Q2 2026 Solana Co Earnings Call

August 14, 2026

Operator: Good afternoon, everyone, and thank you for participating in today's call to discuss Solana Company's operating results for Q2 2026, ended 30 June 2026. The Q2 2026 earnings press release was issued today, 14 August, at approximately 4:25 PM Eastern Time and is available on the investor relations section of Solana Company's website. Joining us today are Joseph Chee, Chairman and Chief Executive Officer, Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital, and Madelene Gani, Chief Financial Officer. All participants are in listen-only mode. Following the management's prepared remarks, we will open the call for questions. To ask a question, please press star followed by 11 on your telephone. Today's call is being recorded. I would now like to turn the call over to Jake Maracas with M Group Strategic Communications for introductory remarks. Please go ahead, sir.

Operator: Good afternoon, everyone, and thank you for participating in today's call to discuss Solana Company's operating results for Q2 2026, ended 30 June 2026. The Q2 2026 earnings press release was issued today, 14 August 2026, at approximately 4:25PM Eastern Time and is available on the investor relations section of Solana Company's website. Joining us today are Joseph Chee, Chairman and Chief Executive Officer, Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital, and Madelene Gani, Chief Financial Officer. All participants are in listen-only mode. Following the management's prepared remarks, we will open the call for questions. To ask a question, please press star followed by 11 on your telephone. Today's call is being recorded. I would now like to turn the call over to Jake Maracas with M Group Strategic Communications for introductory remarks. Please go ahead, sir.

Speaker #1: The earnings press release was issued today, August 14, at approximately 4:25 Eastern Time and is available on the Investor Relations section of Solana Company's website.

Speaker #1: Joining us today are Joseph Chee, Chairman; Chief Executive Officer Cosmo Jiang; Director of Solana Company and General Partner at Pantera Capital; and Madeline Gianni, Chief Financial Officer.

Speaker #1: All participants are in listen-only mode. Following management's prepared remarks, we will open the call for questions. To ask a question, please press star, followed by 1.

Speaker #1: Star 11 on your telephone. Today’s call is being recorded. I would now like to turn the call over to Jake Marcus with M Group Strategic Communications for introductory remarks.

Speaker #1: Please go ahead, sir.

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

Jake Maracas: Thank you, operator. Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management's views as of today, 14 August 2026 only, and 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 today, and in the sections entitled Risk Factors in our annual report on Form 10-K filed with the United States Securities and Exchange Commission for the SEC on 30 June 2026, as well as in 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.

Speaker #2: August 14, 2026 only. Also, please note that this presentation may 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 due to certain risks and uncertainties.

Speaker #2: These risks and uncertainties are more fully described in our press release issued today, and in the sections entitled "Risk Factors" in our annual report on Form 10-K, filed with the United States Securities and Exchange Commission, or the SEC.

Speaker #2: On June 30, 2026, as well as in subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website.

Speaker #2: 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 this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page.

Jake Maracas: We disclaim any obligation to update or revise these forward-looking statements. Please note 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 would now like to turn the call over to Solana Company's Chairman and Chief Executive Officer, Joseph Chee.

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

Speaker #3: Good afternoon, everyone, and welcome to Solana Company's second quarter 2026 earnings call. On our first quarter call, I detailed a multifaceted digital asset treasury platform and flywheel strategy for the first time.

Joseph Chee: Good afternoon, everyone, and welcome to Solana Company's Q2 2026 earnings call. On our Q1 call, I detailed our multifaceted digital assets treasury platform and flywheel strategy for the first time. Advisory, validated infrastructure, staking, and treasury, each designed to strengthen the others and diversify the Solana Company's revenue sources. Today, I am pleased to report on the progress of this build-out. Our first institutional validated cluster is operational in Tokyo. We secured our first third-party stake commitment of around half a million SOL in July, and expect to report the results in Q3 2026. We also addressed the legacy elements of the business by divesting the cash-consuming medical device business. We swapped the legacy business unit out with the acquisition of a Hong Kong regulated trust company, a profitable enterprise that allows us to better realize the financial focus of our new operating model.

Speaker #3: Advisory, validated infrastructure, staking, and treasury—each designed to strengthen the others and diversify the Solana Company's revenue sources. Today, I'm pleased to report on the progress that has been built out.

Speaker #3: Our first institutional-validated cluster is operational in Tokyo. We secured our first third-party state commitment of around 500,000 SOL in July, and expect to report the results in the third quarter of 2026.

Speaker #3: We also address the legacy elements of the business by divesting the cash-consuming medical device business. We swap the legacy business unit out with the acquisition of a Hong Kong–regulated trust company, a profitable enterprise that allows us to better realize the financial focus of our new operating model.

Speaker #3: The assets in our treasury also continue to generate value. Staking rewards contributed $2.5 million, or 31,200 SOL, in the second quarter. SOL we did not have to buy and did not have to raise capital to acquire.

Joseph Chee: The assets in our treasury also continue to generate value. Staking rewards contributed USD 2.5 million or 31,200 SOL in Q2. SOL we did not have to buy and did not have to raise capital to acquire. Every one of those actions serves a single purpose: to generate momentum behind the flywheel to fuel the advancement and development of our core business lines. We are not only holding SOL as an asset, we are helping to build the infrastructure that Asia Pacific institutions need in order to use it, and we are doing that as a trusted partner of the Solana Foundation to help drive institutional adoption for realization of internet capital markets visions. Asia Pacific accounts for the majority of the world's crypto users and a substantial share of global cross-border payment volume, yet it remains significantly underserved by Solana's existing validated footprint.

Speaker #3: Every one of those actions served a single purpose: to generate momentum behind the flywheel, to fuel the advancement and development of our core business lines.

Speaker #3: We are not only holding SOL as an asset. We are helping to build the infrastructure that Asia-Pacific institutions need in order to use it, and we are doing that as a trusted partner of the Solana Foundation to help drive institutional adoption for realization of internet capital markets visions.

Speaker #3: Asia-Pacific accounts for the majority of the world's crypto users, and a substantial share of global cross-border payment volume, yet it remains significantly underserved by Solana's existing validated footprint.

Speaker #3: We believe a passive vehicle like an ETF cannot adequately capture the opportunity that comes with offering our own Solana infrastructure and advisory services to institutional market participants.

