Thank you for standing by, and welcome to the Solana Company's first quarter operating results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star one one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. Now I'd like to introduce your host for today's program, Serena Jaffe, Investor Relations. Please go ahead. Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management views as of today, May 15th, 2026 only, and includes 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 earlier today and 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 31st, 2026, as well as in 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, President, and Chief Executive Officer, Joseph Chee. Thank you, Serena. Good afternoon, everyone, and welcome to Solana Company's first quarter 2026 earnings call. I'm pleased to report on another quarter of significant progress as we continue to build out our multifaceted digital asset treasury platform and execute our Solana treasury strategy. Before diving into our strategic initiatives, I would like to highlight key additions to the Solana Company. In early April, we welcomed Madelene Gani as our Chief Operating Officer and Deputy Chief Financial Officer, and today announced that she will serve as our Chief Financial Officer, Treasurer, and Secretary. Madelene is joining us on this earnings call for the first time, and she will be presenting our financial results later in the call. In late April, we closed a strategic capital raise as disclosed in our public filings. The institutional offering led by global institutional investor Mirae, with participation by HashKey, marks an inflection point demonstrating both deep commitment from leading APAC institutional investors and a market premium for our Solana strategy. Now turning to the first quarter of 2026. In a quarter of crypto market volatility and headwinds, I'm proud that our first quarter's performance and how we stayed focused on execution. The strategic use of capital markets, on-chain opportunities, and operational discipline enabled the company to maximize our SOL per share during the first quarter. Our first quarter revenue increased exponentially from the prior year. Notwithstanding the volatility of Solana price, we remain resilient and continued our execution of generating consistent staking reward of 32,500 Solana tokens in the first quarter of 2026 compared to 34,000 Solana tokens in the fourth quarter of 2025. At Solana Company, we are building a diversified revenue engine architect to target institutional demand in what believed to be one of the fastest-growing digital asset region in the world. We support the growth of on-chain ecosystem through three integrated revenue-generating service lines. Advisory services, we provide bespoke advisory to traditional financial institutions and corporates, enabling them to unlock tangible business value through blockchain adoption. Second, validated infrastructure. We offer what we call Pacific Backbone, a compliant high-performance infrastructure necessary for regulated institutions to scale staking and validation activities in Solana. Platform business is the third piece. We bring an AI-powered end-to-end compliance stack. This serves as the critical foundation for long-term collaborative digital asset operations, seamlessly connecting our global business partners. With these initiatives represent a multi-year trajectory, we expect operational impact to be felt within this fiscal year. We are not simply participating in the APAC growth trend. We aim to be positioned to drive meaningful impact to accelerate Solana adoption through our bespoke advisory services, Pacific Backbone, compliant and high-performance infrastructure, and orchestration through our platform business. To illustrate how this unlock in recurring revenue, we view them as a self-reinforcing flywheel. First, our bespoke advisory services provide a strategic roadmap and implementation services for major financial institutions and corporates to transition on chain and unlock tangible business outcomes. By focusing on high impact use cases, specifically stablecoin payments and real world asset tokenization, we lower the barrier to entry, moving our partners from concept to execution with speed and regulatory confidence. Next, the Pacific Backbone serves as the foundation of our flywheel. The infrastructure provides the enterprise-grade throughput, security, compliance operation that institutional clients demand. By offering what we believe to be a trusted high-performance environment, we enable our partners to scale their on-chain operation with a reliability unique to our specialized APAC footprint. In early May, we announced a strategic partnership with Jito to advance yield optimization capabilities to our validator operation. The broader digital asset, the Pacific platform business is our AI-powered orchestration foundation, offering an end-to-end compliance and operation stack. It acts as a connective tissue for collaborative digital asset operations. It continuously brings and connect business partners, serving as the essential layer to foster digital asset operation and business partnerships. Asia Pacific represent the majority of the world's crypto users and a substantial share of global cross-border payments and trading activities, yet it remains significantly underserved by Solana's existing network infrastructure. We believe our integrated approach, advisory, infrastructure, and platform position us to serve this market and potentially capture meaningful recurring revenue streams if and as adoption accelerates. With that, before I turn it over to Cosmo to elaborate on our treasury management and capital markets results, I would also like to mention that, as you were able to see in our event subsequent section of the Form 10-Q, we have completed the divestiture of our cash burning pons business, the medical device business, and completed a series of rationalization steps in Q2. The positive financial results will be felt in Q2. Let me pass the podium back to