Solana Company

Hello, and thank you for standing by. Welcome to Solana Company's third quarter operating results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press Start11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Start11 again. I would now like to hand the conference over to Serena Jassy, Investor Relations. You may begin.

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, November 18, 2025 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 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission, or the SEC, on March 25, 2025. 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 would now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.

Thank you. Good morning, everyone, and welcome to our first earnings call since we successfully raised over $500 million to fund our digital asset treasury strategy in September. I'm Joseph Chee, the Executive Chairman of Solana Company. I'm honored and pleased to be able to work with the capable board of directors and executive team closely since my appointment. Additionally, since 2017, I have served as the founder and chairman of Summer Capital, one of the earliest licensed funds in Asia that invests in crypto blockchain sector, one of the co-sponsors for the Pipe transaction, and now one of the two strategic advisors to Solana Company. The Solana Digital Treasury strategy and the pipe transaction mark a new beginning for Solana Company as its shareholders. Pantera Summer are committed to providing strategic support to accelerate the growth of the company going forward. The US dollar's $120 million investment by Pantera is the single largest cash investment in Pantera history. Pantera, together with Summer Capital and its ecosystem partners, accounted for roughly half of the total capital rate, underscoring their conviction in Solana Company's strategy and long-term potential, and the company's commitment to deliver results. I believe the background experience that Pantera and Summer give HSBC both global reach and institutional credibility. Since the closing of the pipe transaction, We are now squarely focused on executing our digital asset treasury strategy. We aim to incorporate all of the learnings from our strategic investors about what has worked well and what hasn't worked to really hone the plan. As we look forward, there are three pillars of execution we are focused on. Advocacy, capital markets, and treasury management. First, let's talk about advocacy. Our goal is to maximize shareholder value, and we believe we can do so through maximizing Solana per share accumulation. One key underlying assumption there is that Solana itself is worthy of investment. Therefore, our number one job is advocating for Solana or telling the Solana story to help investors understand why Solana is a compelling asset. Solana has become the most widely adopted and financially productive blockchain in the world. It now processes close to 80 million transactions per day with a median fee below one tenth of a cent and provides a native staking yield of more than 7%. That combination of throughput, portability and productivity is why we believe Solana is the only blockchain that's both economically sustainable and institutionally relevant. We see that in the numbers. Solana is number one chain in decentralized exchange volumes, the leading platform for stable coin payments through integration with PayPal and Stripe, and one of the fastest growing ecosystem for real world asset tokenization with activities from firms like BlackRock, Franklin Templeton, and Apollo. It is definitely one of the most secure and decentralized blockchains built for institutional adoption. Our focus at HSDT has been on advocating for why Solana matters, not only to the crypto native community, but also to Main Street and traditional financial institutions globally. We believe this broader audience will ultimately determine which assets are relevant. As part of the effort, we have been proactive in reaching outside of crypto eco-chamber and bringing Solana's story to the institutional world. Since our launch, HSTV has already appeared more than 10 times on main media such as CNBC and Bloomberg, helping bridge the conversation between traditional equity investors and the Solana ecosystem. Our advisor, Dan Moorhead, my partner, Cosmo Jiang, and myself have been actively participating in media interviews, podcasts, relevant conferences and events to promote Solana Company and its underlying assets. not only in the US and UK, but also in Asia and the Middle East. We and the Solana Company were featured in many local print and digital press in the regions mentioned. Each of these opportunities reinforces our central message. Solana's speed, cost efficiency, and real-world adoption make it one of the most credible and investable assets in our industry worldwide. Since we are the designated DAT to support the Solana Foundation APEC region, we have traveled with the Solana Foundation in the management to Beijing, Shanghai, Hangzhou, Shenzhen, Hong Kong and Singapore in the last two months. By organizing and attending multiple conferences, panels, gathering intensively over a few weeks, We have managed to reach out to thousands of people, including developers, investors, universities, research institutions, regulators, industry partners, including major tech companies, to advocate for Solana blockchain as an ecosystem. The enthusiastic participation on location and the conversation we had with the local communities made us realize that Asia is probably the single largest under-penetrated market with highest potential for Solana. We believe it also has the largest population of keen users, developers, tech companies, entrepreneurs ready to embrace the high performance Solana blockchain. This outreach is translating into results. Trading volume in HSCT has meaningful outperformed the average of peer DATs, including other Solana DATs, reflecting a growing awareness of Solana's fundamentals and confidence in a DAT model. We view this as an early indicator that our advocacy strategy is working and investors are starting to view HSTT as the public gateway to Solana. As we committed to the investors during the fundraising process for the pipe transaction, we have been focused on running the business with best market practices and the highest level of governance, diligence, and care. Cosmo will go through the outstanding results we achieved with the instantaneous activation of the ATM for fundraising, the tactical approach to Solana accumulation, and the rigor and discipline we applied to staking. We believe Pantera, as the asset manager, has delivered stellar results all around since it started with the new strategy. Just to reiterate, we are attempting to build the Berkshire Hathaway of the Solana ecosystem that compounds shareholder value and trades that are premium with a strong balance sheet, a clear strategy, and the expertise of a team that's experienced with DATs and its shareholder aligned with meaningful ownership. With that, I will turn it over to Cosmo to elaborate more on our strategy in capital markets and treasury management, and let's take a closer look at our third quarter financials.