Good day, everyone. Welcome to the Sol Strategies' Fiscal Year-End 2025 Earnings Conference Call. [Operator Instructions]. On the call with us today is Mr. Michael Hubbard, Chief Executive Officer; Mr. Doug Harris, Chief Financial Officer; Mr. Max Kaplan, Chief Technology Officer; and Mr. John Ragozzino from ICR. At this time, I will turn the conference over to Mr. John Ragozzino with ICR. Please go ahead, sir.

Good afternoon, and thank you for joining Sol Strategies' Fiscal Fourth Quarter and Full Year 2025 Earnings Conference Call. Before we begin, I want to remind everyone that certain statements on this call contain forward-looking statements subject to risks and uncertainties. Actual results may differ materially from these statements. We refer you to our latest press release, MD&A and SEDAR+ filings for a detailed risk factors and assumptions. All dollar amounts are in Canadian dollars unless otherwise noted. The company assumes no significant events occur outside our normal course of business and that current trends in the digital assets markets continue. However, listeners should note that crypto markets are volatile and our business metrics can fluctuate significantly. With that, let me turn it over to Michael Hubbard, Sol Strategies' Interim CEO.

Thanks, John. Good afternoon, everyone. Let me start with what matters. The last calendar quarter of 2025 and was the quarter institutional Solana infrastructure went from theory to reality, and Sol Strategies is winning. I'm not talking about incremental progress. I'm talking about a fundamental market shift that happens maybe once or twice in a technology cycle. The regulated capital that's been sitting on the sidelines for years is now moving on chain. Trading, settlement, property rights, cash movement and so much more, the entire existing financial system is moving on chain. Sol Strategies is at the epicenter of the growing Solana economy. Already today, you can trade real securities on chain via Superstate's platform, a large complement of wrapped and synthetic securities via backed and securitized and an ever-growing cohort of stablecoins' promise to make global payments seamless and instant. There has been a fundamental shift in government policy in the United States that is driving a significant shift by major financial institutions globally as blockchain technology is recognized and accepted more broadly. We are in the engine room of this system. Through the finding of the Laine validator and before joining Sol Strategies, I spent years in the trenches building Solana infrastructure. I've lived through the network outages, economic exploits and multiple bear markets. I know this ecosystem at the code level, not the PowerPoint level. And I can tell you with absolute certainty, this technology and the blockchain are operating at performance levels not previously seen with unprecedented adoption and capabilities. We are at the beginning of a multiyear institutional build-out and Sol Strategies is perfectly positioned to capture a significant share of it. Here's the thesis. One, Solana validators secure the core network while staking is increasingly attractive to institutions seeking competitive yields while maintaining SOL…

Thanks, Michael. 2025 was a transformational year for the company. When we decided to transition the company from a Bitcoin holding company to a Solana company in late fiscal 2024, we had 2 main goals, to build a Solana treasury in a capital-efficient manner and create a Solana operating business. In year 1 of the plan, we've accomplished both goals. At September 30, 2025, we had over $126 million in our Solana treasury, up from $21 million the prior year. This conversion to a Solana treasury allowed us to build revenue and yield from our treasury cryptocurrency. We raised equity capital to grow our treasury in a capital-efficient manner, utilizing short- and longer-term debt facilities as early as January 2025 and equity raises as recently as last October through our LIFE transaction, which closed 1 day after year-end. When we complete a financing, our goal is to acquire Solana in a timely manner. We have a long-term directional view that Solana will increase. However, as we've seen, there is extreme volatility with any crypto asset. Where we set ourselves apart from other companies is that when we purchase Solana, we then delegate it as soon as possible to the company's validators. This increases the yield we earn beyond merely staking Solana and thus sets our flywheel in motion of increasing our treasury Solana without any additional debt or equity financings. During the year ended September 30, 2025, the company earned over 23,000 Solana-validated rewards from both wholly owned and third-party SOL delegated to our validators. This represents an average yield of 1.05% on the average total SOL delegated to our validators during the year, approximately 2.2 million SOL. We also earned approximately 19,000 SOL from staking rewards generated from staking our treasury SOL, representing a staking yield of 7.6%. Bear…

Thank you, Doug. 2025 marked the first full year I was with the company, and we were able to accomplish so much. On top of our treasury strategy, we grew our delegated stake to 3.3 million SOL by the end of 2025, making us one of the largest staking providers on all of Solana. While my colleagues before me spoke about tremendous milestones we hit this year and this quarter, I want to talk a bit further about all the work we did to get where we are today and what makes us respected within the Solana ecosystem. Our staking platform is backed by world-class automation and yield optimization. It's one of the main reasons why so many of our institutional customers decide to stake with us. Institutions need best-in-class yield availability and security. We offer this further backed by our institutional certifications. However, this is really just the start. This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like VanEck. Many of you listening on the call today have a long background in financial services with some familiarity with crypto. As many of you know, crypto is a highly technical field. terminology like MEV, inflation rewards, block rewards and epoch is not something a manager of a traditional fund knows about. Additionally, one of blockchain's biggest appeals is how fast funds settle. Coupling crypto's highly technical nature with how fast funds settle, you might be able to imagine how difficult it might be to build out reporting for something like VanEck Solana ETF. This is one of the main developments we made this cycle within the engineering department. We added capabilities to our reporting stack to manage all of VanEck's reporting for them. On top of our high yield and enterprise-grade security, this is…

Thank you, Max. My tenure at Sol Strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company. Being promoted to Chief Operating Officer since joining has allowed me to directly drive forward key initiatives, including the successful NASDAQ cross-listing and the final receipt of our shelf prospectus. Following the successful closure of our LIFE offering, we finalized regulatory filings and readied ourselves. The ATM program is vital to providing necessary financial flexibility and capital access to support both our current projects and our future growth opportunities. Recently, I, along with several executive team members attended Breakpoint in Abu Dhabi, the year's most significant Solana conference. What truly inspires me about the future of Sol Strategies is the palpable evolution of the entire Solana economy and the tangible transition of traditional finance markets moving on chain. It is clear that the future of international finance will operate on chain, and we firmly believe Solana is poised to be the primary beneficiary of this. Sol Strategies is uniquely positioned to capitalize on this generational leap. Moving forward, I am committed to leading the company's growth. This will involve expanding our product offerings through both organic strategy and M&A, increasing our pipeline of new business and ensuring our existing operations are as lean and as efficient as possible. 2026 is shaping up to be an exceptionally exciting year, and we are well prepared to succeed.