Joseph Chee: We believe a passive vehicle like an ETF cannot capture adequately the opportunity that comes with offering our own Solana infrastructure and advisory services to institutional market participants. Our flywheel of treasury, validated infrastructure, and advisory is designed so that each pillar makes the others stronger, and so that every turn adds SOL per share. I want to spend a moment on the state of Solana network as internet capital markets and Solana's continued institutional adoption, given it has significant impact on our business growth. Q2 saw accelerated growth in two areas that are directly relevant to our business. First, Solana's on-chain real-world asset market reached a new all-time high of USD 3.62 billion at the end of June. As tokenization spreads across financial markets, institutions are choosing Solana for distribution.

Speaker #3: Our flywheel of treasury-validated infrastructure and advisory is designed so that each pillar makes the others stronger, and so that every turn adds SOL per share.

Speaker #3: I want to spend a moment on the state of Solana network as internet capital markets and Solana's continued institutional adoption given it has significant impact on our business growth.

Speaker #3: The second quarter saw accelerated growth in two areas that are directly relevant to our business. First, Solana's on-chain real-world asset market reached a new all-time high of $3.62 billion at the end of June. As tokenization spreads across financial markets, institutions are choosing Solana for distribution.

Speaker #3: In fact, five, or nearly 30%, of global systemically important banks have already announced partnerships with, or that leverage, the Solana blockchain. Second, tokenized equities on Solana generated $4.8 billion in trading volume during the second quarter, up from $1.1 billion in the first quarter.

Joseph Chee: In fact, five of nearly 30 globally systemically important banks have already announced partnership with or that leverage the Solana blockchain. Second, tokenized equities on Solana generated USD 4.8 billion in trading volume during Q2, up from USD 1.1 billion in Q1. Monthly volume rose from USD 670 million in April to USD 871 million in May, before reaching USD 3.3 billion in June alone. As of late July 2026, 97% of all on-chain tokenized equity spot volume to date had settled on Solana, which underscores its position as the leading infrastructure for institutional tokenized securities. The institutional demand for tokenized assets on Solana is real. It is accelerating and is arriving in parallel with our build-out over the past two quarters. We would like to reiterate our conviction in the Solana ecosystem.

Speaker #3: Monthly volume rose from 670 million in April to 871 million in May, before reaching 3.3 billion in June alone. As of late July 2026, 97% of all on-chain tokenized equities spot volume to date had settled on Solana, which underscores its position as a leading infrastructure for institutional tokenized securities.

Speaker #3: The institutional demand for tokenized assets on Solana is real. It is accelerating, and it is arriving in parallel with our build-out over the past two quarters.

Speaker #3: We would like to reiterate our conviction in the Solana ecosystem. We believe Solana Company is the accountable, listed counterparty that institutions can actually transact with, and that's what the second quarter was spent making possible.

Joseph Chee: We believe Solana Company is the accountable, listed counterparty those institutions can actually transact with, and that's what Q2 was spent making possible. Before I turn to our operating businesses, I want to highlight the additions we made to our team and our board, because our talent is our greatest asset. Bringing on leading Web3 native talent is what allows us to scale effectively and to execute at the highest level. On our Q1 call, we welcomed Madeline Ganny as the Chief Financial Officer and Chief Operating Officer. Madeline brings experience with Ernst & Young, Gemini, Jewel Bank, Hedera, Aptos, et cetera. One quarter in, her impact is evident in the rigor of our reporting and in the build-out of our core business lines. in March, we welcomed Teddy Hong as Head of Business Development Advisory.

Speaker #3: Before I turn to our operating businesses, I want to highlight the additions we made to our team and our board, because our talent is our greatest asset.

Speaker #3: Bringing on leading Web3 native talent is what has allowed us to scale effectively and to execute at the highest level. On our first quarter call, we welcomed Madeleine Ganni as the Chief Financial Officer and Chief Operating Officer.

Speaker #3: Madeleine brings experience with Ernst & Young, Gemeni, Jewel, Adera, Aptos, etc., and one quarter in, her impact is evident in the rigor of our reporting and in the build-out of our core business lines.

Speaker #3: In March, we welcomed Teddy Hong as Head of Business Development Advisory. Teddy joined us from Boston Consulting Group, where he partnered with financial institutions and regulators on digital assets and money, following roles at J.P. Morgan and Oliver Wyman. Since 2022, he has published on digital money, stablecoins, tokenized deposits, and CBDCs, as well as on tokenization, including tokenized funds and institutional DeFi.

Joseph Chee: Teddy joined us from Boston Consulting Group, where he partnered with financial institutions and regulators on digital asset and money, following roles at JP Morgan and Oliver Wyman. Since 2022, he had published on digital money, stablecoins, tokenized deposit, and CBDCs, and on tokenization, including tokenized funds and institutional DeFi. He leads our institutional engagement with financial institutions and strategic partners and is the driving force behind the advisory pipeline that we'll come to in a moment. We also strengthened our board of directors. On 23 April, the board increased its size from seven to nine members and appointed Michelle Lee and Sergio Mello as directors to fill in the newly created positions.

Speaker #3: He leads our institutional engagement with financial institutions and strategic partners, and is the driving force behind the advisory pipeline that we'll come to in a moment.

Speaker #3: We also strengthened our board of directors. On April 23, the board increased its size from seven to nine members and appointed Michelle Lee and Sergio Mello as directors to fill the newly created positions.

Speaker #3: Michelle is a co-founder and investment partner at Cyber Tech Partners, and a co-founder at HashKey Group, now a Hong Kong-listed company which owns one of the largest licensed crypto exchanges in Asia, and the largest blockchain technology investment fund management company in Asia.

Joseph Chee: Michelle is a co-founder and investment partner at CyberTech Partners and a co-founder at HashKey Group, now a Hong Kong-listed company, which owns one of the largest licensed crypto exchanges in Asia and the largest blockchain technology investment fund manager company in Asia. He also brings with him more than 25 years' experience in traditional capital markets, in particular in multiple roles as product structurer, originator, and risk manager across Hong Kong, Beijing, Tokyo, and London. Sergio is Global Head of Stablecoin Solutions at Anchorage Digital, where he leads business development and platform offerings for stablecoins. He previously founded Lago Finance, a consortium of financial institutions built to improve settlement using tokenized cash.

Speaker #3: He also brings with him over 25 years of experience in traditional capital markets, in particular in multiple roles as product structurer, originator, and risk manager across Hong Kong, Beijing, Tokyo, and London.

