Good afternoon, everyone, and thank you for participating in today's conference call to discuss Solana's Company's operating results for the third quarter of 2026, ended September 30th, 2026. The third quarter 2026 earnings press release was issued today, November 11th, at approximately 425 p.m. Eastern Time, and is available in the investor relations section of Solana's Company's website. Joining us today are Joseph Chee, Chairman and Chief Executive Officer, Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital, and Madeline Gani, Chief Financial Officer. All participants are in listen-only mode. Following management's prepared remarks, we will open the call for questions. To ask a question, please press star 11 on your telephone keypad. Today's call is being recorded. I would now like to hand the call over to Jake Marrakis with M Group Strategic Communications for introductory comments. Please go ahead.

Thank you, operator. Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management's views as of today, November 11, 2026 only. and include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today in the sections entitled Risk Factors in our annual report on Form 10-K filed with the United States Securities and Exchange Commission, or the SEC, on March 31, 2026, and our quarterly reports on Form 10-Q as well as the subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the news and events section of our investor relations page. With that, I would now like to turn the call over to Solana Company's chairman and chief executive officer, Joseph Chee.

Thank you, Jake. Good afternoon, everyone. Welcome to Solana Company's third quarter 2026 earnings call. On our Q1 call earlier this year, I introduced Solana Company's self-reinforcing flywheel. On our Q2 call, I said we have reinforced the flywheel, validated cluster life in Tokyo, third-party stake secured, and putting the legacy business behind us. The third quarter is when the flywheel started to turn. This integrated strategy is now beginning to bear fruit. Our third quarter operating costs reached their lowest level yet, below that of Q1, as we continue to streamline operations while simultaneously executing our dynamic treasury management plan. Cosmo and Maddy will share the details of those achievements in their respective areas. Three developments define a quarter. First, our specific backbone infrastructure move from build-out to operation. Third-party stake on our Tokyo validator reached one million sold at quarter end, and as we had anticipated, began contributing to our revenue in the third quarter. Second, as sold price rallied and our discount in the asset narrowed, we put the other side of capital toolkit to work. On September 30th, we priced an approximately 15 million registered direct offering with a global institutional investor at a 5% premium to net asset value per share at $3.43 per share. The offering closed on October 1st. We subsequently used the proceeds from the offering to purchase approximately 125,000 souls in support of our commitment to put more soul behind every share. Third, our treasury continues to work for shareholders as well, taking rewards attributed to our treasury holdings and Validated Operations contributed to 3.3 million revenue on 30,767 sold earned in the third quarter, further bolstering our treasury and compounding returns. Before I detail the company's business operation for the quarter, I would like to take a moment to touch on developments in the Solana ecosystem. The third quarter was another strong period for institutional adoption of Solana. and much of that momentum came from Asia Pacific. Tokenisation continued to accelerate. Solana's on-chain real world asset market set a new all-time high of approximately $3.7 billion in July, surpassed $4 billion in August and climbed above $4.6 billion by late September. In July, tokenised SK Hynix shares went live on Solana on the same day The Korean chip maker debuted on Nasdaq, giving eligible investors around the world 24-7 on-chain access to one of Asia's largest technology companies. Asia-Pacific institutions moved decisively. In Japan, SBI Holdings formed a strategic partnership with the Solana Foundation focused on Yen stablecoins, tokenized real-world assets, and Cross Border Payments, and SBI Global Asset Management and DGFT launched the JX token for on-chain access to a Japanese equity fund strategy. In Korea, Shinhan Asset Management, which oversees approximately $97 billion, signed an MOU with the SLA Foundation for a one denominated tokenized fund, and payment processor, KSNet, agreed to bring Solana Pay to more than 330,000 merchants. In September, Project Harmonia was announced to connect all funds distribution network of more than 3,300 asset managers and financial institutions with Solana. Regulated access to Seoul also widened. Morgan Stanley Investment Management launched a Solana Trust that intends to stake and pass rewards through to investors. E-Trade added spot trade Seoul Trading, ChildSwap announced plans to add Seoul, and the Bitwise Solana Staking ETF became the first U.S. Solana ETF to pass $1 billion in assets. In Japan, the National Diet, which is the National Parliament of Japan, reclassified crypto assets as financial instruments. laying the legal foundation for spot crypto ETFs. The network itself kept improving. Block capacity rose 66%, block time fell from 400 to 200 milliseconds, and Alpenglow, the most significant upgrade to Solana's consensus protocol since launch, went live on October 21st. with the goal of cutting transaction finality from roughly 12.8 seconds to about 150 milliseconds. We believe that is performance that institutional involvement in the ecosystem requires. Each of these developments helps to expand institutional interest in Solana and the market opportunity for Solana Company to serve as a trusted provider of advisory, staking and validation services across the ecosystem. The third quarter also brought Solana's first on-chain governance vote, and we were proud to participate directly. As a validator operator and one of the largest publicly listed holders of SOL, we believe we have a responsibility to participate and to do so transparently. We published our positions in advance so that our delegators could vote with full knowledge of their operators' view. We voted for SGP0000. Choon Wee Chee, Agustina Gani Tjandrasuwita Choon Wee Chee, Agustina Gani Tjandrasuwita Choon Wee Chee, Agustina Gani Tjandrasuwita and provides long-term stakeholders like us a direct voice in the network we are building on. As I committed to last quarter, I'll update you on each of our three service lines every quarter. First, advisory services. We provide bespoke advisory for traditional financial institutions and corporations, helping them unlock tangible business value through blockchain adoption. During the quarter, our team held over 40 institutional education sessions and workshops with banks, asset managers, exchanges across Asia Pacific. And we continue to see increasing enthusiasm around exploring new use cases of tokenized and stablecoin transactions. We also continue to make the case for institutional Solana adoption in public. in August. I spoke at HSBC Asia FinTech Summit at Cyber Asia in Hong Kong. In September at Solana Summit Korea in Seoul. One point I made at HSBC bears repeating here. We believe tokenization works best when it starts with assets that already have deep liquidity and real demand and expand outward from there. That is how we advise our clients and the reason we believe institutions coming on change. Our region is starting with stablecoins, funds, and illicit equities. Second, validated infrastructure. Pacific Backbone is a compliant, high-performance infrastructure that we believe regulated institutions require in order to scale staking and validation on Solana. Last quarter, we said we had secured third-party stake and expected to report validated results for the third quarter. As of September 30th, Pacific Backbone has been delegated approximately $1.3 million Choon Wee Choon Wee Choon Wee Our Tokyo cluster continues to run on three machines operating as a single validator, providing us redundancy and independent test environment ahead of each new deployment. Beyond Tokyo, we are assessing Hong Kong as our next location. We are also pursuing ISO 27001 certification, which we are targeting for the fourth quarter of 2026. Finally, the platform business. Our AI power orchestration and compliance stack remains a long-term build. When complete, it is expected to bring our staking, validation, and advisory lines together, giving partners a single-point execution across their digital asset operations. These three service lines feed one another. Advisory identifies where institutions need infrastructure. Infrastructure generates recurring Choon Wee Choon Wee Choon Wee SAR Government Office for Attracting Strategic Enterprises, OASIS. As a strategic enterprise, the only digital asset infrastructure company to receive that designation in 2026. As part of the partnership, we are expecting to establish a headquarters in Hong Kong. Hong Kong is now where Asia's institutions are coming on chain and we intend to be there building alongside them. With that, let me hand over the call to Cosmo. to walk through our treasury and capital markets results.

