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Good afternoon, everyone. Welcome to today's Sol 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 Ragozzino with ICR. Please go ahead, sir.

Thanks, Beau. Good afternoon, everyone, thank you for joining Sol Strategies' 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 SEDAR+ filings for a detailed risk factor 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. 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, Sol Strategies' CEO.

Thanks, John. Good afternoon, everyone, and thank you for joining us. The first half of our fiscal year 2026 covered October through March. 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, STKESOL. We acquired the Zyga zero-knowledge technology through the Darklake transaction and signed a definitive agreement to acquire Houdini Swap. We're going to walk through all of it. On the board and leadership side, we added crypto industry veteran Laszlo Borsai and public company veteran Dennis Logan as Directors. Most recently named Jon Matonis as Chairman. Jon 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 STKESOL, 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. STKESOL changes that. When SOL holders stake through our protocol, they receive STKESOL, 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 STKESOL is that it allocates SOL across validators using our own Wiz Score methodology from stakewiz.com, which we own and operate. The Wiz Score 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 Kamino, Orca, Loopscale, Squads, and Sanctum. By the end of March, STKESOL had approximately 768,000 SOL deposited into the protocol, equivalent to roughly $61 million or CAD 83 million 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 Sol Strategies managed validator. On the technology side, we acquired the assets of Darklake 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 Py 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 we'll share more as the work develops. That technology connects directly to our next transaction.

Earlier this month, we announced a definitive agreement to acquire Houdini Swap for $18 million. Houdini Swap 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 STKESOL, 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.

With Houdini Swap, 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, end-user protection, and protects innovation is essential for this industry to reach its full potential. With that, I'll pass it to Steve.

Thanks, Michael. Good afternoon, everyone. Over 30 years in financial services, I've watched infrastructure reshape markets completely. On the trading side, we went from calling your broker to orders being electronically routed to the exchange floor to a 24/7 market running on the most efficient, scalable blockchain in existence, Solana. The product categories keep expanding from equities, options, and futures to prediction markets and perpetual futures. Volume keeps growing, so does the reliance on Solana. The same pattern is playing out in money movement and banking, from bank tellers to ATMs to stablecoin transfers. Where is that volume going? The Solana blockchain. That conviction in Solana is this dominant financial infrastructure layer and what's driving our acquisition strategy. The Darklake transaction and the pending Houdini Swap acquisition are the start of a deliberate build-out of assets that improve and enhance what we've already built.

On Houdini Swap specifically, as Michael mentioned, more than 50% of the transactions touch Solana. What we see is the opportunity to own a cross-chain, API-based compliant transaction network with significant existing distribution across core wallets. The team has done a strong work building that distribution layer. We see real opportunity to expand the product suite into new traded markets and to connect it with our existing validator network and liquid staking products. Looking further out, vaults real-world asset tokenization, stablecoin infrastructure, and RPC technology all remain interesting to us. The goal is a suite of easily accessible APIs across the Solana economy, infrastructure that lets any wallet or institution participate while benefiting from a relationship with a trusted, compliant partner. I've been part of several businesses that grew significantly and genuinely excited about where we're headed.

Closing Houdini Swap by the end of the month is the next milestone. With that, I'll turn it over to Doug.

Thanks, Steve. Good afternoon, everyone. I'm going to start with a quick picture of our balance sheet. As of March 31st, 2026, we had approximately CAD 60.6 million of cryptocurrencies, CAD 22 million of intangible assets, and about CAD 350,000 of cash on our balance sheet. During the period, we also reduced our liabilities by approximately CAD 9 million as we paid off significant debt to our former Chairman, which is part of our corporate initiative to make the company more capital efficient. On the income statement, the six-month numbers included a loss on the disposition of cryptocurrencies, which is, for the most part, an exchange of Solana for other cryptocurrency tokens, mainly Solana liquid staking tokens to enhance yield rather than a pure sale of Solana for cash.

Under IFRS accounting rules, the exchange must be accounted for as a gain or loss based on the carrying costs at the time of the conversion. For the six months ended March 31st, 2026, it was approximately a CAD 22 million loss, and for the three months ended March 31st, 2026, it was a CAD 15 million loss. The majority of this amount is related to the launch of our liquid staking token in January 2026. If you exclude these amounts from our results, revenue from our own stake and third-party validators for the six-month period was approximately CAD 3.3 million, and for the three-month period, approximately CAD 1.2 million.

On the income statement, our six-month numbers include some significant non-cash expenses totaling approximately CAD 77 million, which consist of a CAD 12.1 million write-down of our validators, CAD 4.7 million of amortization expense on the validators, CAD 2.2 million of share-based compensation expenses, CAD 1.7 million of interest expense, mostly paid in stock, and a CAD 56.5 million revaluation loss on digital assets. The latter reflecting the decline in price of Solana from approximately $208 at the beginning of October 2025 to approximately $83 at March 31st, 2026. Analyzing our existing operating business shows that at lower Solana prices, our six-month operating loss on the business is approximately CAD 2.6 million.

We continue to take steps to reduce our operating expenses, including some one-time legal costs incurred during the six-month period, to ensure we can get closer to breakeven on our validator business in the current environment. We are excited about the Houdini Swap transaction and believe that upon closing, it will add significant revenue and profits to our business and materially change our future financial statements. With that, I will hand it back to Michael.

Thank you, Doug and Steve, and thank you all for joining us today. We're excited about the pending Houdini closing at the end of the month and the long-term value it brings to our business. The future of Sol Strategies is very exciting, and we look forward to sharing the results next quarter. We are thrilled to be positioned to capture the growth of the Solana and digital asset economies to be ready to service institutions and traders who need access, priority, privacy, and execution quality. With that, we open it up to any questions listeners may have.