Speaker #3: Sergio is Global Head of Stablecoin Solutions at Anchorage Digital, where he leads business development and platform offerings for stablecoins. He previously founded Largo Finance, a consortium of financial institutions built to improve settlement using tokenized cash.

Speaker #3: Last quarter, I outlined our diversified revenue engine, comprised of three integrated service lines designed to serve institutional demand in one of the fastest-growing digital asset regions in the world, Asia-Pacific. I will touch on each service line every quarter.

Joseph Chee: Last quarter, I outlined our diversified revenue engine comprised of three integrated service lines designed to serve institutional demand in one of the fastest-growing digital asset regions in the world, Asia-Pacific, and I will touch on each service line every quarter. Advisory services. We provide bespoke advisory to traditional financial institutions and corporates, helping to unlock tangible business value through blockchain adoption. On our first quarterly call, I said we expected this initiative to contribute meaningfully to revenue this year. We maintain that view. Q2 was spent building the foundation for that revenue. Our team delivered 15 institutional education sessions and advisory workshops with banks, asset managers, and exchanges across Asia-Pacific. Developing a pipeline of durable recurring relationships is a crucial step in generating revenue, and that work is now converting. We are in negotiations with a third party, and we expect to finalize terms in due course.

Speaker #3: Advisory services: We provide bespoke advisory to traditional financial institutions and corporates, helping to unlock tangible business value through blockchain adoption. On our first quarterly call, I said we expected this initiative to contribute meaningfully to revenue this year.

Speaker #3: We maintain that view. The second quarter was spent building the foundation for that revenue. Our team delivered 15 institutional education sessions, as well as advisory workshops with banks as managers and exchanges across Asia-Pacific.

Speaker #3: Developing a pipeline of durable, recurring relationships is a crucial step in generating revenue, and that work is now converting. We are in negotiations with a third party, and we expect to finalize terms in due course.

Speaker #3: In this phase, advisory is doing two jobs. It will generate revenue over time, and, just as importantly, it is our demand generation engine, because the institutions that ask us how to adopt Solana are the same institutions that will later need an institutional-grade validator for their operation.

Joseph Chee: In this phase, advisory is doing two jobs. It will generate revenue over time, and just as importantly, it is our demand generation engine, because the institution that asks us how to adopt Solana is the institution that will later need an institutional-grade validator for the operation. We are being engaged as a trusted growth partner rather than just a vendor. Validator infrastructure. Pacific Backbone is a branded compliant high-performance infrastructure that regulated institutions require in order to scale staking and validation on Solana. Last quarter, we said our validated nodes would be operational in late June, and our first validated cluster came online early July after intensive assessment. We now have three machines running in Tokyo, which altogether constitute one validated cluster, which provides us with redundancy and an independent test environment ahead of any deployment.

Speaker #3: We are being engaged as a trusted growth partner, rather than just a vendor. Validator infrastructure: Pacific Backbone is branded, compliant, high-performance infrastructure that regulated institutions require in order to scale staking and validation on Solana.

Speaker #3: Last quarter, we said our validator nodes would be operational by late June, and our first validator cluster came online in early July after intensive assessment. We now have three machines running in Tokyo.

Speaker #3: These altogether constitute one validator cluster, which provides us with redundancy and an independent test environment ahead of any deployment. With institutional standards as our North Star, initial deployments carry a high redundancy ratio by design, and that ratio is expected to decline as we add operating validators and build operating history.

Joseph Chee: With institutional standards as North Star, initial deployments carry a high redundancy ratio by design, and that ratio is expected to decline as we add operating validators and build operating history. Beyond Tokyo, we are working on additional validators in APAC to address growing demand per plan, and we plan to launch over the course of the year as favorable conditions arise. Now to third-party delegated stake. We have secured commitment of external third party of around half a million SOL as of this earnings call. We expect to report our revenue from the validated business in Q3 2026. This is our first institutional client stake, and we believe it is proof point that matters most because it demonstrate that established counterparty will move real size onto infrastructure operated by a name-listed entity. We differentiate ourselves through stability, compliance, and transparency beyond simply headline yield.

Speaker #3: Beyond Tokyo, we are working on additional validators in APAC to address growing demand per plan, and we plan to launch over the course of the year as favorable conditions arise.

Speaker #3: Now, to third-party delegated stake. We have a secure commitment from an external third party of around half a million SOL, as of this earnings call. And we expect to report our revenue from the validator business in the third quarter of 2026.

Speaker #3: This is our first institutional client stake, and we believe it is the proof point that matters most, because it demonstrates that an established counterparty will move real size onto infrastructure operated by a name-listed entity.

Speaker #3: We differentiate ourselves through stability, yield, compliance, and transparency, beyond simply headline yield. We are pursuing ISO 27001 and SOC 2 certification to further strengthen this differentiation.

Joseph Chee: We are pursuing ISO 27001 and SOC 2 certification to further strengthen this differentiation. Platform business. Our AI-powered orchestration and compliance stack is a long-term build, and we continue to develop deliberately. When complete, the platform expected to be the combination of our staking, validator, and advisory lines, giving partners a single source of execution across their digital asset operation. These initiatives sit on a multi-year trajectory, and we expect the operational impact to continue building throughout this fiscal year. Together, these three service lines create the flywheel I highlighted last quarter. The reason that the whole is worth more than the sum of the parts is that these businesses feed one another. Advisory work identifies where institutions need infrastructure as we support their utilization of Solana for their business growth. Infrastructure generate recurring non-NAV fee revenue. That revenue recycles in the SOL accumulation.

Speaker #3: Platform business: Our AI-powered orchestration and compliance stack is a long-term build, and we continue to develop deliberately. When complete, the platform is expected to be the culmination of our staking validator and advisory lines, giving partners a single source of execution across their digital asset operation.

Speaker #3: These initiatives sit on a multi-year trajectory, and we expect their operational impact to continue building throughout this fiscal year. Together, these three service lines create the flywheel I highlighted last quarter.

Speaker #3: The reason that the whole is worth more than the sum of the parts is that these businesses feed one another. Advisory work identifies where institutions need infrastructure, as we support their utilization of Solana for their business growth.

Speaker #3: Infrastructure generates recurring non-NAV feed revenue. That revenue recycles into the sole accumulation, and a larger, better-run treasury makes us a more credible counterparty for the next advisory mandate.