Thanks, Joseph. Hello, everyone. Last quarter, I said execution has surpassed scale as the key differentiator amongst digital asset treasury companies. The third quarter tested that view from a different direction. After declines in each of the first two quarters, SOL rose approximately 60% during the third quarter, from roughly $74 to roughly $118. Institutional channels into SOL also broadened. U.S. spot Solana ETFs recorded 11 consecutive weeks of inflows, and major investing and wealth management platforms added SOL access. We welcome the expanded access to SOL for investors, but we believe the value proposition of Solana Company remains fundamentally advantageous to holding SOL via an ETF or a brokerage account. An ETF or brokerage gives you SOL. We aim to give you more SOL per share over time. through staking yield above the network average, accretive capital allocation on both sides, and operating businesses that generate revenue independent of the sole price. Moving on to staking performance. Net staking yield is the annualized yield we realized on our stake sole after validator commissions and related operating costs compared against the Solana Network system-wide average over the same period. For the third quarter of 2026, our average net staking yield attributable to our Tjandrasuwita. as we have translated our learnings from third parties to boosting our internal performance. Our capital allocation framework has not changed. Issue only at a premium to net asset value, repurchase only at a discount, and judge every decision by whether it adds sold per share. At the start of the quarter, our shares traded below NAV, and we continued to repurchase under our previously authorized stock repurchase program. During the third quarter, We repurchased 1.4 million shares at a discount to NAV for an average price of $196 per share for approximately $2.8 million, bringing year-to-date repurchases to approximately $8.7 million. As SOL recovered and our discount to NAV narrowed, the opportunity changed. On September 30th, we priced a registered direct offering with a global institutional investor of 4,369,356 shares at 3.433 per share, a 5% premium to net asset value per share, which offering closed on October 1st. The investor also received warrants to purchase an equal number of shares at an exercise price of $3.776 per share. We received gross proceeds of approximately $15 million and net proceeds of approximately $14.3 million. We use those proceeds to purchase approximately 125,000 SOL. We believe being able to act on both sides of the capital structure as conditions change is one of the most powerful tools we have for creating shareholder value, with each action being accretive to SOL for Share. As of September 30th, 2026, Solana Company held approximately 2.4 million SOL across all categories, including liquid holdings, stake positions, and receivables. with a fair value of approximately $288 million, approximately $1.1 million of cash and cash equivalents, approximately $1 million of cash receivables, and a $15 million payable for unsettled sole purchases. Our diluted share count on a treasury stock method basis was approximately 85.2 million shares, including common shares outstanding, in the money warrants, and in the money stock options and RFCs. That equates to 0.0274 SOL per treasury stock method diluted shares after adjusting for unsettled SOL purchases and a student conversion of cash and cash equivalents and cash receivables to SOL. I will now turn the call over to Madeline Gani, our Chief Financial Officer, for the detailed financial results.

