sharing further updates next quarter. Operator? And I guess it's time to close up the call.

Operator: This concludes today's program. Thank you for participating. You may now disconnect.

Speaker #3: Thank you .

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