Thank you, Mr. Hubbard. Ladies and gentlemen, at this time, if you do have any questions or comments, please press star one. If your question has been addressed, you may remove yourself from the queue by pressing star two. Once again, that's star one for questions, and we'll pause one moment to allow everyone a chance to respond. We'll go first this afternoon to Gareth Gacetta at Cantor Fitzgerald. Gareth, please go ahead.

Hi, guys. Thanks for taking the question. I wanted to touch on the kind of products and timelines for Darklake and Houdini. Could you maybe dive a little deeper on where you see kind of the greatest opportunity from a product perspective in the near term and also which of those products you might see the greatest monetization opportunity from?

Yeah, absolutely. Thanks, Gareth, for your question. Darklake is really exciting for their Zyga privacy engine and that unlocks multiple different use cases. When we look at Houdini, there are essentially two or three core products under the hood. They have the routing infrastructure across 100+ blockchain networks and over 1 million supported tokens, which is available both for public and private swaps. Then they have the private swap optionality, and then they have the API product, which allows third-party integrations into this infrastructure. The real opportunity that we see is when we start combining these things where we can use some of the Zyga zero-knowledge technology to potentially offer enhanced private swap opportunities on the Houdini APIs and provide value-added services to those swap users.

And essentially building out those B2B APIs for third-party partners that are using the Houdini APIs currently and who might be using them in the future and giving them a more controlled environment for that private swap experience. The specifics there aren't something we can speak to in too much detail just yet, but there's definitely a lot of opportunity for integration between those technologies, and we think there's a lot of potential, particularly on the Solana blockchain.

Great. That's super helpful. Maybe could you just touch on the potential synergies that might exist between your existing validator business and these two new acquisitions? How might you think of a potential uplift to maybe block level fee capture or staking yields after the integration?

Absolutely. That's a great question as well. I don't want to get too technical here, but essentially at the moment, we're sitting at effectively two layers here. With the validators, we're sitting at the core of the Solana network, which means that we are processing transactions, not just our own, but of the entire network whenever we have leader slots. About 1% of the network, we're processing blocks. That gives us first look at those transactions, right, and those blocks and the ability to include transactions there. With that comes the ability to provide priority to transaction inclusion and transaction landing. The second is that through our staking services, both native and liquid, we're providing users access to yield through the Solana blockchain staking layer.

The opportunities there with Houdini are really in how we can bring in more users into that staking ecosystem and offer them access to our staking products, as well as potentially combining some of those products to give them better opportunities for swapping on Houdini and cross-selling or loyalty systems. Those are things we haven't fully developed just yet, but there's a few different opportunities that we're thinking about.

Great. That's super helpful. Thanks for taking my questions.

Thank you. Just a quick reminder, star one, please, for questions today. We'll go next now to John Roy with Water Tower Research.

Yeah. These two acquisitions are pretty significant. You're really changing the company to more of an infrastructure middleware company. Am I reading that right? Is that where you guys are headed?

Yeah. Thanks, John. That's exactly right. We started with the validated infrastructure, which is really the scaffold or the foundation that the entire blockchain network operates on. That gets us into the transaction execution layer of the blockchain. With the liquid staking token, we're stepping up more into the user-facing side where we're offering a more enhanced staking product to users where they have the ability to use it as collateral, to use it in DeFi, to maintain liquidity. With Houdini, we're taking that step further where we're now looking at cross-chain, and the importance there is the ability for liquidity to move between blockchain ecosystems.

That's a very, very important aspect of the blockchain economies, and also offering those additional services of swapping between over 1 million supported tokens, swapping within the same blockchain, swapping between different blockchains, and then adding onto that the privacy products, which are important both to end users but also to institutions. For us really, we're seeing this as a vertical expansion and integration of all these layers.

Yeah. Okay, excellent. You're looking to do this without, you know, too much of a significant investment? I mean, is this gonna be positive to the P&L within not too long a time?

That.

I'll take that one, John.

Do you wanna speak to that, Steve?

I'll take that one. John, yeah, these, you know, the idea when we executed this transaction, and again, you know, set to close by the end of the month, is to add significant revenue to our business and the profits to go with that. The transaction details as set out were CAD 18 million, with CAD 4 million of stock and set up in multiple payments over time, with revenue that we expect on this business to be CAD 12 million-CAD 13 million a year. We set up an earn-out on this business too, where the earn-out, the floor of the earn-out is CAD 2.5 million a year. We definitely believe that this business is going to be profitable and revenue generating for the business.

Another piece that, you know, I wanna touch on, in addition to what, CAD 2.5 million of EBITDA, let me clarify that. Another piece I wanna, you know, just add on to some of these synergies Michael said is the existing Houdini Pay business and the Zyga technology to combine with the privacy aspect of sending money between wallets is an important aspect of this too. We see a tremendous opportunity to expand the Houdini Pay business as well.

Great. Thanks so much for the answers, gentlemen.

Thank you. Ladies and gentlemen, just a final reminder, star one, please, for any further questions this afternoon, and we'll pause for just one moment. Gentlemen, it appears we have no further questions today. Mr. Hubbard, I'd like to turn things back to you, sir, for any closing comments.

Thank you, Beau. Thank you everyone for dialing in. We're very excited about what's to come for this company and the upcoming closing of the Houdini transaction. We're incredibly excited about the potential for this company going forward, and look forward to providing a further update for our next quarterly earnings. Thank you.

Thank you, Mr. Hubbard. Again, ladies and gentlemen, thank you for joining the Sol Strategies' fiscal second quarter earnings call. Again, thanks so much for joining us. We wish you all a great afternoon. Goodbye

Good day, everyone. Welcome to the SOL Strategies Fiscal First Quarter Ended December 31st, 2025 Earnings Conference Call. [Operator Instructions] 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 Ragozzino with ICR. Mr. Ragzzino, please go ahead, sir.