Thank you, Cosmo. Third quarter revenue was 3.4 million consisting of 3.3 million of staking revenue which includes rewards on our treasury and revenue from third party stake of Pacific Backbone and 23,000 of other revenue. This compares with 697,000 in the third quarter of 2025 and 2.5 million in the second quarter of 2026. For the first nine months of 2026, revenue was 9.5 million comprising 9.3 million of staking revenue, which includes rewards of our treasury and revenue from third party stake on Pacific Backbone, and 241,000 of other revenue compared with 789,000 in the prior year period. Cost of revenue for the third quarter was 617,000, resulting in gross profit of 2.7 million or a gross margin of approximately 82%. For the first nine months, cost of revenue was $874,000 and gross profit was $8.6 million. General and administrative expenses for the third quarter were $3.4 million compared with $11.1 million in the second quarter, which included approximately $6.8 million of non-recurring severance associated with the PONS divestiture and approximately $5.2 million in the first quarter. For the first nine months, general and administrative expenses was $19.7 million. Last quarter, we said we expected G&A to decline and normalize towards first quarter levels as the PONS cost basis came out in full. third quarter GNA came in below first quarter levels and includes 0.6 million of non-cash stock-based compensation. Turning over to digital asset fair value movements, during the quarter we recorded an unrealized gain on digital assets and digital asset receivables of 102.7 million, reflecting the recovery in the sold price, a realized loss on digital assets of 1.1 million, and an unrealized gain on our digital asset fund investment of $1.3 million. For the first nine months, those figures were $15.9 million, $33.5 million, and $0.6 million, respectively. As a reminder, these fair value movements are non-cash under U.S. generally accepted accounting principles. They do not affect our cash balance. The tokens earned from staking activities or the quantity of SOL we hold. Income from operations was $103.9 million for the third quarter compared with the loss of $32.7 million in the second quarter. For the first nine months, loss from operations was $28.4 million. Non-operating income net was 1.3 million for the quarter, including a 1.7 million gain from the change in fair value of our derivative liability, partially offset by other expenses of 0.4 million, which relates primarily to our investment in a licensed Hong Kong trust company. We reported net income for the third quarter of 2026 of 105.2 million, This compares with the net loss of $352.8 million in the third quarter of 2025. For the first nine months, net loss was $24.9 million. This compares with the net loss of $366.4 million in the first nine months of 2025. Turning over to the balance sheet. As of September 30, 2026, we had total assets of $292.6 million, including $1.1 million of cash and cash equivalents, $21 million of current digital assets, $14.8 million of digital assets receivable from brokers, and $252.4 million of long-term digital assets and digital asset exposure across state positions Restricted Assets, Receivables, and Fund Investments. Total liabilities were 19.1 million, including a derivative liability of 2.5 million, and total stockholder and mezzanine equity was 273.6 million. As of September 30th, Treasury stocks stood at 8.7 million, representing 4.4 million shares at cost compared with 5.9 million and 2.9 million shares at June 30th. Subsequent to quarter end on October 1st, we closed the registered direct offering Cosmo described issuing 4,369,356 shares and an equal number of warrants for gross proceeds of approximately 15 million and net proceeds of approximately 14.3 million. We also repurchased 1,957,525 shares for 4.4 million. I will now hand it over back to Joseph for closing remarks.

