Sol Strategies Inc.

Please stand by. We're about to begin. Good day, everyone. Welcome to the Sol Strategies Incorporated fiscal quarter-ended March 31st, 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's prepared remarks, we will conduct a question-and-answer session. In order to ask a question or make a comment, please press the star key followed by the number 1 on your touchtone phone. On the call is Leah Wald, Chief Executive Officer, Doug Harris, Chief Financial Officer, and Max Kaplan, Chief Technology Officer, and John Ragazzino from ICR. At this time, I would like to turn the conference over to John Ragazzino with ICR. Please go ahead, sir.

Good afternoon, and thank you all for joining the Sol Strategies Fiscal Second Quarter 2025 Earnings Conference Call. Before we get started, I want to remind everyone that certain statements discussed on this call are based on information as of today, June 2nd, 2025, and contain forward-looking statements which are subject to risks and uncertainties given our operating history, market volatility, and industry growth. Trends could materially deviate from today's levels, and as such, actual results could differ materially from our forward-looking statements. The comments made during this conference call were in the latest reports and CEDAR filings, each of which can be found on our website at www.soulstrategies.io or under our profile at www.cedarplus.ca. The company has made assumptions that no significant events occur outside the company's normal course of business and that the current trends in respect of digital assets continue. Listeners are cautioned that metrics of our business fluctuate and may increase and decrease from time to time, and that such fluctuations are beyond the company's control. The company does not undertake any duty to update any forward-looking statements except what are required by law. The company also wants to caution listeners that past performance is not indicative of future performance and that current trends in the business and demand for digital assets may not continue, and listeners should not put undue reliance on past performance and current trends. This call will touch on certain unaudited performance metrics of the business through the quarter ended March 31st, 2025, provided in the earnings press release issued on May 30th, 2025. And I would encourage each of you to review the forward-looking statements, risk factors disclosures, and similar disclosures in the press release. Please note the dollar amounts referenced are in Canadian dollars unless otherwise noted. Leah will review Sol's strategy's progress towards the company's strategic objectives within the rapidly growing digital assets industry during the March quarter. Doug will then review the financial performance during the quarter and provide an update on our balance sheet and capital markets activity. And Max will discuss our operations and technology initiatives before we open the floor for your questions. With that, let me turn the call over to Leah.