Good afternoon, and thanks for joining SOL Strategies 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 SEDAR+ 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, SOL Strategies, Interim CEO.

Thanks, John. Good afternoon, everyone. I want to start with our most significant development. In January, we launched STKESOL, 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 STKESOL, a receipt token, representing a stake position that continues to earn accrued staking rewards. That token can be held, traded, used as collateral and DeFi applications or deployed for additional yield opportunities, all while the underlying SOL continues earning staking rewards. What is unique about STKESOL, is that when it allocates SOL across validators, it uses our own stake with score, which intelligently allocates SOL 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 2-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 own new tokens every few days from staking rewards, instead experiencing a gradual increase in their exchange rate back to SOL, 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 lot 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 SOL 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 LST 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 SOL 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 3 months prior. Our validators maintained 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 46x the average. VanEck selected us as the SOL staking provider for their U.S. spot Solana 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 life 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 we'll continue to actively tell our story at a variety of conferences and events in '26. Now let me address the elephant in the room, SOL's 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. DATs are just one subset of public crypto companies. They're a financial engineering play on token holdings. We're building operating infrastructure that drive recurring streams of revenue regardless of token price. We are using this period to build. When SOL 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 stake SOL 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 multiyear 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 continue to 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.

Thanks, Michael. As Michael said, Q1 marked an exciting quarter for us with the launch of STKESOL, one of our flagship new staking products. STKESOL is a liquid staking token, giving users more optionality into how they want to stake with us. In just a short period of time, STKESOL has grown to 661,000 SOL in TVL, total value locked and integrated into every blue-chip Solana DeFi protocol. One of the most unique parts is STKESOL is our algorithmic delegation strategy, which picks which validator to pool stakes with based on a number of key metrics and also spread downtime risks across 75 validators. With native staking, if a validator goes down, the staker loses out on potential rewards. By staking across 75 validators, if any single validator goes down, the risk is greatly minimized, providing stakers more assurances about their returns. For managing and developing the infrastructure for the pool, SOL Strategies takes 5% of the rewards the pool generates, making -- marking a new revenue stream for the company, which is quite exciting. We have a lot more planned for the future that I'm excited to launch. With that, I'll hand it over to Doug to discuss our financials.

Thank you, Max. Good afternoon, everyone. I'd like to walk you through the financial results for the 3 months ended December 31st, 2025, and provide some important context around the numbers. Keep in mind that the following discussion includes non-GAAP financial measures. Please refer to our MD&A for more information. The key takeaway from our results are that our staking income grew 69% year-over-year, 120% on a SOL basis. Our SOL treasury expanded to approximately 529,000 tokens. Our reported loss is dominated by noncash items, and our capital structure was strengthened through the post-quarter retirements of the unsecured credit facility. Total staking and validation income reached CAD 2.1 million, up 69% from CAD 1.2 million in Q1 fiscal 2025, consisting of CAD 1.6 million in staking rewards on our SOL Holdings and 471,000 in net validation service income from third-party delegators. On a SOL basis, rewards were up 120% year-over-year, with the difference from the COT figure attributable to the decline in the average SOL price and the strengthening Canadian dollar. Reported net loss was CAD 11.9 million compared to net income of CAD 3.2 million in the prior year's period. Adding back noncash and nonrecurring items, amortization of CAD 2.4 million, share-based compensation of CAD 1.3 million, noncash interest and accretion of CAD 1.2 million, realized cryptocurrency transaction losses of CAD 6 million. Note that these are primarily related to coin-to-coin swaps that are required to be recognized as a disposition by IFRS accounting standards and nonrecurring legal expenses of CAD 475,000 produced total add-backs of approximately CAD 10.9 million and an adjusted loss of approximately CAD 500,000. Below the net loss line, other comprehensive loss included a CAD 53.5 million unrealized markdown on our cryptocurrency holdings reflecting the decline in SOL price from approximately CAD 290 at September 30th to CAD 274 at December 31st. This markdown fluctuates with the SOL price from quarter-to-quarter and has no impact on our operating cash flow. Total operating expenses were CAD 7.7 million versus CAD 1.3 million in the prior period. Four line items, amortization, share-based compensation, professional fees and interest expense account for approximately CAD 6 million of that total, 3 of which are noncash or capital structure related. The remaining net operating expenses were CAD 1.8 million, including G&A of CAD 668,000 and consulting fees of CAD 692,000. On the balance sheet, total assets were CAD 132 million at December 31st, down from CAD 169.6 million at year-end. This was driven entirely by unrealized SOL markdowns. Cryptocurrency holdings were carried at CAD 92.2 million at quarter end. Total debt of CAD 52.3 million was comprised of CAD 14.9 million in credit facilities and CAD 34.9 million in convertible debentures. Subsequent to quarter end, we fully retired the unsecured credit facility provided by a significant shareholder through the issuance of 2.3 million shares and cash payments totaling CAD 4.9 million. Cash at quarter end was CAD 223,000, consistent with our treasury strategy of holding the majority of our assets in SOL. We also have access to the Kamino decentralized credit facility, providing Stablecoin Liquidity against our SOL collateral without requiring us to liquidate our cryptocurrency holdings. During the quarter, we completed a life offering, raising CAD 30 million in gross proceeds, CAD 27.9 million net through the issuance of 4.38 million units at $6.85 per unit. [ APW ] conversions of CAD 1.26 million reduced that facility to USD 9.5 million and shares outstanding grew from 23 million to 28.6 million. In summary, our SOL holdings grew over 90,000 SOL to approximately 529,000 SOL at quarter end. Our staking net income grew 69% year-over-year, 120% on a SOL basis. Our reported loss is dominated by noncash and nonrecurring items. And subsequent to year-end, our capital structure was strengthened through the retirement of the unsecured credit facility. With that, I'll turn it back over to Michael.