Cosmo. Thanks, Joseph Chee. Hey, everyone, I'm Cosmo Jiang, Director at Solana Company and General Partner at Pantera Capital. Pantera Capital is the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am pleased to report on another quarter of disciplined execution. As we discussed last quarter, the digital asset treasury market is moved on from its genesis phase and is solidly in its execution and consolidation phase. The first quarter of 2026 continues to validate this. We saw a further differentiation among DATS with operators that have institutional-grade infrastructure, transparent reporting, and disciplined capital management beginning to outperform. The broader digital asset market experienced significant volatility during the quarter, with Solana declining approximately 32% in price from December 31st, 2025, through the end of the first quarter. Despite this headwind, we remain focused on our core strategy, which is growing our SOL per share through accretive capital allocation, generating consistent staking yields, and building out the revenue-generating business that is designed to drive long-term value creation. Staking remains one of the most important and differentiated aspects of our business. For the first quarter of 2026, our average net staking yield was 6.9%. This compares to the system-wide average of approximately 6.0% over the same period, representing outperformance of 90 basis points. This yield is generated through careful validator selection, active MEV capture, and continuous rebalancing. The same institutional approach that Pantera applies across its broader digital asset portfolio. Staking rewards are also automatically re-staked to compound returns, resulting in consistent daily on-chain revenue. Turning to capital markets. We remain committed to capital allocation strategies that are accretive on a SOL per share basis, regardless of market conditions. When our stock traded at a discount to net NAV during periods of broader market weakness, we executed approximately three and a half million dollars in share repurchases during the first quarter and $5.0 million in share repurchases year to date under our previously announced repurchase program, as reflected in our treasury stock position. These repurchases were funded through strategic SOL sales at prices that were at a discount to our NAV per share at the time of repurchase, making them accretive to our NAV per share. At the end of April, we successfully completed a strategic capital raise of $8 million through a structured equity offering, a portion of which we deployed into SOL purchases at favorable entry points. This capital raise was at a price of $2.60 per share, which at the time was roughly 1.1x NAV or multiple of NAV. The result immediately accretive to our SOL per share. This is the highest multiple of NAV capital raise of any Solana digital asset treasury that we know has completed since the beginning of the downturn in 2025. We believe this is our ability to do so is indicative of both industry factors, namely that the digital assets market has shown some signs of bottoming. As well as factors idiosyncratic to capital market participants recognizing and appreciating our relative execution. We believe the ability to operate opportunistically on both sides of the capital structure, issuing our stock at a premium and buying back when trading at a discount, is a powerful mechanism for creating shareholder value across different market environments. As of March 31st, 2026, Solana Company held approximately $193.8 million of Solana across all categories, including liquid holdings, stake positions, and receivables, and $4.4 million of cash and cash equivalents. The company's diluted share count, including common shares and in-the-money warrants, was 82.5 million shares as of March 31st, 2026. As of May 12th, 2026, Solana Company held 2.37 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 86.0 million shares. I will now turn the call over to Madelene Gani, our Chief Operating Officer and Deputy CFO, for the detailed financial results. Thank you, Cosmo, and thank you, Joe, for the introduction. I'm thrilled to be joining Solana Company at such an extraordinary inflection point, and I'm honored to present our financial results for the first quarter of 2026. Our first quarter revenue was $3.6 million, consisting primarily of $3.4 million in staking revenue and $0.2 million in other revenue. This represents significant growth from the $49,000 in revenue recorded in the first quarter of 2025, which did not include contributions from our staking revenue attributable to our treasury strategy. Cost of revenue for the first quarter was $180,000, resulting in a gross profit of $3.4 million, compared to a gross loss of $72,000 in the prior year period. Cost of revenue increased primarily due to the increase in staking revenue-related costs. General and administrative expenses for the first quarter of 2026 were $5.2 million, compared to $3.9 million in the first quarter of 2025. The increase reflects the expansion of operations associated with the company's digital asset treasury strategy. During the quarter, we recorded an unrealized loss on digital assets and digital assets receivable of approximately $89.2 million, reflecting the approximately 33% in SOL prices during the quarter. We also recorded a realized loss on capital and digital assets of $7 million related to strategic sales executed as part of our capital allocation program and an unrealized loss on our digital assets fund investment of $1.7 million due to the decline in the value of SOL. Total operating expenses for the first quarter were $103.1 million, compared to $3.9 million in prior year. Operating expenses included non-cash charges of $89.2 million for unrealized loss on digital assets and digital asset receivable, $7 million for realized loss on digital assets related strategic sales executed as part of the company's capital allocation program, and $1.7 million for unrealized loss on digital assets fund investment due to the decline in value