Joseph Chee: A larger, better run treasury makes us a more credible counterparty for the next advisory mandate. This design was reinforced this quarter by two partnerships. In May, we announced a strategic partnership with the Jito Foundation to expand institutional-grade Solana infrastructure throughout Asia Pacific. By combining Jito's market layer technology with Pacific Backbone, the partnership supports the deployment of high-performance validators and the development of institutional staking solutions tailored to regulated financial institutions and asset managers. As demand for institutional staking and validator infrastructure continues to grow across the region, this partnership is expected to strengthen the foundation supporting financial institutions building on Solana. It is also already contributing measurable yield to our treasury, which Cosmo Jiang will quantify later. In June, Solana Company announced a partnership with Alatau City, Kazakhstan's future-oriented city, to collaborate on blockchain infrastructure, enterprise adoption, education, research, and policy development.

Speaker #3: This design was reinforced this quarter by two partnerships. In May, we announced a strategic partnership with the Jito Foundation to expand institutional-grade Solana infrastructure throughout the Asia-Pacific region.

Speaker #3: By combining Jito's market layer technology with Pacific Backbone, the partnership supports the deployment of high-performance validators and the development of institutional staking solutions tailored to regulated financial institutions and asset managers.

Speaker #3: As demand for institutional staking and validator infrastructure continues to grow across the region, this partnership is expected to strengthen the foundation supporting financial institution building on Solana.

Speaker #3: It is also already contributing measurable yield to our treasury, which Cosmo will quantify later. In June, Solana Company announced a partnership with Alatal City, Kazakhstan's future-oriented city, to collaborate on blockchain infrastructure, enterprise adoption, education, research, and policy development.

Speaker #3: Throughout this partnership, we aim to support the development of blockchain infrastructure while expanding opportunities for enterprise adoption in one of the region's fastest-growing digital asset hubs.

Joseph Chee: Throughout this partnership, we aim to support the development of blockchain infrastructure while expanding opportunities for enterprise adoption is one of the region's fastest-growing digital asset hubs. Alatau City is a clear illustration of how our offerings open doors that a pure digital treasury company alone would not, because we are being engaged at the level of policy and infrastructure design, not simply as a hazard holder. The second quarter also marked the continued transition towards our core business operations. The divestiture of the PoNS medical device business was finalized on 8 April 2026. This was disclosed in our Q1 Form 10-Q, but bears repeating. Madeline will take you through the financials, but the key takeaway is that we have exited a cash-consuming, non-core operation, removing its ongoing cost from the business, and we now report as a focused digital asset treasury and infrastructure company.

Speaker #3: Alatal is a clear illustration of how our offerings open doors that a pure digital treasury company alone would not, because we are being engaged at the level of policy and infrastructure design, not simply as a hazard.

Speaker #3: Holder. The second quarter also marked the continued transition towards our core business operations. The divestiture of the PONS medical device business was finalized on April 8, 2026.

Speaker #3: This was disclosed in our first quarter Form 10-Q, but bears repeating. Madeline will take you through the financials, but the key takeaway is that we have exited a cash-consuming, non-core operation, removing its ongoing cost from the business. We now report as a focused digital asset treasury and infrastructure company.

Speaker #3: On March 17, we acquired a Hong Kong-based trust company, and the transaction closed on July 15. Total consideration was $2 million, with 50% payable in cash and 50% payable by stock issuance.

Joseph Chee: On 17 March, we acquired a Hong Kong-based trust company, and the transaction closed on 15 July. Total consideration was $2 million in a combination of 50% payable in cash, 50% payable by stock issuance. Hong Kong is a primary focus for our operations. Here, we believe the institutions we service do not simply need performance infrastructure. They need a licensed in-region named counterparty they are permitted to transact with. With that, let me hand the call over to Cosmo to walk through our treasury and capital markets results. Cosmo?

Speaker #3: Hong Kong is a primary focus for our operations. Here, we believe the institutions we service do not simply need performance infrastructure; they need a licensed, in-region name counterparty that they are permitted to transact with.

Speaker #3: With that, let me hand the call over to Cosmo to walk through our treasury and capital markets results. Cosmo?

Speaker #2: Thanks, Jeff. Hello, everyone. I'm Cosmo Jiang, a director of Solana Company and the 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.

Cosmo Jiang: Thanks, Joseph. Hello, everyone. I am Cosmo Jiang, a director of Solana Labs and a General Partner at Pantera Capital. Pantera has been the asset manager for Solana Labs's digital asset treasury since the close of the PIPE transaction in September 2025. Last quarter, I have been describing the digital asset treasury market as having moved from the genesis phase into the execution consolidation phase. This has advanced that further this quarter. The gap between operators is widening, and capital is concentrating around the vehicles that combine institutional-grade infrastructure, transparent reporting, and disciplined capital management. Execution has surpassed scale as the key differentiator for us. SOL declined approximately 12% during the second quarter, following a decline of approximately 33% in the first quarter. Against that backdrop, our strategy did not change.

Speaker #2: Last quarter, I've been describing the digital asset treasury market as having moved from the genesis phase into the execution and consolidation phase. This has advanced further this quarter.

Speaker #2: The gap between operators is widening, and capital is concentrating around the vehicles that combine institutional-grade infrastructure, transparent reporting, and disciplined capital management. Execution has surpassed scale as the key differentiator for us.

Speaker #2: Soul declined approximately 12% during the second quarter, following a decline of approximately 33% in the first quarter. Against that backdrop, our strategy did not change.

Speaker #2: Gross SOL per share through creative capital allocation generates an 18% yield above the network average, and builds operating businesses that produce revenue independent of SOL price.

Cosmo Jiang: Grow SOL per share through accretive capital allocation, generate staking yield above the network average, and build the operating businesses that produce revenue independent of SOL price. Staking remains one of the most important and most differentiated aspects of our business. The measure we report is net staking yield, by which we mean the annualized yield we realize on our staked SOL after validator commissions and related operating costs, compared against the Solana network's system-wide average over the same period. For the second quarter of 2026, our average net staking yield was 6.14% APY. That compares with a network average of approximately 5.68% APY, representing outperformance of 46 basis points. That yield is generated through careful validator selection, active MEV capture, and continuous rebalancing, which is the same institutional approach Pantera applies across its broader digital asset portfolio.