Thanks, team. Let me wrap up with where we're headed. Q1 proved institutional Solana adoption isn't slowing down. VanEck was the validation, 105% growth in Unique Wallets [indiscernible] proof. The STKESOL launch opened the next chapter. But here's what matters most. We're still early. Most institutional capital hasn't moved on chain yet. Most traditional finance firms are still evaluating whether the blockchain infrastructure is real. When they decide it is and they will, they need partners who deliver institutional-grade compliance, performance and reliability. That's us. That's our position. That's where we're building. We're not a passive treasury vehicle hoping for token appreciation. We're an operating company generating recurring revenue from critical infrastructure while holding strategic exposure to the asset powering that infrastructure. The next 12 months will see more ETF launches, more institutional custody integrations, more traditional finance service building on Solana. We intend to capture our share. To our shareholders, Q1 was about execution. The remainder of fiscal '26 will be about acceleration. We have the right strategy, the right team and the right positioning. We look forward to sharing some of our M&A developments in the near future. With that, operator, let's open it up for questions.

[Operator Instructions] And we'll go first this afternoon to John Roy with Water Tower Research.

So Michael, I'm curious if you can give us any more color on your M&A thoughts, maybe the type of acquisitions you're looking at. I mean we're trying to get an idea of what you see might be coming in the future.

Absolutely. Thanks, John. So we're looking at a few different opportunities, and we're very actively involved in evaluating options at the moment. So we have a strong pipeline and a few different paths we can go down. We're looking at opportunities that both involve larger scale, more developed businesses that have strong existing revenue that are in the infrastructure space or in the product space in the Solana ecosystem. But we're also evaluating opportunities that are smaller teams that have very big -- very strong promise that have a really strong team that we think will be accretive to our internal engineering teams. And business teams, but also that are building exciting technology that we think will fit in and slot in with [indiscernible]..

Great. And kind of maybe switching gears just a little bit. The LST, I'm kind of really trying to think about how it fits in your existing staking business. Is it really going to compete with the native validation business? And any kind of revenue expectations you might have longer term?

Absolutely. So when we think about the staking market, it's sort of like a layer cake, where you've got the validators right at the bottom and then you've got the stakers at the top. And over the last 2 or 3 years, we've seen this middle layer evolve, which is the liquid staking market. And that market is growing consistently. We've seen over the last 2 years, it's grown from basically 0 to now I think it's about 15%, 17% of the total market -- total staking market on Solana. Now what's very important is that liquid staking acts as kind of an aggregator above the validator layer. So there's an important market, important use case for native staking, which is taking directly to the validators. It provides you with the ability to choose your validator to have a relationship with that validator, if you want, which is important for institutions. And with liquid staking, you get the other side, which is where you have a token that you can hold in your wallet, you can deploy it in DeFi, you can potentially collateralize it. You might have some tax advantages depending on your jurisdiction, obviously, check with the tax adviser. This is not tax advice. But liquid staking gives you that flexibility. And what it means for us is that rather than competing with our validators where we're really serving a different segment of the staking market, we're stepping into that aggregator role where now we are providing the ability for liquid staking users to get exposure to dozens of different validators, and we're acting as an intermediary that is helping secure the network, supporting dozens of validators based on our algorithmic scoring. So we're really focused on smaller validators with good track records. We're using 120,000 data points, evaluating every single validator that we delegate to. So with that, we're really trying to improve the network and offer a unique use case to those liquid staking users. And sorry, just on the revenue front, you can think of it similar to operating an additional validator. We charge a 5% fee on all of the rewards that the liquid staking protocol generates. So all of the SOL people deposit generates staking rewards, we charge a 5% fee on that. So that's kind of similar to running a validator with a 5% commission. The difference being here that we're sitting at that intermediary aggregation layer.

[Operator Instructions] Mr. Hubbard, I'd like to turn things back to you, sir, for any closing comments.

Thank you all for joining us today. We're extremely excited about the future of global finance on Solana, and we continue to work diligently to capture that upside. I think the reports really speak for themselves. Year-over-year, we're seeing good growth. Our validate and staking business is maturing. Additional verticals have come in now with the liquid staking and the institutional partnerships. So we're on a strong footing and we're excited for the year ahead. With that, we end our Earnings Call today, and I thank you all for joining.

Thank you, gentlemen. And again, ladies and gentlemen, that will conclude the SOL Strategies Fiscal First Quarter Earnings Conference Call. Again, thank you all so much for joining us today, and we wish you all a great evening. Goodbye.

Good day, everyone. Welcome to the Sol Strategies' Fiscal Year-End 2025 Earnings Conference Call. [Operator Instructions]. On the call with us today is Mr. Michael Hubbard, Chief Executive Officer; Mr. Doug Harris, Chief Financial Officer; Mr. Max Kaplan, Chief Technology Officer; and Mr. John Ragozzino from ICR. At this time, I will turn the conference over to Mr. John Ragozzino with ICR. Please go ahead, sir.

Good afternoon, and thank you for joining Sol Strategies' Fiscal Fourth Quarter and Full Year 2025 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 SEDAR+ filings for a 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 markets continue. However, listeners should note that crypto markets are volatile and our business metrics can fluctuate significantly. With that, let me turn it over to Michael Hubbard, Sol Strategies' Interim CEO.

