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 30th, 2026, only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information.

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in the sections entitled Risk Factors in our annual report on Form 10-K for the year ended December 31st, 2025, filed with the United States Securities and Exchange Commission, or the SEC, on March 30th, 2026, 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 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 a transformative year for Solana and its 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 that ambition with tangible results across every dimension of our strategy. Our digital treasury is larger, our advocacy is broader, our capital markets toolkit is more sophisticated, and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value-adding legs.

I'll speak to the strategic picture, and then Cosmo, a Director at The Solana Company, will take you through the operational and financial results. As we close out 2025, I want to walk through the three distinct activities that together define the foundation of The Solana Company and how each contributes to our goal of creating long-term shareholder value by growing Solana Company's SOL per share and contributing to the growth of Solana ecosystem.

The first is capital markets: from our ATM programs and other offerings to share buybacks to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem. The second is asset management: the core accumulation of SOL and the disciplined deployment of capital to grow our holdings in a way that's accretive on a per-share basis.

This includes staking yield, which is the on-chain income we generate by staking substantially all of our SOL. This is not passive; it requires rigorous validator selection, MEV optimization, and continuous rebalancing, and it produces a meaningful and growing revenue stream.

Cosmo will speak to the specific APR we achieved in 2025 and year to date 2026, and how that compares to public benchmarks. It also includes intelligent risk-adjusted deployment into other yield opportunities on Solana.

We'll talk about our on-chain partnership with Anchorage and Kamino on this front later. The third is marketing and partnership: our role as a designated DAT partner to the Solana Foundation, particularly in Asia-Pacific, and the broader institutional outreach that has defined our public presence since launch.

This has included publishing educational content on Solana and DATs on our website, participating in prominent podcasts, engaging with local print and online media, and presenting at key ecosystem industry events, including Solana Breakpoint Abu Dhabi, Solana Accelerate, Consensus Hong Kong, Hong Kong FinTech Week, TOKEN2049, GITEX, Japan FinTech Week, among others. The company has also conducted investor roadshows and partnership meetings with Solana Foundation with a focus on underpenetrated Asian markets, including Mainland China, Japan, Hong Kong, and Singapore.

In addition, the company has delivered educational presentation and Web3 and technology executive programs at leading universities and institutions, and make regular appearances on mainstream financial media outlets, including CNBC and Bloomberg. We are also very active in engaging the bankers and research analysts of investment banks and brokers to promote coverage on Solana and Solana Company.

The company also intends to establish a strategic partnership with major financial institutions across key markets, which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives. In February, we announced a landmark collaboration with Anchorage Digital and Kamino, making HSDC the first digital asset treasury to enable borrowing against natively staked SOL held in qualified custody.

This is the first of its kind tri-party custody model to access on-chain protocols on Solana. Under the structure, Anchorage Digital acts as a collateral manager for our natively staked SOL, allowing us to earn staking rewards while simultaneously unlocking borrowing power on Kamino, all while our asset remain in a segregated account at Anchorage Digital Bank, never leaving custody.

Anchorage Digital's ATLAS collateral management system provides 24/7 automated oversight of loan-to-value ratios, orchestrate margin and collateral movements, and execute rules-based liquidations when require, giving us institutional-grade risk and compliance control alongside direct on-chain participation. Also in February, we announced the Pacific Backbone, a strategic roadmap to invest in a new low-latency cluster across the Asia-Pacific region, beginning with nodes connecting Seoul, Tokyo, Singapore, and Hong Kong.

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

Yet, it remains significantly underserved by the Solana existing network infrastructure. The Pacific Backbone is our commitment to closing that gap.

We plan to begin activating nodes immediately, optimize performance and adopt new technologies in the second half of 2026, and launch liquidity-related products and services within the next 12 to 18 months. The buildout is designed to serve market makers, high-frequency traders, exchanges, and traditional finance partners, and is expected to include DeFi, liquid staking, AMM, RPC, and execution services for institutional partners in the region.

With that, I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results and some of the key financials. Cosmo?

Thanks, Joe. Hello, everyone.

I'm Cosmo Jiang, a Director of Solana Company and General Partner at Pantera Capital. Pantera has been the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am proud to report on a relatively strong first six months of operation.

