Financial Data and Key Metrics Changes - For the second quarter, total revenue was approximately $8.1 million, an increase of approximately $4 million or just over 100% compared to $4 million in the prior year quarter [15] - The net loss for the quarter was approximately $178.9 million or approximately $2.94 per share, primarily driven by $164.5 million of unrealized losses on digital assets [15][16] - The company had approximately $1.6 million in cash and 2.17 million Solana tokens as of December 31st [14] Business Line Data and Key Metrics Changes - Digital asset revenue for the six months ended December 31st, 2025, was approximately $11.2 million, reflecting the addition of the digital asset treasury business [14][15] - The treasury had an unrealized loss on digital assets of approximately $86.4 million, reflective of the Solana price per token of $124.48 at December 31st, 2025 [14][16] Market Data and Key Metrics Changes - The price of Solana fell 40% during the quarter and has fallen a further 31% since the quarter end [4][5] - The spot Solana ETFs launched and have seen over $850 million of net inflows since [11] Company Strategy and Development Direction - The company aims to increase yield, hedge positions using a maturing options market, and capitalize on top opportunities created by market volatility [8] - The strategic plan includes raising capital above NAV to increase digital assets per share and issuing in-kind convertible notes at a premium to NAV [18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future despite challenges, citing improving fundamentals for Solana and the potential for price appreciation [5][6] - The company believes that the subsector will work through oversupply through M&A or asset sales, and anticipates multiple expansion in a bull market [7][8] Other Important Information - The company became shelf-eligible during the quarter and filed a shelf registration statement on Form S-3 with the SEC [12] - A $50 million share repurchase program was announced, adding another tool for capital management [12] Q&A Session Summary Question: Any change in terms of capital raising strategy given the pressure on Solana? - Management stated there has been no change in perspective and they continue to aim to raise capital above NAV [22] Question: How to weigh buying SOL versus keeping a reserve? - Management emphasized the importance of maintaining cash reserves during volatile periods and mentioned the potential for hedging positions as the options market matures [24][25] Question: Any updates on generating additional yield outside of staking? - Management is exploring a strategy that can generate high yield in a low-risk way, with a focus on recurring and low-risk opportunities [35]

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