Thanks, John. Good afternoon, everyone. Let me start with what matters. The last calendar quarter of 2025 and was the quarter institutional Solana infrastructure went from theory to reality, and Sol Strategies is winning. I'm not talking about incremental progress. I'm talking about a fundamental market shift that happens maybe once or twice in a technology cycle. The regulated capital that's been sitting on the sidelines for years is now moving on chain. Trading, settlement, property rights, cash movement and so much more, the entire existing financial system is moving on chain. Sol Strategies is at the epicenter of the growing Solana economy. Already today, you can trade real securities on chain via Superstate's platform, a large complement of wrapped and synthetic securities via backed and securitized and an ever-growing cohort of stablecoins' promise to make global payments seamless and instant. There has been a fundamental shift in government policy in the United States that is driving a significant shift by major financial institutions globally as blockchain technology is recognized and accepted more broadly. We are in the engine room of this system. Through the finding of the Laine validator and before joining Sol Strategies, I spent years in the trenches building Solana infrastructure. I've lived through the network outages, economic exploits and multiple bear markets. I know this ecosystem at the code level, not the PowerPoint level. And I can tell you with absolute certainty, this technology and the blockchain are operating at performance levels not previously seen with unprecedented adoption and capabilities. We are at the beginning of a multiyear institutional build-out and Sol Strategies is perfectly positioned to capture a significant share of it. Here's the thesis. One, Solana validators secure the core network while staking is increasingly attractive to institutions seeking competitive yields while maintaining SOL exposure. Through our fleet of enterprise-grade validators, we not only secure the network but are literally processing millions of Solana transactions every day, providing a critical foundation from which we believe we can build and unlock more value going forward. Two, we're one of the very few companies globally with a compliance stack being SOC 2 Type 2, SOC 1 Type 2, ISO 27001, being publicly traded and highly regulated, as well as the technical infrastructure and the institutional relationships and standing to be the gateway for traditional finance to the new global financial system on Solana. Three, Solana is already proving that distributed systems can rival existing centralized systems such as the NASDAQ or centralized cryptocurrency exchanges by offering the best price execution, growing adoption of real-world assets such as tokenized equities or money market funds as well as a vibrant and open builder ecosystem that encourages financial innovation and borderless global finance. Let me show you what that looks like in practice. Institutional adoption isn't coming. It's here. In the past 6 months, we've become the Solana staking provider for the ARK Invest's Digital Asset Revolutions Fund, VanEck Solana ETF, Neptune Digital Assets, Solana Mobile and Netcoins, just to name a few. These aren't pilot programs. These are partnerships deploying real capital with real fiduciary obligations, and they've all picked us for the same reason. We're the operator who meets their performance and compliance requirements, delivering institutional-grade performance and with the technical depth to handle complex custody integrations. But here's what gets me excited. The adoption isn't just coming on the asset management products, but the announcements of major companies like Western Union, JPMorgan and Galaxy building products for financial markets on Solana. Why this matters Again, we are an important part of the fabric of the Solana economy. And each time, more products and transactions occur on Solana, we benefit. Here's the math on the capital-efficient model. While everyone has been talking about DATs, which are just various financial engineering plays on holding SOL, it's our operating model plus the holding of a Solana treasury that sets us apart from the competition. Let me explain why our operational business model creates more value per dollar than any pure DAT. Traditional digital asset treasury companies, and there are now almost 300 of them, have 1 playbook, raise capital, buy tokens, hold hope for price appreciation. When the token goes up 50%, they are heroes. When it goes down 50%, they're underwater. There's no operational leverage with recurring revenue within the crypto or Solana ecosystem and no compounding beyond the price. We built something different. Our operational model combines 2 value drivers that compound on each other. Stream 1, owned validator revenue, staking yield on our own SOL treasury through our validators currently generating over 6% APY with no fee drag to third-party staking providers or custodians, plus all the transaction fees that validators earn that aren't usually paid to stakers since we operate our own validators. Stream 2, delegated third-party stake revenue, commission fees from over 27,000 third-party institutions and users who delegate to our validators as well as the transaction revenue generated, thanks to that stake. Here's how the unit economics work. Every $1 million we deploy into SOL generates staking yield at current rates. That's recurring. That's predictable, and that's entirely independent of token price. Every institution or individual that delegates to our validators generates commission revenues as a percent of their staked amount. We now have over USD 450 million in third-party assets under delegation. That's annual recurring revenue from assets we don't own and didn't have to capitalize or raise debt or equity to obtain. This is the flywheel. We raise capital at favorable terms. We deploy it into stakeable SOL. We generate yield from our treasury. We win institutional mandates. We earn commissions on delegated assets. We reinvest the cash flow into more SOL and validator infrastructure. Our improved performance attracts more delegation and our flywheel accelerates. And unlike pure treasury models, we generate meaningful cash flow even in sideways markets. Our validator business did $5.4 million in revenue in fiscal 2025. That's not price appreciation, that's operational income from running infrastructure. That revenue stream is only a year old, and we are just getting started. Looking forward to the next 12 months, this is our plan to extend the lead. Let me be very clear about our strategy for 2026. We're not hoping the market grows into us. We're going to aggressively capture market share while the window is open. Priority 1, validator scale and performance. We operate 6 institutional-grade validators today, 4 of which are proprietary and 2 white label validators operated on behalf of customers. We continue to grow the total assets under delegation to these validators. We capture retail staking flows through our competitive yields and industry-leading uptime. For example, our Laine validator has now had 22 months of uninterrupted uptime. Not even a single minute since February 2024, where it didn't operate to secure the Solana network. We capture institutional stacking flows through our compliance platform, standing as a well-known and trusted public company with competitive yields, institutional-grade compliance certifications and unparalleled uptime reliability. We're also investing heavily in validator performance optimization, MEV capture and automated failover systems as well as latency reduction. We have published several open-source software tools to support the Solana ecosystem and other validators to achieve similarly high levels of redundancy as we have through our internal automated failover detection and mitigation systems as a more resilient and performing network overall is critical to continued institutional confidence and adoption. We are also actively working on new staking products that will provide better utility and optionality to staking users across the Solana universe, enhancing our positioning as a premier staking provider and generating additional revenue. Why does all this matter? Validators produce blocks on the Solana blockchain. A block is a batch of transactions. There's a finite number of blocks per day. And the more stake you have, the more blocks you get to produce. Blocks have a finite capacity for transactions. Blockspace is a limited commodity in a blockchain. Solana has the most abundant blockspace of all blockchains, which is why it is a given that it will become the base layer for new globally distributed financial system. But our clear focus is on capturing as much of that commodity as possible as the future value of blockspace is only going to go up. Now moving on to priority 2. Institutional partnership pipeline. We're actively engaged with ETF issuers, asset managers and institutional allocators across the world. Our goal is to secure new institutional mandates in fiscal 2026, each representing a significant potential increase in delegation. Our pipeline continues to grow, and we're also expanding custody integrations. We validated partnerships with BitGo, Crypto.com and Tetra Trust. In 2026, we're targeting integrations with additional global custodians to enable seamless staking for their client base. Priority 3, strategic ecosystem investments. Beyond running validators, we're planning on making strategic investments in high-growth Solana ecosystem companies and protocols. These investments serve dual purposes, financial returns, and strategic positioning that drives delegation back to our validators. We look for opportunities where our validator and ecosystem expertise gives us investment edge and where portfolio companies can become long-term delegators, customers or beneficiaries. We're also leveraging strategic partnerships like Solana Mobile to integrate our validators into high-growth distribution channels. These aren't separate from delegated stake. They are smart ways to drive lower acquisition cost delegation at scale. Priority 4, treasury growth with capital discipline. We ended Q4 with over 435,000 SOL on our balance sheet, up over 430% from 2024. Our target is to efficiently grow the treasury through fiscal 2026 with a combination of strategic capital raises, cash flow reinvestment and opportunistic block token acquisitions. We will only raise capital when terms are accretive to shareholders. That means favorable pricing, strategic investor alignment and deployment into high-conviction opportunities like discounted block SOL or strategic M&A or tactical debt reduction. Every dollar we raise goes to work immediately generating yield. So what does winning look like? Let's look at the 3-year vision. Let me paint the picture of what success looks like for Sol Strategies. Its fiscal year 2028, an institutional asset manager decides to allocate to Solana staking. They don't run an RFP, they don't evaluate 20 providers. They call Sol Strategies first. In that scenario, we are generating millions in annual recurring revenue from validator operations. We have built proprietary technology that makes institutional staking operationally simple. We have established Sol Strategies as the definitive brand for institutional Solana infrastructure. But that's just the validation business. The bigger vision, we are the infrastructure partner of choice for any serious institution pursuing the inevitable adoption of Solana to tap into the new global financial system. We power tokenized securities on Solana and capital markets infrastructure that's being built on chain for processing tens of millions of transactions a day and maximizing our revenue. When traditional finance wants exposure to Solana's DeFi ecosystem, they come to us first because we have the compliance, the expertise and the track record. That's not a hope. That's not a stretch goal. That's the logical outcome as we execute on everything I've outlined today. The window is open, but it won't stay open forever, and we will take advantage of it. Before I turn it over to Max, Andrew and Doug, I want to say something about the team we've built. This isn't a group of crypto tourists who showed up in 2024 because tokens were pumping. Max Kaplan, our CTO, was at Kraken in 2017 as one of the first engineers, scaling infrastructure to handle institutional volume. He founded Orangefin Ventures, which consistently ranks top 3 network-wide for validator performance. He knows Solana infrastructure at a depth that maybe 50 people in the world understand. Andrew McDonald, our COO, scaled Bitaccess from a start-up to a company doing international expansion across regulated markets. He's navigated Canadian securities regulation, built institutional partnerships and knows how to execute complex operations under compliance constraints. He is responsible for much of the immense work to bring us to the NASDAQ and for closing most of our large M&A and financing deals. Doug Harris, our CFO, has done over $2 billion in M&A transactions. He's a CPA, CBV, has an MBA from Rotman. He's taken companies public, navigated complex financing and has a wealth of capital market experience. The strategic initiatives I've outlined today, the M&A pipeline, the institutional partnerships, the white label expansion, the treasury growth, all of that is actively happening right now with full Board alignment and organizational execution. We're not in a holding pattern, we're executing at full speed. This team has the technical depth, the operational experience and the institutional credibility to win, and we're hungry. Now let me turn it over to Doug to talk about our financials.