Thank you, John. This quarter marked a watershed moment in our transformation. We acquired Lane, one of the most respected validator operations in the Solana ecosystem, propelling our total staked assets from 1.57 million SOL in December to 3.39 million SOL by quarter end, a 113% increase that now places SOL Strategies among the largest validator operators on the network. We now support over 5,500 unique wallets and have been recognized as a preferred validator within BitGo's institutional platform. With industry-leading compliance certifications in place and our planned up listing to the NASDAQ, we're not just scaling. We're setting the institutional standard for secure and transparent staking, redefining what institutional-grade blockchain infrastructure looks like. These milestones are not isolated achievements. They are clear signals of our role in shaping the financial rails of tomorrow. We're standing on the edge of a generational shift in capital markets, and Soul Strategies is building the rails for it. Years ago, I was drawn to Bitcoin for its promise to democratize access to financial systems. It was a bold foundational change. Today, we're witnessing that same transformational potential through tokenization. Just as electronic trading disrupted Wall Street, tokenization has the potential to transform how the world can access and trade assets, making markets faster, cheaper, more transparent, and truly global. And this transformation can only be built at scale on Solana. Solana's unmatched speed, scalability, and cost efficiency aren't just nice to have. They're prerequisites for tokenizing real-world assets at scale. That's why we're not just betting on Solana, we're building on it with conviction. Tokenization isn't a buzzword for us. It's a strategic mandate. We are positioning full strategies to become the first public company to tokenize equity on Solana, and we're leading that charge with intent, speed, and credibility. We're witnessing a fundamental shift in how financial markets operate. Babelcoin regulation is crystallizing globally, with Solana processing the second largest volume on USDC transactions worldwide. Real-world asset tokenization isn't theoretical anymore. It's happening right now. And we're not just watching from the sidelines. We're building infrastructure that makes it possible. This is where SolStrategy's unique positioning becomes critical. We are a technology company, Solana's technology company. We build infrastructure, operate validators, develop products, and innovate within the ecosystem. Every initiative we pursue flows back to strengthening our core business, delivering sustainable, long-term value to shareholders. Before we dive into our results, I want to acknowledge the remarkable dedication of our team and the continued support of our stakeholders during what has been a transformative quarter. But more than that, I want to share why this moment in time represents an unprecedented opportunity, not just for sole strategies, but for everyone who believes in the future of digital finance. To make our vision real, we made a major strategic acquisition this quarter. We acquired one of the most respected validator operations in the Solana ecosystem, Lane. But this was far more than a validator acquisition. It marked a strategic turning point. Alongside this respected operation, we brought on Michael Hubbard as Chief Strategy Officer, a rare talent with deep expertise in both Solana's technical architecture and global capital markets. Michael now leads our tokenization roadmap and other transformative initiatives core to our long-term vision. His leadership is already accelerating on execution and sharpening our strategic edge. What drives me personally, it's the people. Across our validators, Lane, Cogent, Orangefin, and our sole strategies node, we now serve over 5,500 unique wallets with industry-leading performance metrics. Retail participants who have been staking with our acquired validators for years, through market cycles, through volatility, without tapering off. And let me be unequivocal. We are not a fund. We are not a NAV story. We are not some pseudo-tech marketing rapper pretending to be innovation. This company was founded to shape the future, not shape someone else's past. We've been building the infrastructure, products, and systems that will power the next era of finance. I'm here to lead builders. We're here to win. Our longer-term vision for Sol Strategies is to be the premier institutional-grade staking partner as the current trend of adoption continues to accelerate. By leveraging our focus on industry-leading compliance, transparency, performance, and technology to create the best user experience combined with industry-leading performance and transparency, we expect to be the clear choice for the tremendous inflow of capital just beginning to step into the market. We have the team to execute this vision. And as the only publicly traded pure play Solana native tech company in the world, we are not just a bet on soul. We are the strongest, clearest expression of belief in its long-term dominance. I'm incredibly proud of what we're building and even more excited for what comes next. This quarter, we also expanded our validator infrastructure through our white label program, including the addition of a dedicated validator for Pudgy Penguins, a globally recognized multi-billion dollar brand. It's a strong signal of institutional trust and the growing reach of our platform. We continued on our march to become the definitive institutional staking platform in the Solana ecosystem. The market cap for cryptocurrencies is already $3.29 trillion and expected to continue to grow. Solana, already capable of handling 10% of NASDAQ's capacity, and is becoming the backbone for tokenized real-world asset flows. As this trend accelerates, our infrastructure becomes increasingly vital. Our institutional staking strategy is taking hold. We've expanded our client base and secured additional delegated soul through our integration with BitGo, where we've been selected as a preferred validator within their institutional offering. This provides us with a powerful distribution channel to tap into a growing pipeline of high-quality institutional delegators. A standout success this quarter was our exclusive partnership with DigitalX, facilitated through BitGo's infrastructure, Asia-Pacific region. It's a powerful validation of both our performance and the trust BitGo and their clients place in our platform. We're actively in conversations with traditional asset managers, family offices, and crypto-native ETS. Institutional adoption is accelerating and our pipeline is the strongest it's ever been. A critical pillar of this growth is our investment in compliance. The company completed SOC 1 and SOC 2 Type 1 audits alongside the already existing ISO 27001 certification. As Max will elaborate upon more in a moment, this level of transparency, risk management, and control is what gives institutions the confidence necessary to delegate significant capital to our platform. On the tech side, we launched our staking app. not just a product milestone but a leap forward in validator management infrastructure with features like advanced analytics real-time performance monitoring and integrated risk tools we're making staking institutional grades capital markets activity was also transformative this quarter we filed a preliminary us 1 billion based shelf perspective giving us the flexibility to raise capital as opportunities emerge We drew down an initial U.S. $20 million tranche of our $500 million convertible note facility with ATW Partners, a first-of-its-kind structure in this sector. In the past six months, we have secured over U.S. $525 million in capital commitments. We currently hold approximately 100 million Canadian dollars of SOL on our balance sheet. And due to our capital raising activities, we have the flexibility to raise much more. This isn't just financing. It's a validation of how capital markets are evolving to support blockchain infrastructure. We've deployed that capital to expand our SOL balance sheet and validate our network. Unlike others who outsource, we operate our own validator nodes. That means in addition to staking rewards earned on our sole, we earn an additional unique revenue stream through the block rewards, as well as driving an enhanced return on our stake sole, which compounds over time. Looking forward, the tailwinds are undeniable. Solana's daily active users and total value lost in DeFi are growing rapidly. Solana Mobile, ecosystem grants, and regulatory clarity are accelerating developer momentum and institutional interest. We've laid the groundwork, we've built the infrastructure, we've earned the trust, and now we're scaling. Thank you for your continued belief in our mission. With that, I'll turn it over to Doug.