Good day, and thank you for standing by. Welcome to the Solana Company Fourth Quarter and Full Year 2025 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sarina Jassy of Investor Relations. Please go ahead.

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, March 30, 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 31, 2025, filed with the United States Securities and Exchange Commission, or the SEC on March 30, 2026, and in 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. 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.

Thank you. Good afternoon, everyone, and welcome to Solana Company's Fourth Quarter and Full Year 2025 Earnings Call. I'm Joseph Chee, the Executive Chairman of Solana Company, and I'm pleased to report on transformative year for Solana and the shareholders. When we closed our $500-plus-million PIPE transaction in September 2025, we described 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. Our digital treasury is larger. Our efficacy is broader. Our capital markets tool kit is more sophisticated, and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value-adding legs. 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 closed out 2025, I want to walk through the 3 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 or SOL and this disciplined deployment of capital to grow our holdings in a way that's accretive on a per share basis. This includes taking yield which is the unchanged income we generate by taking substantially all of our SOL. This is not passive. It requires a rigorous validated selection, MEF optimization and continuous rebalancing and it produces a meaningful and growing revenue stream. Cosmo will speak…

Thank you, Joe. Hello, everyone. I'm Cosma 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'm proud to report on a relatively strong first 6 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 fourth quarter validated that thesis. We've seen meaningful differentiation among that 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 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 the fourth quarter of 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. 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 to 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 implies across its broader digital asset portfolio. Taking rewards are automatically restated to compound returns and result is consistent daily on chain revenue…

Thank you, Cosmo. Our financial results reflect our full fourth quarter of DAT operations and the full year ended December 31, 2025. 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. 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 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 2024 due primarily to increased noncash 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 VAT strategy. Research and development expenses were $0.9 million, in line with the prior year period. 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 noncash 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 and investment due to the decline in the value of SOL. 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 nonoperating 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 nonoperating 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. 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. At December 31, 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. The combined total approximately $301 million. Total assets were $303 million and total shareholders -- $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.

[Operator Instructions] Our first question will be coming from Fedor Sabelin of B. Riley.

I just have a couple of questions. First one is on ATM and buybacks. So beyond these 2 and the stake in yield compounding organically what incremental capital rising structures are you actively evaluating? Just maybe specifically SOL collateralized term lending beyond the Kamino facility or maybe structured equity products on the table? And how do you think about the accretion now for each relative to the dilution cost of the ATM at current levels?

Yes. Thanks, nor for the question. So 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. and 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 so long as it is accretive, accretive to our shareholders, 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 -- with the high strike or high strike warrants, structured equity notes with -- where the common is being sold above NAV, potentially with additional kickers above NAV as well as preferred equity options. We're evaluating all these. It really comes down to where we think we can have 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. We are going to be focused on to the extent that we are selling our volatility via warrants that we are selling volatility at a price that makes sense. And we do think there's a reasonable world where we can continue to excel our volatility and do so via either convertible debt or equity -- structured equity.

That's helpful. And my second one, Cosmo, probably for you again. In your press release, your odd 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. And so the company has already launched the Kamino Anchorage 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 super states opening Solana delineated convertible structures or potentially mergers with complementary debt vehicles. And 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 transaction must clear before you would proceed in current environment?

This is Joseph Chee. Maybe I'll start with one point, and then I think you have kind of multiple questions in one question. I guess when we talk about highly selective strategy, it is like Cosmo, it's important that we raise capital at the right level so that would be -- it's accretive to -- for our shareholders. But at the same time, one important consideration that we bear in mind is also to bring in like high-quality strategic investors, not only the name on our share would mean something to the market would actually promote the credibility and reputation of the firm. Also, I think some of the strategic investors may work with us on some of the strategic business build-out or opportunities. And there might be someone that is very close to the Solana ecosystem. I think part of this statement here when the highly selective strategic capital market transaction. It also means optimizing the shareholder register and bringing some of the good investors under register to help us grow and also to get them on to the Solana ecosystem. We're going 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. I'll leave that to Cosmo.

Thanks, Fedor. Yes. But again, great question. I would say -- and I apologize -- apologies for this. It is dependent on what the market will give us. There's our controllables that we can control and then there's uncontrollables that are out of our hands. From a controllables perspective, I hope I can -- 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 existing investors that have been with us for a long time. We're talking to new investors who are looking at that -- who have been looking at that for a long time or even new investors that have 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. There is a little bit of a -- 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 that might bring to us, some of which Joseph Chee just mentioned. I think the other color I would give you is that we are active repurchasers of our stock, and I'd say that is -- that continues to be an interesting avenue. If someone would do the math, they would be able to get to probably something like 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. I'm 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. The asset side, which means buying things well, finding opportunities to acquire Solana in interesting ways beyond just buying spot Solana and the liability side, all the capital markets transactions we've been talking about. And in aggregate, in the 6 months since we started doing this, 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%, all right, over 6 months. No, 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. But at least like inception to date of this strategy, we're pretty happy about those results.

And our next question will be coming from the line of Matthew Galinko of Maxim Group.

You touched on the I guess, the DAT stake center and consolidation phase. I was hoping maybe you could go a little bit deeper into how you see that playing out? And over what time frame we might see consolidation, particularly in the SOL DAT?

Thank you, Matthew. It looks like you have -- I guess, your question is actually for Cosmo as well. Cosmo?

