Hi, everyone. My name's Ted Tedla. I work in Water Tower Research's Investor Engagement Group. Next presenting company, Sol Strategies. We have Steve Ehrlich, Chief Strategy Officer, presenting. Thanks, Ted. Appreciate being here today and anyone in the room today, I appreciate, and people who are watching online. Hopefully, you'll learn a little bit more about our company and Sol Strategies, and a little bit more about Solana, the blockchain too, as well. We consider ourselves Wall Street's gateway to Solana. We earn revenue on every epoch, every transaction, and we deliver real infrastructure based on the Solana blockchain. Okay. There we go. Our disclaimers. You can see this presentation will be online shortly, you can go download it there as well. We are publicly traded on both the Canadian Securities Exchange under the symbol HODL.CN, and also on Nasdaq at STKE. We were really built for the moment where traditional finance goes on-chain. The ability for us to execute transactions in the most efficient blockchain around, in Solana, is the core to who we actually are at Sol Strategies. We truly, truly believe that global finance is going on-chain. When you think about it's really a three-prong on that. Trading, investing, and banking are all moving on-chain. You see it, you'll see some slides here later in the deck, you're seeing more and more transactions happen in the real-world assets, in securities, the stablecoin industry is all moving on-chain. There's many reasons why, probably some of the most prominent of that is the speed of execution, the speed of the transactions, the cost of transactions, the scalability. We'll talk all more about that, I just wanted to set the table for what we do. We're a technology infrastructure built on Solana. You'll hear me say that quite a bit through this presentation because it's important to know that we are one of the very few crypto companies that are building infrastructure. Some of the reasons to own Sol Strategies. Mentioned it before, markets are going on-chain. Trading is going to happen 24/7, 365. If it's not happening already, some of it is to where it's going over the next few years, you will be trading securities, options, futures, perps, prediction markets, all going 24/7, 365. How does that happen? It goes on-chain. The financial markets are going there. Banking on-chain. The stablecoin industry is growing exponentially as more and more money is moved on-chain. I dealt with a question this morning. Someone's like, "Well, how do I know what's going on-chain?" You don't necessarily know, but when you put a wire movement in at your Bank of America or any other banks, there's a pretty good chance they're moving that money on-chain because they don't have to pay SWIFT fees. They don't have to pay wire fees. There's no fees. When you move it on-chain, it's a fraction of that cost. We're publicly traded, we're regulated, and we're built to serve innovation and transactions. One of the things that sets us apart from others is the fact that we focus on the regulated part of our business, that we are public, but that we're also PCAOB audited. We're SOC 1 and 2, and Type 2, and ISO 27001. I always kind of mess up those numbers. I can't remember them. We built infrastructure that institutions can use because when institutions use technology to make sure they get through their audits, they need that to be SOC-reported, SOC-eligible. Lastly, we earn from the transaction, not just from owning Solana. We own about 475,000 Solana today, but that's just a piece of the business. That's how we hold our treasury, and we earn from that. As Solana goes up, we'll earn revenue on that too from staking rewards. Where we really earn is on the transactions. Any transaction that happens on the Solana blockchain, we earn a piece. We own about 1% or 2% of the market there. We earn a piece of the transactions. What also sets us apart is the deep knowledge that we have and the different knowledge that we have as part of our operating team. Michael Hubbard, our Chief Executive Officer, deep knowledge in Solana, has been around Solana since almost the beginning, building infrastructure and technology and validators. Myself, I'm the TradFi guy. I've been around the TradFi markets for over 30 years now. I worked for some public companies, E*TRADE and others, and grew my career through the public markets. Doug Harris, CFO, Andrew Macdonald, COO, and Jon Matonis, our Board Chairman. Pointing out Jon for a second, recently appointed Board Chairman, has deep expertise and was part of the original people owning Bitcoin and part of the Bitcoin Foundation. As we talk about why financial markets are moving on-chain and who's bringing it on-chain, it's important to also see the volume that's happening on the decentralized exchanges. You could actually see in the chart how this volume starts to increase. Now, you see a big spike in January 2025. We all remember what happened in January 2025. Just a reminder, that's when that good old Trump coin came out, and we had tremendous spikes in meme coins. Now you see the volume without the meme coins actually being quite substantial on the Solana blockchain when you compare it to the other chains down here. Why is that happening? You're seeing some of the biggest companies in the world build on Solana. You're seeing the Western Union, the Stripe, the JPMorgan Chase, and just recently, SoFi announced that they were going to actually build their own stablecoin on the Solana blockchain. Some history about the company. We actually been publicly traded since 2018. We were under the name Cypherpunk Holdings, and we changed the name. The Cypherpunk Holdings was about an investment company and holding Bitcoin investments. In 2024, we actually changed the strategy from Bitcoin to being in the Solana blockchain, we then subsequently changed the name to Sol Strategies. Over the next year, we