Speaker #2: Staking remains one of the most important and most differentiated aspects of our business. The measure we report is net staking yield, by which we mean the annualized yield we realize on our staked SOL after validator commissions and related operating costs, compared against the Solana network's system-wide average over the same period.

Speaker #2: Over the second quarter of 2026, our average net staking yield was 6.14% APY. That compares with a network average of approximately 5.68% APY, representing outperformance of 46 basis points.

Speaker #2: That yield is generated through careful validator selection, active MEV capture, and continuous rebalancing, which is the same institutional approach Pantera applies across its broader digital asset portfolio.

Speaker #2: Staking rewards are automatically re-staked to compound returns, producing consistent daily on-chain revenue. Now, turning to capital markets. We remain committed to capital allocation that is accretive on a sole per share basis in any market condition.

Cosmo Jiang: Staking rewards are automatically restaked to compound returns, producing consistent daily on-chain revenue. Turning to capital markets, we remain committed to capital allocation that is accretive on a SOL-per-share basis in any market condition. With our stock trading at a discount to net asset value during the quarter, we executed approximately $2.3 million of share repurchases, retiring 1.3 million shares. Year-to-date repurchases now total approximately $5.9 million, as reflected in our treasury stock position. On the issuance side, on 24 April, we completed a strategic institutional round of approximately 8 million, led by Mirae Asset, with participation from HashKey Capital. Mirae is one of the largest asset managers and financial conglomerates in Asia, and the participation of both firms reflects the depth of institutional conviction in this strategy and in the region the company serves.

Speaker #2: With our stock trading at a discount to net asset value during the quarter, we executed approximately $2.3 million of share repurchases, retiring 1.3 million shares, and year-to-date repurchases now total approximately $5.9 million, as reflected in our treasury stock position.

Speaker #2: On the issuance side, on April 24, we completed a strategic institutional round of approximately $8 million, led by Mirae Asset, with participation from Ashkey Capital.

Speaker #2: Mirae is one of the largest asset managers and financial conglomerates in Asia, and the participation of both firms reflects the depth of institutional conviction in the strategy and in the region the company serves.

Speaker #2: On MNAV, at quarter end, we stood at approximately 0.81 times, up from 0.73 times in the first quarter. At that level, the creative action is repurchase rather than issuance, and that is where we leaned in this quarter, as we expect to continue to lean in while the discount persists.

Cosmo Jiang: On MNAV, at quarter end, we stood at approximately 0.81 times, up from 0.73 times in Q1. At that level, the accretive action is repurchase rather than issuance, and that is where we leaned into this quarter as we expect to continue to lean in while the discount persists. The ability to operate opportunistically on both sides of the capital structure, issuing at a premium and repurchasing at a discount, is a powerful mechanism for creating shareholder value across different market environments. As of 30 June 2026, Solana Labs held approximately 2.3 million SOL across all categories, including liquid holdings, staked positions, and receivables, with a fair value of approximately $170.6 million. Our in-the-money diluted share count was approximately 85.4 million shares, comprising 60.5 million common shares, 24.9 million in-the-money warrants, and 21,000 RSUs.

Speaker #2: The ability to operate opportunistically on both sides of the capital structure—issuing at a premium and repurchasing at a discount—is a powerful mechanism for creating shareholder value across different market environments.

Speaker #2: As of June 30, 2026, Solana Company held approximately 2.3 million SOL across all categories, including liquid holdings, staked positions, and receivables, with a fair value of approximately $170.6 million.

Speaker #2: Our in-the-money diluted share count was approximately 85.4 million shares, comprising 60.5 million common shares, 24.9 million in-the-money warrants, and 21,000 RSUs. I will now turn the call over to Madeline Gani, our Chief Financial Officer, for the detailed financial results.

Cosmo Jiang: I will now turn the call over to Madeline Ganny, our Chief Financial Officer, for the detailed financial results.

Speaker #3: Thank you, Cosmo. Second quarter revenue was $2.5 million, consisting of $2.5 million of staking revenue and $14,000 of other revenue. This compares with $43,000 in the second quarter of 2025, which did not include contributions from staking revenue, attributable to our treasury strategy.

Madelene Gani: Thank you, Cosmo. Q2 revenue was $2.5 million, consisting of $2.5 million of staking revenue and $14,000 of other revenue. This compares with $43,000 in Q2 2025, which did not include contributions from the staking revenue attributable to our treasury strategy. For the first six months of 2026, revenue was $6.1 million, comprising of $5.9 million of staking revenue and $0.2 million of other revenue, compared with $92,000 in the prior year period. Cost of revenue for Q2 was $0.1 million, resulting in gross profit of $2.4 million, a gross margin of approximately 97%. For the first six months, cost of revenue was $0.3 million, and gross margin was $5.9 million. This compares with $0.2 million of cost of revenue and $0.1 million of gross loss in the prior year period.

Speaker #3: For the first six months of 2026, revenue was $6.1 million, comprising $5.9 million of staking revenue and $0.2 million of other revenue, compared with $92,000 in the prior year period.

Speaker #3: Cost of revenue for the second quarter was $0.1 million, resulting in a gross profit of $2.4 million and a gross margin of approximately 97%. For the first six months, cost of revenue was $0.3 million, and gross profit was $5.9 million.

Speaker #3: This compares with $0.2 million of cost of revenue and $0.1 million of gross loss in the prior year period. General and administrative expenses for the second quarter of 2026 were $11.1 million, compared with $3.3 million in the second quarter of 2025, and $16.3 million for the first six months.

Madelene Gani: General and administrative expenses for Q2 2026 were $11.1 million, compared with $3.3 million in Q2 2025 and $16.3 million for the first six months. The increase reflects the expansion of operations associated with our digital asset treasury and infrastructure strategy, together with the $6.8 million of severance associated with the PoNS divestiture. Of the $11.1 million recorded this quarter, approximately $6.8 million relates to non-recurring items, with the remainder being the digital asset treasury operating expense. Roughly 63,000 of that is non-cash stock-based compensation. Looking forward, we expect general and administrative expenses to decline and normalize with the return of Q1 levels as the PoNS cost basis comes out in full and as we continue to cautiously invest in the validator and advisory businesses. Turning to digital asset fair value movements.

Speaker #3: The increase reflects the expansion of operations associated with our digital asset treasury and infrastructure strategy, together with the $6.8 million of severance associated with the Ponds divestiture.