Thanks, Michael. 2025 was a transformational year for the company. When we decided to transition the company from a Bitcoin holding company to a Solana company in late fiscal 2024, we had 2 main goals, to build a Solana treasury in a capital-efficient manner and create a Solana operating business. In year 1 of the plan, we've accomplished both goals. At September 30, 2025, we had over $126 million in our Solana treasury, up from $21 million the prior year. This conversion to a Solana treasury allowed us to build revenue and yield from our treasury cryptocurrency. We raised equity capital to grow our treasury in a capital-efficient manner, utilizing short- and longer-term debt facilities as early as January 2025 and equity raises as recently as last October through our LIFE transaction, which closed 1 day after year-end. When we complete a financing, our goal is to acquire Solana in a timely manner. We have a long-term directional view that Solana will increase. However, as we've seen, there is extreme volatility with any crypto asset. Where we set ourselves apart from other companies is that when we purchase Solana, we then delegate it as soon as possible to the company's validators. This increases the yield we earn beyond merely staking Solana and thus sets our flywheel in motion of increasing our treasury Solana without any additional debt or equity financings. During the year ended September 30, 2025, the company earned over 23,000 Solana-validated rewards from both wholly owned and third-party SOL delegated to our validators. This represents an average yield of 1.05% on the average total SOL delegated to our validators during the year, approximately 2.2 million SOL. We also earned approximately 19,000 SOL from staking rewards generated from staking our treasury SOL, representing a staking yield of 7.6%. Bear in mind that we acquired the validators at various times during the fiscal year and only the last fiscal quarter of the year included ownership of all the validators. Based on our 7.6% staking yield, the SOL earned from our validator operations during fiscal 2025 was the equivalent of the company holding an additional approximately 310,000 SOL in its treasury throughout the year. The revenue from validation staking rewards exceeded $10 million for the fiscal year compared to less than $300,000 from the prior year. In addition, the company earned approximately $4 million on sales of crypto during the year compared to approximately $7.5 million for the prior fiscal year, which represented the sales of the Bitcoin portfolio. Overall, first year of our revenue model proves that the decision to convert to a Solana ecosystem-focused strategy was the right call, and it is just the beginning of the overall transformation of the company. Comprehensive loss for fiscal 2025 was approximately $20.2 million compared to $9.3 million in income for fiscal 2024. The 2025 fiscal numbers include significant onetime and noncash items, including $27.5 million of impairment charges on intangible assets, $10.2 million of amortization on intangible assets and $7.9 million of stock-based compensation. This totals approximately $45.6 million of noncash charges, which, if removed, would convert comprehensive loss to a gain of $23.4 million. Additionally, the fiscal 2025 numbers include onetime charges of $3.9 million in professional fees, mainly due to increased legal and accounting costs related to the NASDAQ listing. The write-down of intangible assets is related to the company's validators. A third-party valuation was completed in compliance with IFRS standards and reflected a reduction in value primarily due to a significant amount of delegated assets being unstaked late in the fourth fiscal quarter. While this impacted the valuation of our validator intangibles subsequent to year-end, it has been partially offset by growth in SOL delegated to the Solana Mobile validator and the addition of the VanEck Solana ETF. In closing, I'm very proud of what the team has accomplished in fiscal 2025. The company has established itself as an important participant in the Solana economy and is well positioned for continued growth and success in 2026 and beyond. With that, I turn it over to Max Kaplan, our CTO.