As I noted last quarter, we believe the genesis phase of the digital asset treasury market is over. The white space that we identified earlier in 2025 has been substantially filled.

We're now squarely in the execution and consolidation phase, and I believe the fourth quarter validated that thesis. We've seen meaningful differentiation among DATs, 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 31st, 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 that same pattern of disciplined outperformance.

This staking yield is generated through careful validator selection, active MEV capture, and continuous rebalancing—the same institutional approach that Pantera applies across its broader digital asset portfolio. Staking rewards are automatically restaked to compound returns, and the result is consistent daily on-chain revenue that can fund the operations of the business and grow the company's SOL per share.

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

Turning to capital markets. Different market environments and valuation paradigms provide different opportunities, and regardless, we plan to always pursue actions that are accretive on a per-share basis.

Since the launch of our digital asset treasury, we've been able to grow SOL per share through both share issuance as well as share buybacks. Early in the fourth quarter, when our stock traded well above 1.0 times mNAV, our ATM program was a useful tool for disciplined issuance.

We raised over $29 million through the ATM program, with proceeds deployed primarily into SOL purchases. When the broader digital assets markets pulled back, we also saw our valuation multiple compress to below 1.0 times mNAV, at which point share repurchases became an accretive option.

We have now executed over $3 million in share repurchases year to date under our buyback program adopted this past November, funded primarily by the sale of Solana at prices that were accretive to NAV per share. We believe the ability to operate on both sides of the capital structure, which means issuing when trading at a premium and buying back when trading at a discount, is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model.

Looking ahead to 2026, we continue to evaluate the full spectrum of capital formation alternatives, including convertible debt, warrant-linked structures, and strategic M&A. We're often in exploratory conversations with many different investors, ranging from retail brokerages to family offices to strategic corporates to institutional hedge funds and long-only funds, and we do welcome any shareholder feedback and referrals.

Next, our treasury. As of December 31st, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins.

The company's diluted share count, including common shares and in-the-money warrants, was 84.1 million shares. As of March 27th, 2025, Solana Company held 2.33 million SOL tokens.

The company's diluted share count, including common shares and in-the-money warrants, was 82.6 million shares. That means that in the six months since the beginning of embarking on our digital asset treasury strategy on September 18th, we've actually increased our SOL per share by 14%.

This is measured using the value of the capital raised divided by the price of SOL and the diluted share count at transaction close compared to the March 27th figures just mentioned. We are proud of that meaningful per-share accretion from our active management.

I will now turn the call over to Jeff Mathiesen for the financial results.

Thank you, Cosmo. Our financial results reflect our full fourth quarter of DAT operations and the full year ended December 31st, 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 non-cash compensation costs, salaries and wages, digital asset management and custodian fees, as well as legal and professional fees in conjunction with the addition of the company's DAT strategy.

Research and development expenses were $0.9 million, in line with the prior year period. Total operating expenses for the fourth quarter of 2025 were $206.1 million, compared to $3.1 million in the fourth quarter of 2024.

Operating expenses included non-cash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million for realized loss on digital intangible assets, and $2.1 million for unrealized loss on digital assets fund 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 non-operating income for the fourth quarter was $526.6 million, and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September PIPE transaction, compared to non-operating loss of $0.8 million in the prior year period, comprised mostly of foreign exchange loss. We reported net income for the fourth quarter of 2025 of $325.6 million, or earnings of $4.25 per basic and diluted common share, based on weighted average shares outstanding of 76.6 million shares.

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 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, for a combined total approximately $301 million. Total assets were $303.9 million, and total shareholders' equity was $300.9 million at year-end.

With that, operator, let's now open the call up for questions.

Thank you very much, operator. Good afternoon, everyone, and thank you for the update.

I just have a couple questions. First one is on ATM and buybacks.

Beyond these two tools and the staking yield compounding organically, what incremental capital-raising structures are you actively evaluating? Specifically, SOL-collateralized term lending beyond the Kamino facility, or maybe structured equity products on the table?

How do you think about the accretion hurdle for each relative to the dilution cost of the ATM at current levels? Thank you.

Cosmo, looks like a question for you.

Yeah. Thanks, Fedor, for the question.

