.@0xren_cf from @ElectricCapital showed how the highest revenue-generating apps in crypto are directly a result of lower costs and higher capabilities from L1s like Solana https://t.co/o8BK095vEL ...

Group 1 - The Emeren Group Limited held a general meeting with key personnel including the Chairman and CFO present [1] - A notice of the general meeting was sent to shareholders on October 14, 2025, allowing those on record as of October 23, 2025, to vote [2] - The meeting requires a quorum of at least 50% of the voting shares to be present, either in person or by proxy [3] Group 2 - As of the voting record date, the company has 647,316,622 issued ordinary shares, with 513,382,877 shares entitled to vote at the meeting [4] - A total of 133,933,745 shares have been excluded from voting entitlement [4]

Core Points - SOL Global Investments Corp. has announced a share consolidation of its common shares at a ratio of ten Pre-Consolidation Common Shares for one Post-Consolidation Common Share [1][3] - The record date for the consolidation is set for January 14, 2026, with trading of the new shares expected to begin on the same date, pending approval from the Canadian Securities Exchange [2] - The consolidation aims to support long-term shareholder value amidst improving conditions in the digital asset markets, particularly within the Solana ecosystem [3] Company Actions - The Board of Directors approved the consolidation during the annual general and special meeting of shareholders held on February 21, 2025 [3] - All outstanding stock options, deferred share units, and performance share units will be proportionately adjusted to maintain their economic value post-consolidation [3] - Letters of transmittal will be sent to registered shareholders with instructions for exchanging existing share certificates for new ones [4] Post-Consolidation Details - After the consolidation, the company will have approximately 22,999,743 Post-Consolidation Common Shares outstanding [1] - The new shares will have a different CUSIP and ISIN number, and no fractional shares will be issued; any fractions will be rounded down [5] - The company's name and trading symbol will remain unchanged following the consolidation [2] Strategic Focus - The company is strategically focused on the Solana ecosystem, aligning with recent developments in blockchain technology and infrastructure upgrades, including the upcoming Alpenglow consensus protocol [3] - This focus is expected to enhance Solana's scalability and transaction settlement speed, reinforcing the company's investment strategy in digital assets [3][6]

Core Insights - Solana needs to surpass Ethereum to significantly increase its value, currently trading at $140, down nearly 30% in 2025 from its all-time high of $294 [1][2] - Solana has demonstrated the potential for explosive growth, evidenced by a 924% increase in 2023, indicating that similar growth could occur again [2][7] Market Comparison - Ethereum, with a market cap of $375 billion, is Solana's main competitor, while Solana's market cap stands at approximately $78 billion [3][4] - If Solana were to become the leading smart-contract blockchain, its valuation could rise to over $375 billion, representing a fivefold increase from its current valuation [4][5] Performance Metrics - The Solana blockchain ecosystem is generating nearly $3 billion in revenue annually, surpassing Ethereum's revenue at a similar stage in its development [6] - Solana has the capability to handle up to 1 million transactions per second, showcasing its speed and efficiency compared to Ethereum [5] Future Projections - A potential 1,000% increase in Solana's value could position it close to a $1 trillion market cap, a level currently only achieved by Bitcoin [7]

Core Insights - SOL Strategies Inc. has been selected as a staking provider for the VanEck Solana ETF, enhancing its position as a key player in the Solana ecosystem [2][6][7] - The company engaged in industry events to connect with potential institutional partners, indicating a proactive approach to business development [3] - SOL Strategies has successfully managed its debt by repaying CAD $3 million and restructuring an additional CAD $4 million through a DeFi loan, showcasing effective balance sheet management [4] Corporate Highlights - The VanEck Solana ETF is a significant product aimed at both institutional and retail investors, utilizing SOL Strategies' Orangefin validator, which meets high security and compliance standards [2] - The company participated in notable conferences, including the Cantor Crypto Conference and Clear Street Disruptive Technology Conference, to foster relationships with potential partners [3] - The restructuring of the credit facility through a DeFi loan reflects the company's innovative approach to financial management within the Solana ecosystem [4] Treasury and Validator Operations - As of November 30, 2025, SOL Strategies holds approximately 526,637 SOL, valued at around CAD 103.16 million, with a validator uptime of 100% [8] - The company has delivered a peak annual percentage yield (APY) of 6.72% through its Orangefin validator, outperforming the network average of 6.34% [8] Institutional and Ecosystem Development - The selection as a staking provider for the VanEck Solana ETF reinforces SOL Strategies' reputation as a reliable institutional-grade partner [7] - Participation in the Marinade Select program further establishes the company's role in the Solana ecosystem [7]