completed a listing, an up-listing from the Canadian Securities Exchange using MJDS to Nasdaq. We bought four validators and started growing our operating business. Just recently in 2026, we brought our second products to market in our Stake Sol in January of 2026, did two acquisitions in the last 60 days. We acquired Zyga Technology from Darklake Labs and brought on that tech team and development team that just deepened our bench of technology. Recently, we acquired Houdini Swap. Houdini Swap is extremely important to us, and what we saw is building out an operating business that goes cross-chain and allows trading across over 120 different blockchains. You could see our evolution of our company going from a public company to Bitcoin to the Solana blockchain, to just holding Treasury to being an operating business. We're going to continue on that path of building more operating businesses. A little bit about Solana. It's a proof of stake blockchain where validators process the transactions. It's an important aspect here too, in that the exchange When you're processing transactions, you could make the correlation to how exchanges make money. Exchanges make money just on the processing of transactions. That's one of their revenue streams. They have multiple revenue streams as well, but that's one of their revenue streams. Owning validators allows us to earn revenue on every transaction coming through the Solana blockchain. Here's what our infrastructure looks like today. Our validator uptime is 99.99999%, so we round it up. Our Treasury holdings is not CAD 521,000. We sold some over the weekend, to pay off some of our debt. We thought it was a very smart move to do that and manage our balance sheet, and we're about 460,000 Solana now. You can see we also have close to 34,000 unique wallets that are staking to our validators. I think that's about 5.5% of the overall wallets holding Solana. That's a pretty significant number when you think about it. That staking value is about 3.7, just under 3.7 million Solana. Who are some of the people that are using our platform and our infrastructure? Well, VanEck is one. When they launched their ETF, who did they go to? Who did they use? When they needed their staking partner, they came to us. VanEck was one. ARK Invest, when they started staking and doing work in Solana, came to us. Some of the custodians that are in the space, Tetra, Neptune, Netcoins, Crypto.com, all are using our infrastructure for staking. Another thing to note down here on the bottom that I failed to say was that we also run four validators that are our own, and we run two white label validators. We run one for Pudgy Penguins and another one for Solana Mobile. When the Solana mobile phone came out, who did they select to run their validators? It was us. It gave a significant amount of volume of wallets that were using our validator. As I mentioned, in January 2026, we launched our liquid staking token, Stake Sol. What Stake Sol gives consumers is the ability to get a representation of their Solana. When you stake Solana, sometimes it could take up to a full epoch to actually unstake it. That could be two and a half, three days max to unstake it. During that time, you can't really use your Sol. The liquid staking token allows both retail and institutional consumers to get the digital representation of the Solana and go use that LST in the DeFi market to earn extra yield and extra rewards on that staking token. There's a lot of liquid staking tokens in the market, but what makes ours unique is that our team and Michael Hubbard has built something called Wiz Score on Stakewiz. We use that analysis to be able to stake to various validators based on its score that's set by that Wiz Score. That's unique. Most LSTs that are built only stake to the validator that actually developed that liquid staking token. We go broader because we think that's the smart move and that's what investors and consumers really want. Houdini Swap, our most recent acquisition. We closed this on May 31st. It's compliant privacy routing technology. Consumers have the ability to hook up their wallet and choose from various routes based on their parameters about how they want to execute a trade. They get pricing across different exchanges. It might take one exchange seconds to execute a trade, it might take others minutes. The pricing might be different. Consumers get to choose their routing, which is extremely important. The real topper on that is the privacy that they have. I'm going to spend a few minutes about privacy. Almost everyone has a Venmo account or something similar that they share money and they send to their friends back and forth. When you send your money on Venmo, nobody knows how much money you have in your Venmo account. Nobody sees that Venmo account, and many times it is hooked up to your regular bank account. Nobody sees how much money is in your bank account. The blockchain, in its transparency, you could actually see what wallet it's being sent from and to, and you could actually see how much is still in the account. For the blockchain and crypto to really expand, privacy has to become an important aspect of it. We saw that. We wanted to acquire Houdini for that privacy piece that's compliant and regulatory compliant. Consumers have that protection that when they're going to send money to and from their friends, family, businesses that want to pay vendors eventually with USDC, nobody's going to see all the details behind it. Nobody's going to see the wallets it's going to and from. You get extra protection. The same thing on trading. I've been doing the trading, I've been around trading for 30 years. When I first started my career, I used to go down to the New York Stock Exchange and sign blue and pink tickets for compliance. When a big trade would come in on the floor of the New York Stock Exchange and it went to a floor broker, you might