Thank you, Madeline, and thank you all for joining Solana's third quarter 2026, offering results update. This was a milestone quarter for Solana Company as our strategic vision for the integrated flywheel took root and began contributing to revenue. We also continue to advance and deliver on our commitments from the prior quarter. We said we expected to scale Pacific Backbone and recognize our first validated related rewards in the third quarter. Third party stake on Pacific Backbone is live and now contributing to our staking revenue. We said we would continue to execute our capital allocation strategy. We repurchased stocks when it traded below NAV and when we had the opportunity to raise capital at premium NAV, we took it. Both actions serve the same goal, more sold behind every share. We intend to continue that positive momentum. Three priorities will define our fourth quarter. First, we plan to grow Pacific Backbone's third-party stake, complete our assessment of Hong Kong as our next validated location, and work towards ISO 27001 certification. Second, we plan to use our planned new regional headquarters in Hong Kong to bring more institutions onto Solana and grow our staking offering. Third, we plan to keep compounding sold per share. Having already deployed the proceeds in the sold with the same discipline we have applied all year. We look forward to updating shareholders of progress in the quarters ahead. Operator, please open the call for questions.

Thank you. As a reminder, if you would like to ask a question, please press Star 111 on your telephone. You'll hear an automated message advising your hand is raised. We also ask that you please wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question is coming from the line of Fedor Shebeyan of B-Riley. Please go ahead.

Thank you very much, operator, and good afternoon, everyone. Thank you for the update, and thanks for taking my question. My first one is, could you break down the 100 bps outperformance that was recorded in third quarter, like specifically how much comes from Validator Commission you keep on your own stake and how much from maybe MAV and JITA tips and priority fees and how much from uptime and both credit performance at Pacific Backbone if it is. Thank you.

Hey, Fido. Thanks for the questions. That's a detailed fee breakdown. Maddy, do you have the details?

I don't have it handy right now. I'm happy to follow up on that. But essentially, for the 3.4 million of revenue, we have 31,000 of staking rewards of which approximately 29,000 units pertain to our individual sole and the rest from third party.

Okay, thank you. Follow up on sustainability of this outperformance. Should we think that this spread is durable going forward?

Sorry, one more time.

What's durable at all? This outperformance versus generic Solanas taking yield.

Okay, you're talking about how we manage our own Solana with third-party Are you talking about the Solana VRM staking with our network?

Yeah, I just want to figure out if it's fair to assume that your outperformance with 1% is a fair assumption to keep it going forward for future periods or if it depends on many things.

Fido, I think, you know, I guess we're not providing a forward-looking statement here. I think if you look at our performance the last three quarters, we've been managing our sole inventory quite well with all the staking partners that provide services to us. And the best person to talk about is probably Cosmo, but I would think that, you know, the way we're managing it with the party is still going to continue. and I would think that we should be able to continue to outperform. As for the soul that we take on our own validated infrastructure, after the beta and we see the performance getting better and better, I think we are doing quite well. Maybe I should stop here and see if Cosme has anything to add.

record over the last three quarters.

Can you hear me?

Sorry.

Yeah, go ahead.

Oh, yeah, yeah. I think you can look at our track record from the last three quarters as a good directional, directionally, like we have been able to perform pretty consistently above the benchmark. There are a number of things that go into that. One of them is validator selection. There is a fair amount of dispersion amongst the validators and there are certain customizations that we can agree to with our validators to get to these higher yields. I'd say that the other factor that's in within our control is our ability to leverage our strong relationships and alliances with these validators to get differentiated economics that they may not offer to other parties. And so both those I think are pretty durable. I think some things that are less controllable and we'll see is that staking economics on Solana do change over time. Recently with the Solana's Alpenglow upgrade, there has been some changes to the amount of additional rewards that go to leaders. And that's created a lot more volatility in the stream of validated rewards, but also And so that is one consideration. And so there may be more randomness, a little bit more randomness going forward. And the other consideration is that there have been major upgrades across one of the large validator clients recently that had been lagging for a while. And so that validator client has now come back to parity with some of the other major validator clients. And so it's possible that the average is getting pulled up because some people are catching up in their techniques. Thank you for joining us today. And so we anticipate that we should be able to maintain some performance gap, but that gap might be volatile quarter to quarter.