Speaker #3: Of the $11.1 million recorded this quarter, approximately $6.8 million relates to non-recurring items, with the remainder being the digital asset treasury operating expense. Roughly $63,000 of that is non-cash stock-based compensation.

Speaker #3: Looking forward, we expect general and administrative expenses to decline and normalize with the return to Q1 levels, as the ponds’ cost basis comes out in full and as we continue to cautiously invest in the validator and advisory businesses.

Speaker #3: Turning to digital asset fair value movements. During the quarter, we recorded an unrealized gain on digital assets and digital asset receivables of $2.4 million, a realized loss on digital assets of $25.4 million related to strategic sales executed as part of our capital allocation program, and an unrealized loss on our digital asset fund investment of $0.3 million.

Madelene Gani: During the quarter, we recorded an unrealized gain on digital assets and digital asset receivables of $2.4 million, a realized loss on digital assets of $25.4 million related to strategic sales executed as part of our capital allocation program, and an unrealized loss of our digital asset fund investment of $0.3 million. For the first six months, those figures were an unrealized loss of $86.8 million, a realized loss of $32.4 million, and a fund investment loss of $2 million. It is important to note that these fair value movements are non-cash in accordance with US GAAP. They do not affect our cash balance, the tokens earned from staking activities, or the quantity of SOL we hold.

Speaker #3: For the first six months, those figures were an unrealized loss of $86.8 million, a realized loss of $32.4 million, and a fund investment loss of $2 million.

Speaker #3: It is important to note that these fair value movements are non-cash in accordance with U.S. generally accepted accounting principles. They do not affect our cash balance, the tokens earned from staking activities, or the quantity of SOL we hold.

Speaker #3: Net operating expenses for the second quarter were $35.1 million, compared with $3.3 million net operating in the prior year period, and $138.2 million for the first six months of 2026.

Madelene Gani: Net operating expenses for Q2 were $35.1 million, compared with $3.3 million net operating in the prior year period, and $138.2 million for the first six months of 2026. The resulting loss from operations was $32.7 million, compared with $3.3 million in the prior year period, and $132.3 million for the first six months. Non-operating income net was $2.4 million for the quarter. This includes the $3.1 million gain on the sale of the PoNS business, a change in fair value of our derivative liability of $0.3 million and other expense of $0.3 million, which relates primarily to the foreign exchange loss due to fluctuations in the CAD to US dollar exchange rates. We reported a net loss for Q2 2026 of $30.3 million or $0.38 per basic and diluted common share based on weighted average shares outstanding of 79.8 million.

Speaker #3: The resulting loss from operations was $32.7 million, compared with $3.3 million in the prior year period, and $132.3 million for the first six months.

Speaker #3: Non-operating income, net, was $2.4 million for the quarter. This includes the $3.1 million gain on the sale of the ponds business, a change in fair value of our derivative liability of $0.3 million, and other expense of $0.3 million, which relates primarily to the foreign exchange loss due to fluctuations in the Canadian to U.S. dollar exchange rates.

Speaker #3: We reported a net loss for the second quarter of 2026 of $30.3 million, or $0.38 per basic and diluted common share, based on weighted average shares outstanding of 79.8 million.

Speaker #3: For the first six months of 2026, our net loss was $130.1 million, or $1.66 per share, on weighted average shares of 78.3 million.

Madelene Gani: For the first six months of 2026, our net loss was $130.1 million or $1.66 per share on weighted average shares of 78.3 million. This compares with a net loss of $9.8 million in Q2 2025. Turning over to the balance sheet. As of 30 June 2026, we had total assets of $176.1 million, including $3.6 million of cash and cash equivalents, $23.3 million of current digital assets, and $147.3 million of long-term digital assets and digital asset exposure across stake positions, restricted assets, receivables, and fund investments. Total liabilities was $6.4 million, including a derivative liability of $4.2 million, and total stockholders and mezzanine equity was $169.7 million. Finally, during the quarter, we repurchased 1.3 million shares of approximately 2.3 million under our previously authorized stock repurchase program.

Speaker #3: This compares with the net loss of $9.8 million in the second quarter of 2025. Turning over to the balance sheet, as of June 30, 2026, we had total assets of $176.1 million, including $3.6 million of cash and cash equivalents, $23.3 million of current digital assets, and $147.3 million of long-term digital assets and digital asset exposure across staked positions, restricted assets, receivables, and fund investments.

Speaker #3: Total liabilities were $6.4 million, including a derivative liability of $4.2 million, and total stockholders’ and mezzanine equity was $169.7 million. Finally, during the quarter, we repurchased 1.3 million shares out of approximately 2.3 million under our previously authorized stock repurchase program.

Speaker #3: As of June 30, treasury stocks stood at $5.9 million, representing 2.9 million shares at cost, compared with $3.5 million and 1.6 million shares at March 31.

Madelene Gani: As of 30 June, treasury stocks stood at $5.9 million, representing 2.9 million shares at cost, compared with $3.5 million and 1.6 million shares at 31 March. One subsequent event to note, on 15 July, after the close of the quarter, we completed the acquisition of the Hong Kong Trust Company for total considerations of $2 million. This transaction will be reflected in our Q3 results and is disclosed in the subsequent events note to our Form 10-Q. I will now hand it back to Joseph for closing remarks.

Speaker #3: One subsequent event to note: On July 15, after the close of the quarter, we completed the acquisition of the Hong Kong Trust Company for a total consideration of $2 million.

Speaker #3: This transaction will be reflected in our third quarter results and is disclosed in the subsequent events note to our Form 10-Q. I will now hand it back to Joseph for closing remarks.

Speaker #1: Thank you, Madeline. And thank you all for joining Solana Co's second quarter 2026 operating results update. I’ll open by saying that last quarter I set out the flywheel, and this quarter we reinforced it, and that's what I want to leave you with.

Joseph Chee: Thank you, Madeline, and thank you all for joining Solana Company's Q2 2026 operating results update. I opened by saying that last quarter I set out the flywheel, and this quarter we have reinforced it, and that is what I want to leave you with. A validated cluster live in Tokyo, our first institutional stake secured, our first advisory engagement committed, and acquired trust company in Hong Kong, and the legacy business behind us. The flywheel now is gaining momentum. Moving into our next quarter, management will continue to proactively manage our SOL treasury holdings to optimize yield while maintaining rigorous risk oversight. We plan to drive ongoing optimization of human capital footprint and cost base, paired with strict financial discipline across both operating spends and capital deployment. Three priorities will define our next quarter.

