Sol Strategies Inc.

Now, your meeting is about to begin. Good day, everyone. Welcome to the Sol Strategies fiscal first quarter ended December 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. On the call today is Mr. Michael Hubbard, Interim Chief Executive Officer, Mr. Doug Harris, Chief Financial Officer, and Mr. Max Kaplan, Chief Technology Officer. At this time, I would like to turn the conference over to Mr. John Ragazzino with IZR. Mr. Ragazzino, please go ahead, sir.

Good afternoon, and thanks for joining Soul Strategy's fiscal first quarter 2026 earnings conference call. Before we begin, I want to remind everyone that certain statements on this call contain forward-looking statements subject to risks and uncertainties. Actual results may differ materially from these statements. We refer you to our latest press release, MD&A and CEDAR Plus filings for detailed risk factors and assumptions. All dollar amounts are in Canadian dollars unless otherwise noted. The company assumes no significant events occur outside our normal course of business and that current trends in the digital assets marketplace continue. However, listeners should note that crypto markets are volatile and that our business metrics can fluctuate significantly. With that, let me turn it over to Michael Hubbard, Soul Strategies intern CEO.

Thanks, John. Good afternoon, everyone. I want to start with our most significant development. In January, we launched StakeSol, our liquid staking token, commonly referred to as an LST. This is a major strategic milestone that fundamentally expands what Sol strategies offers to the market. How it works? When Sol holders stake through our protocol, they receive StakeSol, a receipt token representing a stake position that continues to earn accrued staking rewards. That token can be held, traded, used as collateral in DeFi applications, or deployed for additional yield opportunities, all while the underlying SOA continues earning staking rewards. What is unique about StakeSOA is that when it allocates SOA across validators, it uses our own StakeWiz score, which intelligently allocates SOA across validators based on performance, security, and decentralization metrics. This moves us from being a player in the arena with other validators into an aggregator role, advancing decentralization by supporting dozens of vital smaller validators that help keep Solana safe, all while providing a new revenue stream to the company. LSTs solve several problems in the staking market. First, native Solana token staking locks tokens with roughly two-day unstaking periods, limiting liquidity, Second, stakers traditionally must choose between earning yield and capital deployment. Our LST eliminates that choice. Holders maintain full exposure to staking economics while preserving liquidity through a tradable receipt token that appreciates to reflect accumulated rewards. Third, staking to a single validator carries risk of lost rewards if that validator experiences downtime. Our LST delegates to dozens of validators, significantly reducing the risk of a single validator's failure. Lastly, LSTs carry significant tax advantages for holders, as they don't earn new tokens every few days from staking rewards, instead experiencing a gradual increase in their exchange rate back to Seoul, resulting in long-term capital gains rather than short-term income. This is of course jurisdiction dependent and not tax advice. From a business perspective, this presents a new product line in our staking business. Our staking business now encompasses our proprietary validators, earning commissions and block rewards, our white-label validators, earning revenue based on our commercial agreements with customers, our staking services and reporting business with customers like the VanEck Solana ETF, and now a liquid staking business, earning commission on all the soil held within the liquid staking protocol. By providing superior utility, competitive yields, and through our robust and reputable infrastructure platform, we expect to drive meaningful growth in our assets under delegation. The LSD becomes both a distribution channel and a differentiation tool in what has largely become a commoditized staking market. In just a few weeks since launch, we have already seen strong early adoption, with over 675,000 souls staked. The market recognizes and respects our commitment to the Solana economy, our compliance infrastructure, and transparent reporting that we are seeing translate into growth. Now let me provide context on Q1 fiscal 26, which set the foundation for this launch and our momentum heading into the remainder of the year. Our validator network scaled significantly. We recently announced we are now serving over 31,000 unique wallets, up 63% from 19,000 at the end of September. Assets under delegation grew to over 3.3 million SOL, up from 2.8 million just three months prior. Our validators maintain 99.999% uptime, while consistently delivering yields above network average. To drill down on the unique wallets for a second, This is a key point for us. Unique wallets are akin to unique customers, and they are staking with us epoch after epoch. In an analogy to the