Thank you, Doug. 2025 marked the first full year I was with the company, and we were able to accomplish so much. On top of our treasury strategy, we grew our delegated stake to 3.3 million SOL by the end of 2025, making us one of the largest staking providers on all of Solana. While my colleagues before me spoke about tremendous milestones we hit this year and this quarter, I want to talk a bit further about all the work we did to get where we are today and what makes us respected within the Solana ecosystem. Our staking platform is backed by world-class automation and yield optimization. It's one of the main reasons why so many of our institutional customers decide to stake with us. Institutions need best-in-class yield availability and security. We offer this further backed by our institutional certifications. However, this is really just the start. This past quarter, we also revamped our entire reporting pipeline to serve institutional clients like VanEck. Many of you listening on the call today have a long background in financial services with some familiarity with crypto. As many of you know, crypto is a highly technical field. terminology like MEV, inflation rewards, block rewards and epoch is not something a manager of a traditional fund knows about. Additionally, one of blockchain's biggest appeals is how fast funds settle. Coupling crypto's highly technical nature with how fast funds settle, you might be able to imagine how difficult it might be to build out reporting for something like VanEck Solana ETF. This is one of the main developments we made this cycle within the engineering department. We added capabilities to our reporting stack to manage all of VanEck's reporting for them. On top of our high yield and enterprise-grade security, this is another reason why we are able to land such a big deal for the company. Our reporting platform now has the capabilities to map all of the Solana Blockchain rewards into a format that entities like State Street expect. These capabilities will allow us to target more regulated entities in the future, and we plan on building further on to our reporting platform in the months to come. This work is far from the most fun thing to build, but it solves real problems for major institutions, which we will always continue to do to make our product as best as possible for all of our customers. Additionally, we open-sourced several new tools this quarter to the wider validator audience across Solana. As a company that holds a large amount of SOL, we benefit from the Blockchain being as fast and reliable as possible. We open-sourced several new tools to allow validators to perform failovers faster. Solana is continuing to improve at a rapid pace. Many exciting improvements like Alpenglow are coming to Solana, which has one of the largest validator operators we are at the forefront of. This next quarter, we will continue to improve our staking platform and roll out new products that we expect to benefit our business. With that, I'll hand it over to Andrew McDonald, our COO.

Thank you, Max. My tenure at Sol Strategies began with the goal of leveraging my extensive background in the crypto ecosystem for the benefit of the company. Being promoted to Chief Operating Officer since joining has allowed me to directly drive forward key initiatives, including the successful NASDAQ cross-listing and the final receipt of our shelf prospectus. Following the successful closure of our LIFE offering, we finalized regulatory filings and readied ourselves. The ATM program is vital to providing necessary financial flexibility and capital access to support both our current projects and our future growth opportunities. Recently, I, along with several executive team members attended Breakpoint in Abu Dhabi, the year's most significant Solana conference. What truly inspires me about the future of Sol Strategies is the palpable evolution of the entire Solana economy and the tangible transition of traditional finance markets moving on chain. It is clear that the future of international finance will operate on chain, and we firmly believe Solana is poised to be the primary beneficiary of this. Sol Strategies is uniquely positioned to capitalize on this generational leap. Moving forward, I am committed to leading the company's growth. This will involve expanding our product offerings through both organic strategy and M&A, increasing our pipeline of new business and ensuring our existing operations are as lean and as efficient as possible. 2026 is shaping up to be an exceptionally exciting year, and we are well prepared to succeed.