Thanks, Max, Andrew and Doug. Before I wrap up, here's what I need you to understand. Sol Strategies is not a bet on Solana's price. It's a bet on institutional infrastructure adoption. It's a bet on a global unified financial system operating at the speed of light on the most capable and promising Blockchain for that purpose. And that reality is far more durable than any single tokens price movement. We filed our ATM with this in mind. It is a tool that is available to us and which we will draw upon when it is accretive to shareholders, not one we will be blindly firing away on. We are well positioned to take advantage of when the growth continues to accelerate. We will continue to position ourselves as a leader in the Solana economy, and everything we do is looking forward to that growth. We're going to be aggressive on strategic M&A. We're going to be disciplined on capital allocation. And we're going to move faster than anyone trying to catch us. We're going to be relentless on execution. Lastly, stay tuned for our next announcement of a brand-new product that we're announcing very soon that will further enhance our revenue platform. To our shareholders, thank you for backing us during this build-out phase. The institutional adoption we've been talking about for 18 months this year, now we execute. To our partners, thank you for trusting us with your capital and your reputation. We don't take that lightly. To our team, let's finish what we started. We didn't build this company to be second place. Operator, let's open it up for questions.

[Operator Instructions] We'll go first this afternoon to Brett Knoblauch of Cantor Fitzgerald.

I think you talked about how Solana is kind of seeing like the institutional momentum is here today, and you talked about your pipeline being maybe much bigger than what it's been in the past. Could you maybe just elaborate on that, kind of the north of $5 million of validator revenue this year? Where are you expecting that to go? How much opportunity do you see in the pipeline? How are those deals compared to the deals that you have signed with institutional clients today? And is this something where maybe the pipeline or activity or demand has increased recently? Has it been steadily growing? How should we think about that?

Yes. Thanks, Brett. That's a great question. Definitely, we've been seeing a very steady increase in institutional demand over the last 6 to 9 months, I would say, particularly. I think just today, we saw the Morgan Stanley Solana ETF announcement, which is great news. More and more big institutions coming into the space. As far as the pipeline goes, the way we're seeing it is that -- so we have a couple of different sort of products in the staking space. ETFs are one of our targets as we've seen with the VanEck ETF. And we're seeing some growth in the demand there and we're going to continue to target those. But we're also seeing that institutions and -- institutions is kind of a broad term, right? So institutions being kind of the traditional banks. But also more and more of kind of the financial midsized companies in the space are getting more interested in what Solana has to offer beyond just staking and just kind of the kind of vanilla options, right? So we're seeing opportunity there in how we can become an intermediary and offer services to all of these players and become their gateway to the entire Solana ecosystem and DeFi space. So what I'm trying to say here is that the pipeline has been growing consistently, and we're getting inquiries and we're talking to people and having conversations that are evolving beyond kind of just the simple plain staking type relationships. And as we have more to announce there and specific offers -- sorry, specific partnerships, we'll obviously be making those announcements.

[Operator Instructions] We go next now to John Roy of Water Tower Research.

So I know you mentioned a number of strategic initiatives. I wonder if you could maybe give us a little more maybe color on milestones we might see going forward? Obviously, the institutional growth is going to create announcements, but you can't obviously preannounce those. Just wondering if there's any specific milestones do you see coming that we could track?

Absolutely. Thanks, John. So right now, our primary products that we're offering is staking services, right? So we've got clients like VanEck or just anyone on the blockchain who can come and stake with any of our validators, completely permission us. Right now, we have over 27,000 people and/or companies that are staking with us across our validators that we're operating. We also offer white label validator services. So we operate validators for groups such as Solana Mobile. So if you buy a Solana mobile phone, the default validator on that phone and there's over 150,000 devices ordered, will be a validator operated by us. Now we're looking at expanding into new products in the staking space. And we will have an announcement relating to that later this month. So that will be coming up very soon. I can't say too much more right now, but keep your eyes out for that. And then we are looking at other opportunities in the broader infrastructure space as well, not directly related to staking but other infrastructure services that may be interesting to institutions and entities that want to become more active and operate in the Solana blockchain and ways that we can help them access that ecosystem.

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

Yes, I haven't actually seen that yet. Look, generally speaking, I don't have too much of a reaction. We're not a DAT. We don't consider ourselves one. So we never really thought that this was going to be that relevant to us in particular. I think it's an interesting situation for other DATs, and it sounds like it may be a bit of a lifeline. But broadly speaking, I think the market as a whole has been very interesting in the last 6 to 9 months. We have seen a lot of DATs launch and we're going to see a lot of competition, I think, between ETF and DATs going forward. And we're very happy to be where we are, which is focus on the infrastructure and focus on building a revenue-generating business as opposed to being a pure treasury play.

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

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

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

Thank you very much, Mr. Hubbard. Again, ladies and gentlemen, that will conclude the Sol Strategies' Fiscal Year-End 2025 Earnings Conference Call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.