say, "Oh, wow, that's a trade coming from Fidelity. There's got to be more behind it." As trading actually developed and improved and we added technology to it, those trade parameters and those trade executions became private. You didn't see all the details anymore. Now that we go to the blockchain to trade, and it's now, as I said earlier, transparent, the Houdini technology allows those who are making the trade to protect the details of the trade, the size maybe behind it, and really give them the same privacy that you've come to expect in the traditional markets. Our thesis has been that privacy is an extremely important aspect in the growth of the blockchain. Some data we've shared on the Houdini platform. They've done cumulatively CAD 2.5 billion of swap volume because it allows you to trade on 120 blockchains, cross any chain to any chain, any coin on any chain on those 120 blockchains. 2025, their revenue was CAD 13 million. As I mentioned, over 120 blockchains and over 50% of the volume with our thesis on Solana happens on Solana, touches Solana either on the buy side or the sell side. We're seeing it, one half of that transaction is being done on the Solana blockchain, and that's happening over 50% of the time. Another thing to note on Houdini that didn't make this slide yet, that has proven out to us over the last week, when you see volatility in the crypto market, that's good for trading businesses. All trading businesses like volatility up or down, kind of sad to say, but you actually even see more volume when it goes down. Same in the traditional market. When volume goes down, you see more volume. Houdini gives us an opportunity when there's volatility in the market to actually earn more revenue. Just prior to the Houdini transaction, we acquired technology from a company called Darklake and brought on their four developers called Zyga. It's a layer of privacy as well that we think we can integrate, we know we can actually integrate into the Houdini platform, and it's built on the Solana blockchain. It's an API that can be delivered to, again, wallets. One thing I did also fail to note on Houdini is the customer base is both retail and wallets. Some of the biggest wallet holders in the world are using the platform built into their wallet, i.e., like Solflare. The opportunity at hand, this slide is actually a little bit daunting because besides it being very colorful, it actually shows all the different verticals on the right side that where the Solana blockchain is being used. It's daunting, but it shows you the opportunity. We're just touching the surface on this. As we've just added a couple of pieces to our operating model, we're going to look to add other pieces within here. I would focus a lot when you look at this slide, when you get it online, to look at some of the bigger ones, like the payments. There's an opportunity in the payment side as we see more and more going. Our goal is to try to find opportunistic acquisitions that could add more verticals to what we're already doing. It's not just go get a separate vertical. It's like, how do we integrate it into what we already have, whether it's the validator, the liquid staking token, Houdini, Zyga. We want to make sure that we're integrating as best as we can and take advantage of our cross-selling opportunities with all these different verticals. As I mentioned, some of the bigger companies that are building on Solana, we have SoFi, we have Visa's on it. Western Union has built their platform on Solana. BlackRock, Franklin Templeton, some of the biggest names in the world are continuing to build on Solana, and the ecosystem will continue to grow. We truly believe that all financial services will be on chain over the next few years. In closing, before I take any questions, is as Solana wins, as Solana grows and becomes. It's already there as one of the leading blockchains for financial services. As it grows and there's more development being done on the blockchain, on the Solana, we win. We get a piece of that scale. Through our different products, through the validators, through the trading, through the liquid staking token, we start to get even more and more. As privacy becomes known to consumers that, "Wait a second, before I execute this trade, maybe I should make it private. I don't really want someone to know that I have $100,000 in my USDC account, so maybe I'll make it private." Think about that. There's this huge growth in neobanks that are being built on USDC for consumers. Privacy's going to have to be part of that. There's no way anyone's going to want their balances shown to the public. It's a bet we're making. We strongly believe in that. We're compliant. We have privacy. We have execution. We have routing. We have validator staking. We're building an entire Solana infrastructure that's being ready for the next generation of consumers. With that, I turn it over to any questions. The model on Houdini. I'll break them into the different segments we have. On the transactional side on Houdini, the consumer doesn't pay anything. We get paid by the routing of the exchanges they pay, similar to the way payment for order flow tends to work in the traditional market. We're getting paid by the exchanges that we send the orders to. The consumer's picking where they want to go. We give them a choice of the different routes, and you get to choose when you're doing your execution. A, do I want private? B, do I want to go here and get this price, but it'll be like one second? Do I want to get a slightly better price, but it might take 10 minutes? Because when you're doing DeFi, sometimes it actually takes a little bit longer. Consumers get to choose that. We get paid by the exchanges we deliver the trades to. On the validator side, most of our validators are all extremely price competitive, but some of them are zero commission, we're at the high end of what you'll