Market Sentiment & Valuation - The crypto market has shifted from financial nihilism to financial cynicism, with concerns about overvaluation and potential corrections [4][5] - Applying P/E ratios to smart contract chains is seen as limiting the industry to linear growth, rather than embracing its exponential potential [35] - The market prices new challenger chains based on their probability of success relative to established chains like Ethereum (ETH) and Solana (SOL) [14] Exponential Growth & Long-Term Vision - The author argues for a long-term belief in the crypto exponential, drawing parallels to the early days of e-commerce and the internet [24][36] - Crypto is transforming financial assets into easily transferable digital formats, enabling 24/7 global interconnectedness and openness [31] - The author believes that open, interconnected systems will ultimately win, similar to how the internet disrupted other industries [31][32] Chain Valuation & Metrics - The author defends the valuation of Ethereum (ETH) and Solana (SOL), suggesting that their value underpins the potential of other chains [21] - The author argues that focusing on exchange-like profit margins for L1s misses the point of why people invest in them [9] - The author believes that even if new chains win, there's a perception that the contest is not worth winning because valuations are considered inflated [18] Industry Dynamics & Challenges - The author acknowledges the greed of various participants in the crypto market but argues that it's not a new phenomenon and doesn't invalidate the potential of the technology [12] - Crypto growth is more volatile than e-commerce due to its ties to macro forces and regulatory pressures [30] - The author suggests that the crypto industry's center of gravity has shifted from Silicon Valley to Wall Street, potentially impacting its understanding of exponential growth [29]

Ecosystem Analysis - Solana community exhibits disproportionately positive-sum characteristics, diverging from maximalist tendencies [1] - The ecosystem embraces learning from all other ecosystems [1] Market Prediction - SOL is projected to become a top 3 asset [1] - The market anticipates trillions in potential value [1]

Core Insights - SOL Strategies Inc. has been selected as a staking provider for the VanEck Solana ETF, utilizing its Orangefin validator [1][3] - This partnership underscores SOL Strategies' commitment to integrating traditional finance with decentralized infrastructure [2][3] - The selection highlights the institutional interest in compliant and high-performance staking solutions within the Solana ecosystem [3] Company Overview - SOL Strategies Inc. is a Canadian investment company focused on blockchain innovation, particularly within the Solana ecosystem [4] - The company operates revenue-generating validator services and holds a significant Solana treasury [1][4] - SOL Strategies has established a track record of institutional partnerships, including collaborations with Tetra Trust and other financial institutions [3] Financial Metrics - SOL Strategies currently secures over CAD$610 million in staked assets through its certified validators [3]

Core Viewpoint - SOL Strategies Inc. has refiled its interim unaudited condensed financial statements for the three and nine months ended June 30, 2025 and 2024 to correct errors identified by its auditor [1][2]. Financial Statements Summary - The refiled Q3 Financial Statements include a reclassification of $23,588,748 of convertible debentures from long-term to current debt [6]. - A reallocation of $1,414,943 of convertible debentures was made, with $1,414,943 classified as equity within reserves and $5,625,273 classified as a deferred tax liability [6]. - The profit and loss statement was impacted by $20,156 due to accretion changes resulting from the restatements [6]. - The company has retrospectively recognized its August 5, 2025 share consolidation, restating all common shares and per share amounts to reflect this change [6]. Company Overview - SOL Strategies Inc. is a Canadian investment company focused on the Solana blockchain ecosystem, providing strategic investments and infrastructure solutions for decentralized applications [3].