Thanks, Max, Andrew and Doug. Before I wrap up, here's what I need you to understand. Sol Strategies is not a bet on Solana's price. It's a bet on institutional infrastructure adoption. It's a bet on a global unified financial system operating at the speed of light on the most capable and promising Blockchain for that purpose. And that reality is far more durable than any single tokens price movement. We filed our ATM with this in mind. It is a tool that is available to us and which we will draw upon when it is accretive to shareholders, not one we will be blindly firing away on. We are well positioned to take advantage of when the growth continues to accelerate. We will continue to position ourselves as a leader in the Solana economy, and everything we do is looking forward to that growth. We're going to be aggressive on strategic M&A. We're going to be disciplined on capital allocation. And we're going to move faster than anyone trying to catch us. We're going to be relentless on execution. Lastly, stay tuned for our next announcement of a brand-new product that we're announcing very soon that will further enhance our revenue platform. To our shareholders, thank you for backing us during this build-out phase. The institutional adoption we've been talking about for 18 months this year, now we execute. To our partners, thank you for trusting us with your capital and your reputation. We don't take that lightly. To our team, let's finish what we started. We didn't build this company to be second place. Operator, let's open it up for questions.

[Operator Instructions] We'll go first this afternoon to Brett Knoblauch of Cantor Fitzgerald.

I think you talked about how Solana is kind of seeing like the institutional momentum is here today, and you talked about your pipeline being maybe much bigger than what it's been in the past. Could you maybe just elaborate on that, kind of the north of $5 million of validator revenue this year? Where are you expecting that to go? How much opportunity do you see in the pipeline? How are those deals compared to the deals that you have signed with institutional clients today? And is this something where maybe the pipeline or activity or demand has increased recently? Has it been steadily growing? How should we think about that?

Yes. Thanks, Brett. That's a great question. Definitely, we've been seeing a very steady increase in institutional demand over the last 6 to 9 months, I would say, particularly. I think just today, we saw the Morgan Stanley Solana ETF announcement, which is great news. More and more big institutions coming into the space. As far as the pipeline goes, the way we're seeing it is that -- so we have a couple of different sort of products in the staking space. ETFs are one of our targets as we've seen with the VanEck ETF. And we're seeing some growth in the demand there and we're going to continue to target those. But we're also seeing that institutions and -- institutions is kind of a broad term, right? So institutions being kind of the traditional banks. But also more and more of kind of the financial midsized companies in the space are getting more interested in what Solana has to offer beyond just staking and just kind of the kind of vanilla options, right? So we're seeing opportunity there in how we can become an intermediary and offer services to all of these players and become their gateway to the entire Solana ecosystem and DeFi space. So what I'm trying to say here is that the pipeline has been growing consistently, and we're getting inquiries and we're talking to people and having conversations that are evolving beyond kind of just the simple plain staking type relationships. And as we have more to announce there and specific offers -- sorry, specific partnerships, we'll obviously be making those announcements.

[Operator Instructions] We go next now to John Roy of Water Tower Research.

So I know you mentioned a number of strategic initiatives. I wonder if you could maybe give us a little more maybe color on milestones we might see going forward? Obviously, the institutional growth is going to create announcements, but you can't obviously preannounce those. Just wondering if there's any specific milestones do you see coming that we could track?

Absolutely. Thanks, John. So right now, our primary products that we're offering is staking services, right? So we've got clients like VanEck or just anyone on the blockchain who can come and stake with any of our validators, completely permission us. Right now, we have over 27,000 people and/or companies that are staking with us across our validators that we're operating. We also offer white label validator services. So we operate validators for groups such as Solana Mobile. So if you buy a Solana mobile phone, the default validator on that phone and there's over 150,000 devices ordered, will be a validator operated by us. Now we're looking at expanding into new products in the staking space. And we will have an announcement relating to that later this month. So that will be coming up very soon. I can't say too much more right now, but keep your eyes out for that. And then we are looking at other opportunities in the broader infrastructure space as well, not directly related to staking but other infrastructure services that may be interesting to institutions and entities that want to become more active and operate in the Solana blockchain and ways that we can help them access that ecosystem.

Excellent. That's very helpful. One follow-up. I know you may not have had a chance to react to this. I don't know how much you've seen from the MSCI announcement that DATs would not be excluded. I didn't know if you had any color. I know you had a response when they initially came out with their thoughts. It seems that they may have changed their thinking.

Yes, I haven't actually seen that yet. Look, generally speaking, I don't have too much of a reaction. We're not a DAT. We don't consider ourselves one. So we never really thought that this was going to be that relevant to us in particular. I think it's an interesting situation for other DATs, and it sounds like it may be a bit of a lifeline. But broadly speaking, I think the market as a whole has been very interesting in the last 6 to 9 months. We have seen a lot of DATs launch and we're going to see a lot of competition, I think, between ETF and DATs going forward. And we're very happy to be where we are, which is focus on the infrastructure and focus on building a revenue-generating business as opposed to being a pure treasury play.

Yes, that makes a lot more sense from a business model. Thanks so much.

[Operator Instructions] And gentlemen, it appears we have no further questions coming in this afternoon. Mr. Hubbard, I'd like to turn things back to you for any closing comments.

Awesome. Thank you so much. Thank you, everyone, for dialing in. We really appreciate your time and attention. It's been a great year behind us, a great deal of transformation and we're very excited for the year ahead. We think the Solana economy is going to be growing really, really massively. And thanks again for dialing in and keep an eye out for future announcements.

Thank you very much, Mr. Hubbard. Again, ladies and gentlemen, that will conclude the Sol Strategies' Fiscal Year-End 2025 Earnings Conference Call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.