earn for staking rewards with the validators. We're competitive pricing. Consumers don't see it on the transactional side, but on the revenue side, on the validator side, they're earning top tier on those rewards. There's no doubt about regulatory will unlock even more value to blockchain and crypto companies. We're hopefully close on the CLARITY Act. It gets close and then takes a step back, but I think it's passed through one of the major hurdles. It's just passed through on the House or Senate, so it's onto the next phase. Hopeful that it happens sooner. I think as an industry, we're hoping that it comes by July 4th, the passing of the CLARITY Act. If it leaks into the summer, we're hopeful. It should unlock value in crypto companies because as much as people say regulatory can hinder, I think the regulation that we see will actually help more adoption completely, and it will open it up for more banks and brokers to use that. One of the questions I had in the one-on-ones today was, "When will I see-- How could I see my use of the blockchain in Solana?" You may never see it, because what may happen is your banks may be using the blockchain to move money. Your brokers, any of the online brokers, they may do the transactions on the blockchain to save themselves money rather than paying DTC for holding. It may all happen behind the scenes, but you have the opportunity to make it right in front of you by putting it into your own wallet. You might be able to buy-- You will be able to buy securities in your wallet and hold it, but if you're more comfortable having a broker do it, I think that'll happen too. You may never see the value right in your face, but it's going to happen. I did have a question about. You did mention you had some- Yep. We hold about 460,000 Solana. If it's 65, that's about 30 million of Solana on our balance sheet. I think our market cap is about 40 million. Depends on the minute of today because the market's so volatile today. We don't know. It's about 1.3 as a multiple of an mNAV. We don't look at our business that way because we're not a treasury company. What I would say about treasury companies is if you want to invest in Solana, you don't need a treasury company. You can go to Coinbase and go buy your own Solana, stake it, and earn the rewards. You can go buy an ETF and do the same thing. What we bring is something different from all the different other Solana companies that are public on Nasdaq or anywhere else, is that we're bringing infrastructure. We want to be, and we'll continue to go down the path of building infrastructure, so when Solana grows, we're going to earn on that. At the same time, we'll hold our treasury in Solana, and we may sell some every once in a while to manage our balance sheet. Our core thesis is we want to hold Solana because we believe in the coin, we believe in the Solana economy, but we also want to build the infrastructure to take advantage of that growing ecosystem and economy. It seems that you were filling in strategically very well. Is there something on the drawing board that you can look to add to continue to build out? Yeah. Through my 30 years in financial services, I've always been a big believer in acquisitions. Had a role at E*TRADE that actually put together a lot of pieces for them. I think when you look at what we want to do here, it's similar to some of the things that were done 30 years ago in the space. When the traditional world started going online, they were buying pieces to do that, to edit, not building everything. We'll build some. The pieces, we would look at anything in this focused on the Solana economy. We're really intrigued by RPC technology. We're intrigued by vaults. Those are two big areas that we would look at. Security. If there's more privacy, we would look at. It's kind of an open invitation. We'll look at anything that we think could bring value to our overall product offering to retail and institutional consumers. No, keep going. White label. How would you want to structure it? Well, you see the white label we have for Solana Mobile and for Pudgy Penguins. We have the opportunity to do that. Not everybody wants that, but we do have the opportunity to do that. Even the Houdini, when you think about it, when it gets embedded into the wallets, the Jupiter, the Solflare, it's embedded in there, so it's effectively a white label because the consumers are using that technology. We're open to those ideas, too, if it makes economic sense and development sense to do that. We still run a pretty lean team, and we want to stay lean because we think keeping expenses controlled and building the revenue is what investors want to see. They want to see the top line grow with a static fixed expense base. You don't want to see my expense base grow with the revenue. Think of it from the perspective of a company that has a service without building the whole infrastructure in order to take on Sol Strategies' idea. You could join us as a sales guy. I agree with you in the fact that as we're building the infrastructure, less and less companies want to build the infrastructure. Even wallets and others are like, "How can I get APIs to do a lot of the work I did?" I wouldn't say it's commoditized, but at the end of the day, companies are now focusing on what they do well. You're either marketing to institutional consumers, marketing to retail consumers, and you could do all the work in the back end. The back end stuff's tough. It's the hard part, right? It's like, if I have the consumers and I can get that on a good deal that works for both sides, why wouldn't I do that all day long? That's where you see we'll do the hard work. We know how to do it. We've been in Solana for years. We want to keep leveraging that work. I think I'm just about at time. Thank you very much. For those online watching, thank you, and thank you to all you in the room. Appreciate it. Thank you.