software-as-a-service world, these are equivalent to monthly active users. The entire Solana network, as of the 10th of this month, has approximately 576,000 unique wallets, with the average validator having just 685. This means we are punching well above our weight with 5.5% of all staking users choosing us, more than 46 times the average. VanEck selected us as the sole staking provider for their US Botswana ETF. This isn't just another partnership. VanEck is a Tier 1 asset manager, and they chose us over every other validator operator in the ecosystem. That's validation of our compliance stack, our technical performance, our reporting product, and our operational excellence at the institutional level. Turning briefly to our balance sheet, during the quarter we further optimized our balance sheet by restructuring a $25 million credit facility with our largest shareholder, simplifying our capital structure, and significantly reducing liabilities. Additionally, we successfully completed a $30 million live equity offering, further enhancing our financial flexibility and improving liquidity in our stock. Looking ahead, we remain focused on continually evaluating ways to become more capital efficient. We were active throughout the quarter, engaging with existing shareholders, potential investors, and telling our story about being a diversified Solana economy company as we participated in dozens of one-on-one meetings with new investors at several major institutional investor conferences during the quarter. We look forward to continue to engage with new and existing investors and will continue to actively tell our story at a variety of conferences and events in 26. Now let me address the elephant in the room. Solve price movement in recent weeks. Times of such significant volatility don't change our thesis. They reinforce it. Times like these are when the active builders within the ecosystem are separated from the passive participants. When prices are rising, we all look very smart. When they're falling, it becomes clear who's actually building sustainable infrastructure and creating value versus just passively riding market momentum. We are not a digital asset treasury. That's just one subset of public crypto companies. We're building operating infrastructure that drives recurring streams of revenue regardless of token price. We are using this period to build. When SOAR goes down, we look at network activity and see a variety of opportunities because our business is driven by our operating infrastructure, not passive token exposure. First, we remain highly focused on our Validate operations, with best-in-class performance and staking yield metrics. We also continue to actively pursue new staking partnerships on the institutional front. The VanEck Agreement announced in November is an important validation on that front. Our pipeline continues to expand, Our stakes or product launched on schedule and we're executing regardless of price action because we're building long-term infrastructure, not chasing short-term pumps. Second, we continue to pursue a dual-pronged growth strategy by complementing our organic pipeline development with an active M&A strategy. We're currently evaluating several strategic M&A opportunities as recent market conditions have created an increasingly attractive environment for highly strategic bolt-on opportunities. Businesses with proven track records or significant technology enhancements in the Solana ecosystem, but whose operators may be struggling with balance sheet stress. Here's the reality. Institutional adoption of blockchain infrastructure doesn't move in lockstep with token prices. The VanEck mandate didn't happen because Sol was up or down. It happened because we met their institutional requirements. ETF launches, custody integrations, traditional finance build-out, these trends are multi-year and largely price agnostic. If anything, lower prices accelerate institutional interest because fiduciaries can deploy at better entry points with reduced downside risk from recent highs. Even amid broader macroeconomic corrections across crypto and global markets and ongoing shifts in fiscal policy and interest rates, we continuously see strong evidence that blockchain technology remains well positioned for long-term adoption within the global financial system. So yes, Solana token pricing is down, but we will continue to execute our strategy and be an integral part of the Solana ecosystem. And when Sol recovers, which it will, because Solana's technical advantages and ecosystem growth haven't changed, we will have more tokens staked, more institutional relationships secured, and more operational leverage built. This is exactly when you want to be aggressive, not defensive. We have the capital and the team to execute, so when others falter, we accelerate. The Solana economy is still in the early innings, and we are continuing to see the building continue. Most traditional finance institutions haven't started evaluating on-chain applications yet. When they do, and they will, they need operators who meet multiple needs. That's us. Now let me turn it over to Max to talk about developments in our staking and infrastructure business.