That's super helpful. And lastly, more broad, like Solana technized real world assets moving up notably, yet Solana token is down roughly 30% from its late September high. Just maybe it's a good time to take a step back and rehash what is the transmission mechanism from tokenization to Solana demand? Yeah, if you can just like outline the basics. Thank you.

Yeah, look, what we've been saying is that blockchain activity tests tend to have some reflexivity to asset prices. And so as asset prices come down, we do see activity tend to trend down. And this past quarter, when we saw activity pick up again, transaction fees did also pick up on Solana. We also saw the growth of real-world assets and in particular tokenized equities over this last quarter really grow across blockchains in general, but also on Solana. And that did lead to more transaction fees, which leads obviously to better economics for stakers, but also holders of Solana. And so, you know, we feel very optimistic on a number of these drivers continuing, including the idea of tokenized equities can be traded more broadly across the world in larger volume and more DeFi applications getting involved in becoming these next generation on-chain prime brokers to really even further enable tokenized equity to take off. and then we have the advent of prediction markets that are being experimented on on Solana and certainly perpetual futures are also a big growth avenue for Solana. And so we're hopeful that some of these, in addition to potentially new areas like collectible trading and other things, collectible trading, stable coin transactions, payment volumes may continue to increase on the Solana blockchain and all that should result in higher transaction fees and higher economics for Solana owners.

That's very helpful. Thank you very much.

I wanted to circle back, actually, on one of your questions on the staking yield. We were able to pull up the numbers. Of the 5.9% APY that we had in the quarter, roughly 5.1% was inflationary rewards or emissions. Roughly 50 basis points were block rewards and roughly 20 basis points were MEDs.

That's helpful. Thanks very much, Cosma and Joseph Medelin, and continuing best of luck.

Thank you. One moment for the next question. Our next question is coming from the line of Matthew Galenko of Maximum Group. Please go ahead.

Hey, thanks for taking my questions. Maybe first, can we get some sense directionally of OpEx or how we might think OpEx moves in Hey, good to see you online again, Matthew. Mehdi, do you want to take that question?

Sure, and thanks for asking that question, Matthew. As we don't give any guidance on forward-looking OPEX, I think in general, we continue to optimize for our GNA, but at the same time, as the business grows, we would expect an increase in expenses. So, to answer your question, We would probably normalize between what our current rate is and what our historic rate is, something in between.

Okay, thank you. And maybe you provided a few numbers around your third-party staking volumes. Can you give us maybe just qualitatively, is the trajectory there? in line or exceeding internal expectations, or how is that performing relative to what you were targeting?

Thank you. From my perspective, if you look at the third party coming in, frankly, that's above our expectation. The whole infrastructure only came online in July, it was in beta. and if you look at it, I guess the external delegation only started like very late July, I think like July 31st and they start out with a few hundred thousand and we thought we'll take it because we haven't even started marketing very aggressive because of the beta phase and then it actually went up a lot quicker than we thought. I think, again, this could be You know, now that we are going through building another node in Hong Kong, and then we are going through the ISO certification, and it's getting close to the end of the year, I am being, let's say, if I want to be prudent, I think that the kind of growth rate we're seeing in this third party, so going from 300,000 to over a million, of Seoul is probably going to slow down a bit in the fourth quarter. I don't think it's going to go from here on to 3 million by the end of the quarter. This is just an example. So let's hope for the best, but I would think that by the first quarter of next year when it comes back, as the adoption of Salah happens with the major Financial Institutions in the region. We'll see more third parties coming to our validated infrastructure.

Great.

Thank you. Thank you. And that does conclude today's Q&A session. I would like to turn the call back over to Joseph for closing remarks. Please go ahead.

Great. Thank you. Thank you everyone for joining the call and also for the good questions. If you have any more questions, please write to us. We will respond and if you want to have a separate meeting to discuss about anything, happy to arrange as well. Thank you very much.

Thank you for joining today's program. This does conclude today's program and remarks. Thank you so much. You have a great day and you may disconnect.