Solana Company

Good day, and thank you for standing by. Welcome to the Solana Company fourth quarter and full year 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Serena 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 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 31, 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 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 advocacy is broader. Our capital market 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, director at the solar 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 companies' sole first share and contributing to the growth of Solana ecosystem. The first is capital markets. From ATM programs and other offerings to share buybacks to operating businesses that synergize directly with our sole holdings and the broader Solana ecosystem. The second is asset management. The core accumulation of sold 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 sold. This is not passive. It requires a rigorous validator selection, MEF 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 and risk-adjusted deployment into other year opportunities on Solana. We'll talk about our on-chain partnership with Anchorage and Camino 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, Token 2049, GTAC, Japan FinTech Week, among others. The company has also conducted investor roadshows and partnership meetings with Solana Foundations, with a focus on unpenetrated Asian markets, including mainland China, Japan, Hong Kong, and Singapore. In addition, the company has delivered educational presentations at Web3 and technology executive programs at leading universities and institutions, and made 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 Camino, making HSDC the first digital asset treasury to enable borrowing against natively-staked sole 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 soul, allowing us to earn staking rewards while simultaneously unlocking borrowing power on Camino, all while our assets 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 required, 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 notes connecting Seoul, Tokyo, Singapore, and Hong Kong. This infrastructure build-up is designed to drive staking and validation, support ecosystem development in the region, and diversify our revenue streams. Asia Pacific represents 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 build-up 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?