Financial Performance - In Q3 2025, the company reported revenue of $15.6 million, gross profit of $9.5 million, and a gross margin of 60.8%[160] - The company's net income for the quarter was $3.5 million, influenced by a $1.3 million increase in revenue from solar power project development and a $3.0 million increase from electricity generation[160] - The gross margin increased to 60.8% in Q3 2025 from 43.8% in Q3 2024, primarily due to a shift towards higher-margin electricity generation[178] - Net revenue increased from $12.9 million in Q3 2024 to $15.6 million in Q3 2025, primarily due to a $3.0 million increase in electricity generation revenue and a $1.3 million increase in solar power project development revenue[199] - Gross profit for Q3 2025 was $9.5 million, up from $5.6 million in Q3 2024, with a gross margin increase to 60.8% from 43.8%[201] - Net income for Q3 2025 was $3.5 million, compared to $5.7 million in Q3 2024, with a net loss attributed to Emeren Group Ltd of $0.3 million[199] - Net income decreased from $5.7 million in Q3 2024 to $3.5 million in Q3 2025, primarily due to a $5.1 million drop in unrealized foreign exchange gains and a $1.0 million increase in income tax expense[210] Revenue Sources - The Independent Power Producer (IPP) business accounted for over 79.2% of total revenue and 90.0% of total gross profit for the quarter[161] - Net revenue from China was $7.3 million in Q3 2025, compared to $5.3 million in Q3 2024[176] - The company expects revenue from solar and storage power projects to increase in line with business growth[176] - Revenue from EPC services decreased significantly, driven by the company's strategy to prioritize other revenue streams since 2024[199] Project Development - As of September 30, 2025, the company had a project pipeline of 5,782 MW in solar development projects, with 2,668 MW in advanced stage and 3,114 MW in early stage[167] - The company owned and operated IPP assets comprising 294 MW of solar PV projects and 74 MWh of storage as of September 30, 2025[171] - The company experienced delays in project milestones and completions, particularly in the U.S. and Europe, impacting revenue recognition[199] Expenses and Cash Flow - General and administrative expenses decreased from $4.0 million in Q3 2024 to $1.4 million in Q3 2025, primarily due to a $3.6 million credit loss reversal[203] - Total operating expenses for Q3 2025 were $2.7 million, down from $3.5 million in Q3 2024[196] - Cost of revenue decreased from $7.2 million in Q3 2024 to $6.1 million in Q3 2025, and from $38.2 million in the nine months ended September 30, 2024 to $17.3 million in the same period of 2025[200] - Other operating expenses increased from $1.4 million in the nine months ended September 30, 2024 to $7.5 million in the same period of 2025, mainly due to higher write-offs and project cancellations[204] - Positive operating cash flow of $34.5 million was generated for the nine months ended September 30, 2025, compared to a cash outflow of $14.6 million in the same period of 2024[211] - Net cash provided by operating activities increased by $49.1 million compared to the prior period, driven by non-cash adjustments and higher cash inflows from project assets[233] Mergers and Agreements - The company entered into a merger agreement with Shurya Vitra Ltd. and Emeren Holdings Ltd., with each ordinary share converting to $0.20 in cash[162] - The company entered into a merger agreement on June 18, 2025, with a cash consideration of $0.20 per ordinary share and $2.00 per American Depositary Share[215] Financial Position - Total current assets were $178.4 million as of September 30, 2025, with cash and cash equivalents amounting to $86.5 million[213] - As of September 30, 2025, the outstanding balance under a facility agreement with a local lender in Hungary was $24.5 million, with $1.7 million classified as current[230] Interest and Foreign Exchange - Interest income increased from $0.2 million in Q3 2024 to $0.3 million in Q3 2025, while interest expenses rose from $0.7 million to $1.6 million during the same period[207] - Unrealized foreign exchange gains were $4.6 million in Q3 2024, turning into a loss of $0.4 million in Q3 2025; for the nine months, gains increased from $0.5 million to $14.2 million[208] Future Expectations - The company expects to finance future transactions with a combination of cash, long-term indebtedness, and share issuance[212] - Cash flows from investing activities decreased by $5.5 million, mainly due to reduced purchases of property, plant, and equipment[235]