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 one times NAV, we think share buybacks are pretty powerful tool to accrete value per share for our shareholders. We have an outstanding share buyback program that will continue to pursue.

At the same time, there are interesting ways where we can raise additional capital in a prudent way, so long as it is accretive 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 a high strike or high-strike warrants, structured equity notes 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 get the best terms and where the market is.

It does seem like that there is appetite to do things, but you guys will know when we actually do execute. 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.

We do think there's a reasonable world where we can continue to sell our volatility and do so via either convertible debt or structured equity.

Thank you very much for the color. That's helpful.

My second one, Cosmo, probably for you again. In the press release, your quote references "pursuing highly selective strategic capital markets transactions to advance the company's objectives."

Can you help me understand what "highly selective" actually means in practice? The company has already launched the Kamino Anchorage borrowing structure and this recently announced Pacific Backbone infrastructure initiatives.

Does strategic capital markets transactions refer to new instruments like tokenized equity through Superstate's Opening Bell, Solana-denominated convertible structures, or potentially mergers with complementary DAT vehicles? Given that Solana Company's fully diluted share count moved a little bit by late March through warrant exercises and buybacks, what is the internal hurdle rate or Solana per share accretion test that a transaction must clear before you would proceed in current environment?

Thank you very much.

Fedor, it's Joseph Chee here. Maybe I'll start with one point, and then I think you have kind of multiple questions buried in one question.

I guess when we talk about highly selective strategic, it is like Cosmo said, it's important that we raise capital at the right level so that it's accretive for our shareholders. At the same time, one important consideration that we bear in mind is also to bring in high-quality strategic investors.

Not only their name on our share register would mean something to the market, would help to 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 buildouts or opportunities, or they might be someone that is very close to the Solana ecosystem. I think part of this statement here when we say highly selective strategic capital markets transactions, it also means optimizing the shareholder register and bringing some of the good investors onto register to help us grow, and also to get them onto the Solana ecosystem, when they build out their businesses on the blockchain, right?

Then I guess for the rest of the question that talks about hurdle rates and things like that, I'll leave that to Cosmo.

Thanks, Joe. Fedor, again, great question.

I would say, and I pre-apologize for this, it is dependent on what the market will give us. There's our controllables that we can control, and then there's the uncontrollables that are out of our hands.

From a controllable perspective, 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 have been looking at DATs for a long time or even new investors that have not looked at DATs, but are looking for Solana exposure in a alpha-generative way.

We're talking to all these folks about what kinds of things make the most sense for them. When you talk about accretion, different structures can be accretive on different time horizons as well, right?

There are some structures where 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 continues to be an interesting avenue.

If someone were to 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 with less accretion than that.

I am very proud to say that we are managing both the asset side of the balance sheet as well as the liability side of the balance sheet. 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.

In aggregate, in the six months since we've started doing this, I would say it's pretty compelling that we've been able to grow Solana per share by 14% over six months. Now, I'm definitely not saying that that is what we will do going forward or an estimate that the market will present the opportunity for us to do that.

At least inception to date of this strategy, we're pretty happy about those results.

That was clear. Thank you very much.

Thanks very much for your color, and best of luck.

Hey, appreciate taking my questions. You touched on, I guess, the DAT space entering consolidation phase.

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 DATs. Thanks.

Thank you, Matthew. I guess your question is actually for Cosmo as well.

Cosmo?

Yeah. It's a great question.

Look, I would say, I wear a few hats. One is certainly as a Director of Solana Company, and the other is as an investor at Pantera Capital, where we've invested in many of these DATs.

I think you'll realize that a lot of these DATs were formed not so long ago, right? I'm realizing that now it's almost exactly the one-year anniversary of when I decided to kick off investing in these digital asset treasuries, which really kicked off the boom in the DAT space, almost exactly a year ago today.

A lot of these companies and management teams have only been at it for at most a year, which was an early one, or more likely, three to six months. As you would expect, many of these people who came in with the right intentions still believe they have the right to win.

It's 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. That takes some time for people to come to that realization.

That's one thing to think about. The other is strategically it has to be a good fit, and culturally it has to be a good fit.

It takes two to tango, ultimately, with consolidation. To date, we've only seen one instance of DAT consolidation in the Bitcoin space.