Speaker #1: A validated cluster, live in Tokyo; our first institutional stake secured; our first advisory engagement committed; and a quiet trust company in Hong Kong. With the legacy business behind us, the flywheel now is gaining momentum.

Speaker #1: Moving into our next quarter, management will continue to proactively manage our Sol treasury holdings to optimize yield while maintaining rigorous risk oversight. We plan to drive ongoing optimization of our human capital footprint and cost base, paired with strict financial discipline across both operating spend and capital deployment.

Speaker #1: Three priorities will define our next quarter. First, we plan to scale Pacific Backbone beyond our current live cluster—our inaugural client, Soul Stake—to build out a larger third-party book, transforming our infrastructure into recurring, fee-based revenue streams.

Joseph Chee: First, we plan to scale Pacific Backbone beyond our current live cluster, inaugural client SOL stake to build out a larger third-party book, transforming our infrastructure into recurring fee-based revenue streams. This is expected to include the recognition of first validated related rewards during the Q3. Second, we plan to convert our advisory pipeline to actual engagements and recognize revenue while continuing to pursue opportunities to expand and diversify overall revenue base. Third, we plan to continue to execute our capital allocation strategy. With our shares trading at below net asset value, we plan to focus on enhancing the amount of SOL backing each outstanding share. We look forward to updating shareholders on our operational progress in the quarters ahead. Operator, please open the call for questions.

Speaker #1: This is expected to include the recognition of our first validated, related rewards during the third quarter. Second, we plan to convert our advisory pipeline into executed engagements and recognize revenue, while continuing to pursue opportunities to expand and diversify our overall revenue base.

Speaker #1: Third, we plan to continue executing our capital allocation strategy with our shares trading below net asset value. We plan to focus on enhancing the amount of Sol backing each outstanding share.

Speaker #1: We look forward to updating shareholders on our operational progress in the quarters ahead. Operator, please open the call for questions.

Speaker #2: Certainly. Ladies and gentlemen, if you do have a question at this time, please press *11 on your telephone. And our first question for today comes from the line of Vendor Chevalin from B.

Operator: Certainly. Ladies and gentlemen, if you do have a question at this time, please press *11 on your telephone. Our first question for today comes from the line of Fedor Shavalan from B. Riley Securities. Your question, please.

Speaker #2: Reilly. Your question, please.

Speaker #4: Thank you very much, operator, and good afternoon—and good time of day—to everyone. My first question is on the Pacific Backbone monetization and MOT in general.

Fedor Shavalan: Thank you very much, operator, and good afternoon and good time of day, everyone. My first one is on a Pacific Backbone monetization and moat in general. Beyond the Tokyo cluster, what is the revenue model once Joseph Chee's market layer tech is integrated. Is this a fee share or MEV capture arrangement? What is the realistic timeline for this project to move from cost center to revenue contributor? Thank you.

Speaker #4: So, beyond the Tokyo cluster, what's the revenue model once you treat it as market layer tech is integrated? Is this a fee-share or MEV capture arrangement?

Speaker #4: And what's the realistic timeline for this project to move from cost center to revenue contributor? Thank you.

Joseph Chee: Fedor, this is Joseph Chee. Good afternoon. Good to hear from you again. I guess this is no different from other validators that has Jito as a partner, right? We are doing the basic thing at the moment, generating, just trying to optimize the performance to get to slightly above average versus the market, right? By the way, I would think that this is not a cost center. I think almost immediately after launch we already secured third-party SOL into it, and you will see the revenue coming through. I would think that this is actually going to be profitable for this year. But again, we have to wait for the results for the coming quarter. That is my expectation. We continue to win more third-party SOL to be staked at the validator cluster that we have.

Speaker #1: I know it's nothing. This is Joseph. Good afternoon. Good to hear from you again. I guess this is no different from other validators that have G2 as a partner, right?

Speaker #1: We're doing a basic thing at the moment—just trying to optimize the performance to get slightly above average versus the market, right?

Speaker #1: We—and by the way, I would think that this is not a cost center. I think almost immediately after launch, we already secured a third-party sale into it.

Speaker #1: And you will see the revenue coming through. I would think that this is actually going to be profitable for this year. But again, we have to wait for the results over the coming quarter.

Speaker #1: That's my expectation. And we continue to win more third-party SOL to be staked at the validator cluster that we have. I think you'll hear more good news on new validator nodes being onboarded.

Joseph Chee: I think you will hear more good news on new validated nodes being launched as well, in the coming quarters.

Speaker #4: Thank you, Joseph. And as a follow-up on the same topic, what would you expect regarding the revenue impact on top of what you have now in the third quarter, just to the extent you can share now?

Fedor Shavalan: Thank you, Joseph Chee. Follow up on the same topic. What would you expect regarding revenue impact on top of what you have now in Q3, just to the extent you can share now. Thanks.

Speaker #4: Thanks.

Speaker #1: If I don't, I don't think we have the numbers available, and this is probably not the right place to give a forecast of this sort.

Joseph Chee: Fedor, I do not think we have the numbers available, and probably this is not the right place to give a forecast of this sort. I think at the moment, we do expect revenue to come through, and we are trying to build more SOL into our validator that, at this stage, would still require quite a bit of work. Hopefully, at the right time, we will be able to give you some guidance.

Speaker #1: I think, at the moment, we do expect revenue to come through, and we are trying to build more soul into our validator. At this stage, we still require quite a bit of work.

Speaker #1: Hopefully, at the right time, we'll be able to give you some guidance.

Speaker #4: Thank you. And if you allow me, the last one on capital allocation. It's a nice job in the second quarter with buybacks—obviously accretive at current valuation.

Fedor Shavalan: Thank you. If you allow me, the last one on capital allocation. It is a nice job in Q2 with buybacks, obviously accretive at current valuations. If you can just frame your work near term, what we should expect from capital allocation perspective in Q3, maybe Q4, just for the balance of the year. Thank you.

Speaker #4: If you can just frame your work near term, what we should expect from a capital allocation perspective in Q3, maybe Q4, just for the balance of the year.

Speaker #4: Thank you.

Joseph Chee: Thank you for the question. Cosmo, do you want to take this?

Speaker #1: Thank you for the question. Cosmo, do you want to take this?