Yes. It's a great question. Look, I would say -- I wear a few hats. One is certainly as a Director of HSDT and the other is as an investor at Pantera Capital, where we've invested in many of these the DATs. And I think you realize that a lot of these DATs were formed not so long ago, right? This -- I'm realizing that now it's almost exactly the 1-year anniversary of when I decided to kick off investing in these digital asset treasuries and which really kicked off the boom in the DAT space. Almost exactly a year ago today. And so a lot of these companies and management teams have only been at it for at most a year, which was early on or more likely 3 to 6 months. And so as you would expect, many of these people who came in with the right intentions I still believe they have the right to win. 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. And so that takes some time for people to come to that realization. And so that's that's one thing to think about. The other is strategically, it has to be a good fit and culturally, you have to be a good fit. It takes 2 to tango ultimately with consolidation. To date, we've only seen one instance of DAT consolidation in the Bigpoint space. We haven't seen anything else. But I think it's -- and the easiest way to consolidate certainly Solana DAT to Solana DAT. But it is possible that we see acquisition opportunities of other assets. And certainly -- of other assets that could be accretive even if they're required by a Solana DAT. And so we're looking -- we're considering things pretty widely. But it does take 2 to tango. It does take a management team that's willing to realize that the right path forward is consolidation. And then just as importantly, there is the concept of whether it's accretive enough and while the math is kind of tricky, while everyone trades below 1x NAV, there are ways to structure it, and we don't want to give away all the capital markets special sauce that we're working on. But there are interesting things that we can do. And so we're working through that. And hopefully, we -- hopefully, there's something to do eventually, but unfortunately, nothing to report today.

Great. That's super helpful. Appreciate it, and look forward to seeing where that goes. My follow-up question is just on, I guess, the cleanup on the model. Your SG&A was about $13 million in the fourth quarter. I'm just curious if that's a good number to use as the run rate on a GAAP basis in 2026? Or is that a little bit inflated for kind of the early stages of operating through the DAT launch?

Again, thank you for the questions. I think it's probably a question that our CFO, Jeff will answer.

Yes. Are you able to hear me? Okay. All right. We talked about was the noncash compensation expense that came in during the quarter. And then also, we had higher run rate for legal and professional fees as we were setting up this new business for us. So as we get moving forward, some of that should come out of our future costs. And obviously, it's going to somewhat fluctuate as we do some of the business, but I would say for the most part, fourth quarter was higher than what we achieved to expect.

And our next question will be coming from the line of Bill Papanastasiou of Chardan Capital Markets.

For the first one, I apologize if I missed this, but just a clarification. 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're seeing the most demand from using this product? Or which one is your plan targeting first?

Bill, thanks for dialing in. So the increased partnership is still -- we're still working out the kinks. We're pretty excited to deploy, but we want to do so in a risk-managed way and in a way that -- in a risk-managed way that makes sense. We anticipate that being relatively soon, but it has not yet taken off. I would say that some of the most interesting opportunities that exist on Kamino today relate to some of their private credit yields or rather -- sorry, ready to their housing-backed financing opportunities, such as Prime, which yields in the 7% plus range. or some of the other stable coin yields, which are in the 6%-plus range. 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 want to 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 as the first ones to really do this, we anticipate that other people will want to follow and will likely follow in our footsteps. And we certainly welcome that for the growth of the Solana ecosystem. We're doing this as much for 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 in to DeFi in a much bigger way. But when we do, we believe the on-chain yields available to us on Solana could actually increase in addition to capacity increasing. And so we're pretty -- we are excited about that opportunity in the medium-term horizon.

Great. I appreciate that color. And then one last question, if I may. Kind of just a high-level one on the Solana ecosystem. 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 on chain. Perhaps you can just provide your view on where Solana sits in all of this and how you see competing with the other networks that are going after similar markets.

Cosmo, do you want to go first? I'll step in.

Bill, thank you so much for asking that. I mean as much as an investment in Solana Company is about investing in our management team's ability to execute against this plan and growth Solana per share in an effective way. The most important piece of that function is certainly Solana itself, the SOL itself and its value growth. And this 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 fine 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. Solana is very well positioned because Solana has speed, low fees, broad retail and institutional distribution make it one of the most compelling networks for RWA tokenization. Solana is the #3 blockchain for RWAs with $1.7 billion on chain and the #2 network for tokenize 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, while maybe the second or third place for a number of assets is actually the chain where assets actually move in or traded. The top 3 contributors to Solana's RWA HCBL are BlackRock product, their tokenized treasuries, Prime, which is issued by bigger markets and asset-backed credit and on those U.S. treasuries. There is a growing roster of institutional partnerships already live on the network from Apollo Global and they're tokenized private credit fund to Janus Henderson and their 2 tokenized funds on Solana or VanEck Treasury Fund or 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?

And Bill, I guess, just to add on to that, right? I think I've been asked that question many times when as we get the various functions and dinners and seminars, right? Like at the RWA that you get on to the chain, where is liquidity coming from? That's the biggest question mark for most people around the world. 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 this on-chain asset, we sort of accumulation of stable coins and crypto-based payment, mainly from cross-border payments. And a lot of that probably have to do with trade over time. We did -- I mean in various functions, we did talk about this. I think as you could see that last year, the broad numbers, the stable coins payment is already hit something like over $30 trillion, right? And a lot of this I think over time, they will stay in the form of crypto instead of turning back to PR. And if you think about 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, the market that's very export led. And as you know, all for all these cost-border trading companies, manufacturing companies, speed uncertainty, lowering the FX risk is important, but cost is also very important. And then if you see all that sort of point towards Solana. That's why we're also spending quite a bit of work in different parts of Asia, especially there are a lot of import/export trade and a lot of cross-border payments. We believe that Solana probably will be one on the main blockchain if not the blockchain to use for a lot of these cross-border payments.

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

Thank you. Thank you all for joining Solana Company's Fourth Quarter 2025 Operating Results Update, and thanks for all the good questions. We are pleased by the progress we have made this year and look forward to sharing further updates next quarter. Operator, I guess it's time to close the call.

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