We haven't seen anything else. The easiest way to consolidate, certainly, Solana DAT to Solana DAT.

It is possible that we see acquisition opportunities of other assets, and certainly of other asset DATs that could be accretive even if they were acquired by a Solana DAT. We're considering things pretty widely.

It does take two to tango. It does take a management team that's willing to realize that the right path forward is consolidation.

Then, just as importantly, there is the concept of whether it's accretive enough. While the math is kind of tricky while everyone trades below one times 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.

We're working through that. Hopefully there's something to do eventually, but unfortunately nothing to report today.

All right, great. That's super helpful.

Appreciate it and look forward to seeing where that goes. My follow-up question is just on, I guess, a 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? Thanks.

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

Jeff?

Are you able to hear me?

Now I can, yes.

All right. What we talked about was the non-cash 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.

As we get moving forward, some of that should come out of our future cost. 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 you'd expect.

Thank you.

Good evening, gentlemen. Thank you for taking my questions.

For the first one, apologize if I missed this, but just 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 ones you plan on targeting first? Thanks.

No worries, Bill. You didn't miss anything.

Cosmo?

Bill, thanks for dialing in. The Anchorage partnership, we're still working out the kinks.

We're pretty excited to deploy, but we want to do so 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 their housing-backed financing opportunities, such as Prime, which yields in the 7%-plus range, or some of this other stablecoin 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 an really interesting spread.

Now, we want to do so, again, in a risk-managed and controlled way, but we do think that that is available to us, and we feel pretty good about the capacity of those opportunities. We do think that, as the first one 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 participate in the ecosystem and encourage others to participate. Right now, we haven't seen a lot of other institutions start to deploy yet in Solana DeFi.

I think a big piece of that is the regulatory clarity. People are looking for market structure legislation to pass in order to come into DeFi in a much bigger way.

When we do, we believe the on-chain yields available to us on Solana could actually increase, in addition to capacity increasing, and so we are excited about that opportunity in the medium-term horizon.

Great, appreciate that color. 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 markets on-chain. Perhaps you can just provide your view on where Solana sits in all of this, and how you see it competing with the other networks that are going after similar markets.

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

Happy to. Look, Bill, thank you so much for asking that.

As much as an investment in Solana Company is about investing in our management team's ability to execute against this plan and grow 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. This really comes back to why we are so excited about pursuing a Solana-based digital asset treasury, because one of the areas that we're seeing really find 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's speed, low fees, broad retail and institutional distribution make it one of the most compelling networks for RWA tokenization. Solana is the number three blockchain for RWAs, with $1.7 billion on-chain, and the number two network for tokenized stocks, with over $260 million of value locked.

According to Blockworks Research, Solana has facilitated almost 98% of tokenized equity spot volume by blockchain, showing that Solana is actually, while maybe the second or third place for number of assets, is actually the chain where assets actually move and are traded. The top three contributors to Solana's RWA TVL are BlackRock products, their tokenized Treasuries; Prime, which is issued by Figure Markets, an asset-backed credit; and Ondo's US Treasuries.

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

Yep.

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

All the RWA that you get onto the chain, where's liquidity coming from? That's probably the biggest question mark for most people around the world.

Let's say you have another $10 trillion of asset coming on-chain, who's buying it? We think that a lot of this liquidity that will be buying these on-chain asset will be sort of accumulation of stablecoins and crypto-based payment, mainly from cross-border payments.

A lot of that probably have to do with trade over time. In various function, we did talk about this.

I think, as you could see that last year, in the broad numbers, the stablecoins payment is already hit something like over $30 trillion, right? A lot of this, I think over time, they will stay in the form of crypto instead of turning back to fiat.

If you think about 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 markets that's very export-led. As for all these cross-border trading companies, manufacturing companies, speed, certainty, lowering the FX risks is important, but cost is also very important.

Then you could 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 of the main blockchain, if not the blockchain, to use for a lot of these cross-border payments.

Great. Thank you for all the color.

Thank you. Thank you all for joining Solana Company's fourth quarter and full year 2025 operating results update, and thanks for all the questions.

We are pleased by the progress we've made this year and look forward to sharing further updates in next quarter. Operator, and I guess it's time to close up the call.

Thank you.