Sol Strategies Inc.

Stand by, your meeting is about to begin. Good afternoon, everyone. Welcome to today's Sole Strategies Fiscal Second Quarter 2026 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 with us today is Mr. Michael Hubbard, Chief Executive Officer, Mr. Doug Harris, Chief Financial Officer, and Mr. Steve Ehrlich, Chief Strategy Officer. At this time, I'd like to turn the conference over to Mr. John Ragazzino with ICR. Please go ahead, sir.

Thanks, Beau. Good afternoon, everyone, and thank you for joining Soul Strategy's Fiscal Second 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 a detailed risk factors description and all 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 our current trends in digital assets 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, Solstrategy's CEO.

Thanks, John. Good afternoon, everyone, and thank you for joining us. The first half of our fiscal year, 2026, covered October through March, and a lot has happened during this period and in the weeks since. We cleaned up our capital structure, strengthened the board, and launched our liquid staking token, StakeSol. We acquired the Zyga Zero Knowledge technology through the Dark Lake transaction and signed a definitive agreement to acquire HoudiniSwap. We're going to walk through all of it. On the board and leadership side, we added crypto industry veteran Les Borsi and public company veteran Dennis Logan as directors, and most recently named John Matonis as chairman. John has been in the blockchain industry since the early 2010s and brings deep experience and relationships to the role. I'm also glad to have the interim title behind me. The board appointed me permanent CEO on March 31st, and I'm focused on building from here. Alongside that, we formalized Steve Ehrlich as chief strategy officer. Steve has been a meaningful contributor to our capital market strategy for some time, and having him in a full-time leadership role is a real asset. Now, let me talk through what we've actually been building. In January of this year, we launched StakeSol, our liquid staking token on the Solana blockchain. Here's the problem it solves. Native staking on Solana requires users to lock up their Sol, wait up to two days to unstake, and they have to choose between earning yield and deploying capital elsewhere. StakeSol changes that. When SOL holders stake through our protocol, they receive StakeSol, a receipt token representing their staked position that continues to earn accruing staking rewards. That token can be held, traded, used as collateral in DeFi applications, or deployed for additional yield, all while the underlying SOL keeps earning. What's unique about StakeSol is that it allocates Sol across validators using our own WizScore methodology from stakewiz.com, which we own and operate. The WizScore intelligently ranks validators based on performance, security, and decentralization metrics. There are up to 75 validators in our current set. At launch, we had integrations with Camino, Orca, LoopScale, Squads, and Sanctum. By the end of March, StakesOil had approximately 768,000 sol deposited into the protocol, equivalent to roughly 61 million USD, or 83 million Canadian dollars at the time. The company receives 5% of all staking rewards accrued to the pool. This is a new revenue line sitting alongside our treasury stake and delegated stake. Our broader validator network continues to perform well. We estimate that just over 5% of all the staking wallets on Solana are delegating to a sole strategies managed validator. On the technology side, we acquired the assets of Dark Lake Labs in April 2026, including the intellectual property behind Zyga, a zero-knowledge proof engine built natively for Solana. The team has joined us as well. Vitor Pai Braga, who brings experience from Meta and IBM, joins us as Director of Engineering and takes over technical leadership. Amber Hales joins with strong compliance and operations background. Together, they add real depth. Zyga is designed for privacy-preserving execution with dynamic inputs. On top of the engine, the team has built an application specifically for dynamic slippage protection that executes trades privately. We see significant potential here and will share more as the work develops. That technology connects directly to our next transaction. Earlier this month, we announced a definitive agreement to acquire HoudiniSwap for 18 million USD. HoudiniSwap is a non-custodial, privacy-enabled cross-chain swap aggregator operating across more than 100 blockchains and more than 30 exchanges, both centralized and decentralized. More than half of its trailing 12-month transaction volume touched Solana, We expect to close by the end of May. What we've really been doing over the past year is building up the stack. Validators are the foundation, the infrastructure layer that the Solana network runs on. We established a significant foothold there early. With StakeSol, we moved up into user-facing products, inserting ourselves between end users and validators, and creating deeper touchpoints across DeFi. With the Zyga technology, we stepped further up into product and technology development, adding privacy-preserving execution capability that we believe has broad applications. And with HoudiniSwap, we will move up again, adding a cross-chain routing business with proven revenue, real distribution, and significant Solana exposure. Each layer connects to the ones below it. That's deliberate. What I'd say at a high level is this. The Solana blockchain is growing. Transaction volume is growing. The financial applications being built on Solana, trading, stablecoins, prediction markets, perpetuals, are growing. We've spent the last year building infrastructure that sits across multiple layers of that stack. We believe we're well positioned for what comes next. With the Clarity Act advancing through U.S. legislation, we anticipate greater certainty around key regulatory questions, and that's something we greatly look forward to. Healthy regulation that provides clarity and user protection and protects innovation is essential for this industry to reach its full potential. With that, I'll pass it to Steve.