Sol Strategies Inc.

Good day and welcome to the Sol Strategies Inc. Fiscal 3Q 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 touchstone phone. On the call are Leah Wald, Chief Executive Officer, Doug Harris, Chief Financial Officer, Max Kaplan, Chief Technology Officer, and John Regosino with ICR. At this time, it is now my pleasure to turn today's conference over to John Regosino with ICR. Please go ahead, sir.

Good afternoon, and thank you for joining the Soul Strategies Fiscal Third Quarter 2025 Earnings Call. Today's discussion, based on information as of August 26, 2025, will include forward-looking statements subject to risks, uncertainties, and market volatility. Actual results may differ materially from these statements due to factors beyond our control. We'd like to refer you to our latest press release, reports, and CEDA Plus filings available on our website and through our CEDA Plus profile for detailed risk disclosures and assumptions, including that no significant events outside the normal course of business. Please note that past performance and current trends in the digital asset sector may not continue, and listeners should not place undue reliance upon them. The company does not undertake to update forward-looking statements except as required by law. This call will also reference unaudited performance metrics for the quarter ended June 30th, 2025, as outlined in today's press release. Unless otherwise noted, all dollar amounts are in Canadian dollars. Leah will review our progress towards our strategic objectives in the digital asset sector. Max will then provide an update on our operations and technology. And Doug will discuss our quarterly financial results before we open the floor with questions. With that, let me turn the call over to Leah.

Thank you, John, and good afternoon, everybody. This has been another transformative quarter for Sol Strategies. As I look across the digital asset landscape, it's increasingly clear that fiscal 2025 marks a true inflection point, not only for our company, but for the broader institutional adoption of blockchain infrastructure. We're operating against the backdrop of meaningful regulatory progress. The Genius Act, Advancing in Congress, and the SEC's Project Crypto Initiative are providing the clarity and consistency that public companies have long needed to participate more fully in digital assets. This isn't just incremental progress. It's laying the foundation for how digital assets will be integrated into the global financial system over the coming decades. The pace of adoption has been remarkable. Year-to-date digital asset tragedy, or DAT, companies have raised over $39 billion. Today, there are more than 290 publicly traded companies that are deploying digital assets on their balance sheets, representing over $100 billion in aggregate allocation. For public investors, DAT companies offer something unique, SEC-compliant, liquid, and efficient vehicles to gain crypto exposure through equity markets. but with rapid adoption comes market saturation, and not all debt models are created equal. The market is coalescing into three distinct categories, and understanding this evolution is critical to our positioning. First, non-yield generating treasuries, predominantly Bitcoin companies whose growth depends almost entirely on external capital raises and financial engineering. They provide simple exposure, but without organic compounding. Second, yield-generating treasuries built on proof-of-stake-based tokens, such as Ethereum or Solana, earning about 8% annually through staking. These are more capital-efficient than Bitcoin-only models, but remain constrained by staking yield limits. Third, full strategies represent what we call DAT++, pairing organic staking yields with infrastructure-driven validator revenues. This dual engine allows us to compound treasury holdings and nearly double the rate of peers while contributing meaningfully to network security and decentralization. Let me be specific about what this means. While staking-only companies are able to grow their treasury by about 8% annually, our strategy compounds at roughly 16% on an organic basis. That difference may appear incremental in a single year, but compounded over multiple years, it creates a step change in scale, efficiency, and shareholder values. Our operational metrics this quarter demonstrate the strength of our execution. We surpassed $1 billion in delegated sold with almost 7,000 unique wallets staking to our validators, reflecting growing trust from both institutional and retail delegators. We maintained perfect 100% uptime on our core lane validator and delivered APYs consistently exceeding network averages. On the capital markets front, we continue advancing on our U.S. listing strategy with strong progress towards NASDAQ uplisting. We completed the required stock consolidation, and our recently filed shelf registration provides us with the flexibility to raise capital opportunistically when market conditions in our valuation create accretive opportunities. Importantly, this capital is not required to fund operations. Our business is self-sustaining through validator revenues and staking yields. but it does provide optionality to expand our sole treasury and accelerate growth when the right opportunities arise. We've built strategic partnerships that validate our position as institutional-grade infrastructure. Industry leaders, including BitGo, TetraTust, Neptune, Pudgy Penguins, and Solana Mobile, have selected sole strategies as their trusted partner. Most recently, we're proud to welcome ARK Invest as our staking provider for their Digital Asset Revolution Fund. These partnerships aren't just business relationships. They represent our deep integration into both the financial mainstream and the Solana ecosystem. We've also launched a public-facing Dune Analytics dashboard that provides real-time on-chain visibility into our validator revenue and treasury performance. This level of transparency reflects our commitment to building trust and holding ourselves accountable to both investors and the broader community. The distinction is critical in an increasingly crowded market. We're not simply a treasury vehicle providing exposure to Solana's price movement. We're simultaneously a significant treasury holder and a critical infrastructure provider to the Solana ecosystem itself. The dual role strengthens our credibility with institutional delegators, creates reoccurring high-margin revenues, and ensures we're directly contributing to the resilience and decentralization of the network. In doing so, we become not just the beneficiaries of Solana's growth, but the builders of it. As we move forward, our vision remains clear to establish Sol Strategies as the premier institutional-grade Solana infrastructure platform. Through our DAT++ model, validator leadership, and strategic partnerships, we're building what we believe will be one of the most efficient and durable value creation engines in the digital assets sector. 2025 is proving to be the year where differentiation in digital asset treasuries truly matters. We're confident our strategy positions us not just to participate in the growth of institutional blockchain adoption, but to help lead it. Now, let me turn it over to our CTO, Max, to discuss the technical infrastructure that makes this all possible and where the industry is heading.