of SOL. The resulting loss from operations was $99.6 million, compared to a loss of $4 million for the prior year period. Non-operating expense for the quarter was $0.2 million, primarily attributable to dividend income earned on investments of excess cash in money market funds, offset by foreign exchange loss due to fluctuations in the Canadian to US dollar exchange rates, as compared to $0.2 million non-operating income for the prior year period. We reported a net loss for the first quarter of 2026 of $99.8 million, or a loss of $1.3 per basic and diluted common share based on weighted average shares outstanding of 76.6 million. This compared to a net loss of $3.8 million or $382.29 per basic and diluted common share based on weighted average shares outstanding of 10,000 in the prior year period. As of March 31, 2026, we had total assets of $200.7 million, including $4.4 million in cash and cash equivalents, $21 million in current digital assets, and $172.8 million in long-term digital assets across various categories, including stake positions, restricted assets, receivables, and fund investments. During the quarter, we executed approximately $3.5 million in share repurchases during our previous authorized stock repurchase program, which are reflected in treasury stocks on our balance sheet. With that, I now hand it over to Joseph for closing remarks. Thank you, Maddie. Well, again, thank you all for joining the Solana first quarter 2026 operating results update. We look forward to updating you on our progress again in the coming quarters. Operator, please open the call for questions. Certainly. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our first question comes from the line of Matthew Galinko from Maxim Group. Your question please. Hey, thanks for taking my question. Maybe if we could talk about the flywheel that you discussed in the prepared remarks, maybe particularly around the advisory. Maybe touch on what sort of traction you have there, what level of engagement you have, and is there a revenue model there, or is it primarily just, you know, sort of engaging, you know, counterparties into the Solana ecosystem? Thanks. Thank you, Matthew. I guess, since I talked about that, I'll address your question here. The answer comes directly, yes, it's supposed to be a revenue-generating business line. This advisory business actually work very closely with the Solana Foundation in targeting some of the major financial institutions and some tech corporates in the region. We are in the process of signing some contracts, which represent relatively significant revenues to us even for this year, and we expect to do that over time. A lot of financial institutions in this, in APAC are sort of coming from behind. This whole trend of major banks, asset managers, different financial institutions in the U.S. either getting on their asset cash management products on chain and different kind of products as well. And also some of the getting onto stablecoin-based payments with the U.S. leading the way. Now there are a lot of institutions that haven't done much in the past, now have mandates from the top to get this thing done as soon as possible. A lot of them have not spent a lot of time understanding how to get that done, and they have some basic understanding. It comes to execution, project managing the whole thing based on the current timeline coming from the top, they need some help. I think with us and the Solana Foundation in this part of the world, we are like the first, you know, first stop from the ask questions. I think that's a good time that we could to suggest that we could help them manage this and then charge them for managing the project. All right. That's very helpful. Maybe just as my follow-up, I think currently you operate with a pretty lean structure, and so I'm wondering how you deliver those advisory services. To the extent that you're generating, you know, material revenue there, how do you think about the allocation of any cash flow you might begin to generate from those sorts of activities? Thanks. Okay. Good question, Matthew. We are doing this very carefully. We do not want the, we're not gonna let costs, you know, lead the revenue per se, right? We, with the current team of, you know, two and a half people, we have hired the head of business development and advisory from Boston Consulting Group and a couple of juniors to get going. We believe that with the revenue that we're generating from the contracts, we can easily cover the cost that we just incurred on the human resources side. The additional revenue net of cost or cash flow net of cost will be used for to execute our strategy. The core one is still to purchase SOL. Obviously, some of that will be, will be used to reinvest in some of the infrastructure that we need to build to provide more services to these clients or partners that we bring on board to generate more revenues on a recurring basis to Solana Company. That's great. Thanks for the color. I'll jump back in the queue. Thank you. Our next question comes from the line of Fedor Shabalin from B. Riley. Your question please. Thank you very much, operator, and good afternoon, everyone. I have a first one on a specific backbone infrastructure. Can you tell us where we are with the validator infrastructure today versus where we were at the quarter end? Specifically, how much SOL is currently delegated to your, to the, if any? What's the stake run trajectory you're targeting over the next two, maybe or three quarters? Just how should we think about economic uplift from the Jito integration on MEV capture relative to the standard staking yield you're currently realizing? Yeah. Fedor, thank you. Thank you for your question. Since we announced this two months ago, we have also mandated the same team which built out the advisory business to build the infrastructure for the validation business. We have put together a detailed execution plan. We are tracking quite well. The nodes that we are building, at the moment we are starting with three nodes, will