Speaker #3: Yeah, happy to. Hey, for our look, I think we're going to keep executing the plan that we've laid out, which is to try to maximize our Solana per share accretion every day to the best that the market will give us.

Cosmo Jiang: Yeah, happy to. Hey, Fedor. Look, I think we are going to keep executing the plan that we have laid out, which is try to maximize our Solana per share accretion every day to the best that the market will give us. At this very moment, and over the last quarter, we have traded at a discount to NAV, and when that happens, we are happy to buy back stock. When we do that is accretive on a SOL per share basis for the company, and so we are creating value. On the flip side, we found that there has been tremendous strategic interest from large corporates, especially in Asia Pacific, that have an interest in learning about Solana and engaging with Solana.

Speaker #3: At this very moment, and over the last quarter, we've traded at a discount to NAV. And when that happens, we are happy to buy back our stock.

Speaker #3: When we do that, that is accretive on a SOL per share basis for the company, and so we're creating value. On the flip side, we found that there's been tremendous strategic interest from large corporates, especially in Asia-Pacific, that have an interest in learning about Solana and engaging with Solana.

Speaker #3: And so whether we're engaging with them on a staking basis or on a capital basis and welcoming them as investors, we found that there are ways to create value, and certainly this past quarter we had the great fortune of bringing on Mirae Asset in a very creative transaction for our investors as well.

Cosmo Jiang: And so whether we are engaging with them on a staking basis or on a capital basis and welcoming them as investors, we found that there are ways to create value, and that certainly this past quarter, we had the great fortune of bringing on Mirae Asset in a very accretive transaction for our investors as well. We will continue to find that, and as the markets rebound, we would expect that our capital market activity would rebound with it.

Speaker #3: And so we'll continue to find that. And as the markets rebound, we would expect that our capital market activity would rebound with it.

Fedor Shavalan: That is clear. Thank you very much, Joseph and Cosmo, and continue. Best of luck.

Speaker #4: That's clear. Thank you very much, Joseph and Cosmo, and continued best of luck.

Speaker #2: Thank you. And our next question comes from the line of Matthew Galinko from Maxim Group. Your question, please.

Operator: Thank you. Our next question comes from the line of Matthew Kolinko from Maxim Group. Your question please.

Matthew Kolinko: Hi. Good afternoon. Thanks for taking my question. Maybe just to lean a little bit more into the treasury operations. To the extent that you begin generating cash flow or material cash flow from the operating businesses that you are building and scaling, how do you think about if you are below NAV? Do you see putting incremental capital into the buyback from the operating business, or would you look to allocate back into the operating business from the operating business cash flow? Just curious how, as you sort of have more levers, you will look to deploy them.

Speaker #5: Hi. Good afternoon. Thanks for taking my question. Let me just lean a little bit more into the treasury operations. To the extent that you begin getting cash flow from the operating businesses that you're building and scaling, how do you think about, if you're below MNAV, do you see putting incremental capital into the buyback from the operating business, or do you look to allocate back into the operating business from the operating business cash flow?

Speaker #5: I'm just curious, as you sort of have more levers, how you'll look to deploy them.

Cosmo Jiang: Well, on capital allocation, regardless of where the revenue comes from, we do think about it as a total allocation approach once we understand what resources we have, whether that's through the staking yields, through our potential DeFi engagement, or through some of the non-SOL denominated revenue. We'll find that pay for the expenses that are required to keep the business going and growing, and then if the highest and best use of our capital happens to be buybacks at that time because of where we are trading, we'll do that. If it happens to be buying Solana because we're trading at a premium, then we'll do that. The end goal is always maximizing Solana per share, regardless of where the revenue comes from.

Speaker #1: Well, on capital allocation,

Speaker #3: Regardless of where the revenue comes from, we do think about it as a total allocation approach once we understand what resources we have, whether that's through the staking yield, through our potential DeFi engagement, or through some of this non-SOL denominated revenue.

Speaker #3: We'll find that we've paid for the expenses that are required to keep the business going and growing. And then, if the highest and best use of our capital happens to be buybacks at that time, because of where we are trading, we'll do that.

Speaker #3: And if it happens to be buying Solana because we're trading at a premium, then we'll do that. The end goal is always maximizing Solana per share.

Speaker #3: Regardless of where the revenue comes from.

Speaker #5: Great, thank you. And I guess just my follow-up: Cosmo, I think your opening remarks seem to suggest a bad market being in the consolidation phase.

Matthew Kolinko: Great. Thank you. As my follow-up, Cosmo, at the view of your opening remarks and just kind of ad market being in the consolidation phase, do you think that there's divergence across maybe the SOL Treasuries and you see other SOL Treasuries trading at deeper discounts? I'm curious where you sit as far as the consolidator of existing DApps or whether you see that as an attractive path to creating SOL per share. Thanks.

Speaker #5: To the extent that there's divergence across maybe the sole treasuries, and if you see other sole treasuries trading at deeper discounts, I'm curious where you sit as far as being a consolidator of existing DAPs, or whether you see that as an attractive path to creating sole per share.

Speaker #5: Thanks.

Speaker #3: Yeah, of course. Matt, as I'm sure you can appreciate, it's—I've been talking in generalities without mentioning any specific name. The reality is that there are only so many Solana DApps out there.

Cosmo Jiang: Yeah, of course, Matt, as I'm sure you can appreciate, I can talk in generalisms without talking about any specific name. The reality is that there are only so many Solana DApps out there, and the space is small, and so we all know each other. There's always a need to find If you want to do the dance, you need to find a dancing partner, and so finding the right circumstances, a timing, a management, a synergy perspective, it requires a lot of work. I think the opportunity for accretion is absolutely there. From our perspective, we're happy to do anything that maximizes shareholder value on either side of the coin. Does that answer your question?

Speaker #3: And the space is small, and so we all know each other. And there's always a need to find—if you want to do the dance, you need to find a dancing partner.

Speaker #3: And so, finding the right circumstances and timing, a management synergy, and perspective just requires a lot of work. I think the opportunity for accretion is absolutely there.

Speaker #3: And from our perspective, we're happy to do anything that maximizes shareholder value—on either side of the coin.

Speaker #2: Does that answer your question?

Speaker #5: Yeah, yeah. Thank you.

Matthew Kolinko: Yeah. Thank you.

Speaker #2: Thank you. This does include the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect.

Operator: Thank you. This does conclude the question and answer session, as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.