be operational according to plan in late June. As on your question of how much SOL, especially third-party SOL that we will bring on board, we are still in the process of pitching. We already have some verbal commitments. At this stage, I probably cannot provide you with a projected number. Based on what we could see, it will be a fairly significant number that would add, you know, good revenues to our platform over time. It is something that we want to build, not only to serve the clients that we would attract on our advisory services platform. For many of the larger players that have SOL at the moment, they're probably staking their SOL with some players, which are not structured the way we are structured. At the moment, we are structuring this as the highest-end, you know, top-quality institutional grade infrastructure, and we would have hired a certification engineer to make sure that all, the whole process front and back, will be properly certified, and will meet the requirements of the most demanding financial institution across APAC. We believe that we can move some of the SOLs from some of the players which stake their SOL with other less smaller or less institutional grade players. We have high hope, Fedor, but I guess I will probably can only give you a more higher confidence guidance in the next quarter. Thank you. That's super helpful. Another one is on how should I think about buybacks cadence going forward and overall Solana accumulation? Like, anything Should we expect something beyond staking revenue or in Solana tokens, I mean? Or at least at current MNAV level, you will, like, stick with staking only and will not pursue any external purchases of extra tokens? Fedor, thank you. That's a good question. It's something we debate all the time. I think the right person to answer this question is Cosmo. Why don't I pass it on to Cosmo? Hey, Fedor. Thanks for the question. As you can appreciate, we're constantly monitoring, or constantly having dialogues with capital providers to see where we can potentially raise capital in a creative way, which we were really excited to do this past quarter with major strategic investors in Asia. We're also, you know, evaluating when our stock trades below NAV, what we do with what we do in that case. You know, we're pretty proud of the fact that we are trading well above, you know, most of our peers and certainly the average of our peers as in terms of MNAV. That does mean that buybacks are less accretive for us than they are for some of our peers at this point because our, you know, our MNAV multiple has held up. That does mean in which case it means, like, the capital markets window opens up a little bit more on the accumulation front as opposed to the buyback front. You know, I'm sure there will be volatility in our multiple as well as volatility in Solana, and we'll just try to make the best decision as we go forward. I would expect that at these levels, you know, that we're looking to raise capital accretively as opposed to buying back aggressively. Thanks. Thanks for the color. I promise, my last one, it will be quick. It's on SG&A run rate going forward. Obviously, you're building infrastructure of the operating business you described in Asia. How should we think about this line item run rate from here? Is the one key reasonable jumping off point or maybe are there step ups we should model in 2Q and 3Q as you scale the business? Maybe, you know, headcount will grow from 2.5 to 3.5 or 4.5. Fedor, I We don't have a set of, you know, board-approved numbers that we could disclose on this call to guide you on that. We could probably give you the thinking process behind it, so it might be helpful to you for on building out your model. What we're building here, including the validated infrastructure, first of all, we are building this in Asia, the kind of, you know, IT talent that you could hire for your money is, you know, versus the Western world, is night and day. Then, in terms of the third-party consultants that we can hire to, you know, to build out certain part of our infrastructure, that also come at a very low cost. I don't think you should expect is very large CapEx going into this. It's all at a very, very low level. You're probably not even gonna notice it in the overall financial results. I mentioned at the end of my presentation that we have divested in the second quarter this year the medical device business PoNS. That will slow down after all the one time and everything else, and that's a serious step that we took to rationalize our cost base. That's all happening in the second quarter. For now, you would expect some pretty significant positive impact of that on our operation on a recurring basis going forward. We can only talk about that in the second Q when the second Q results are available, and we do the next call. I think all in all in a way that I don't think you should be expecting a uptick in your cost. 2.5% to 3.5% to 4.5%, that would rely on the additional revenue, i.e. the contract we sign, rather than we could let the cost front run the revenue. I think that's sort of that's the principle that how we agreed to build out this business because we still want the investors that are investing in us, that getting access to Solana exposure, and they would not be, you know, piled on by additional costs that would skew their calculation. That is super helpful. Thank you very much for all the color and continue and best of luck. Thank you. Thank you, ladies and gentlemen, for your participation in today's question and answer session. This does conclude the question and answer session. I'd like to hand the program back to Joseph Chee for any further remarks. Well, I guess, thank you for that. Again, thank you for joining us today on the call, and we look forward to updating you on our progress in the coming quarters. For some of you, if there are calls set up separately, happy to provide more colors in what's going on and what's going to happen. Thank you very much. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.