Sol Strategies Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brett Knoblauch - Cantor Fitzgerald LP - Analyst : Thanks for the question. As I look at kind of where the business is trending from both a delegated and maybe stake perspective, continued very strong growth quarter-over-quarter. How should we think about the pace of maybe Sol being delegated to your guys' validators? It seems like the Solana mobile app has the potential to meaningfully inflect that higher, though, I would assume retail might be a bit lower on a per wallet base from the amount of Sol being staked. But generally, do you think that we're -- the trend line we're seeing now is going to continue? Do you think we see faster growth in delegated Sol? Or just generally, how should we think about that trend?

Question: Brett Knoblauch - Cantor Fitzgerald LP - Analyst : Awesome. Congrats on a great quarter. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 8:30PM, HODL.CD - Q3 2025 Sol Strategies Inc Earnings Call

Question: John Roy - Water Tower Research - Analyst : You were mentioning obviously the staking wallets that you've got recently. Could you give us some more color on Solana Mobile? And I believe the new phone that was out recently the Seeker phone, some color on that would be wonderful. And then I have a follow-up.

Question: John Roy - Water Tower Research - Analyst : No, that was excellent. As a follow-up, certainly, congratulations on going over $1 billion in assets under delegation. I was wondering, you talked a little bit about the flywheel and how it all relates with acquisitions, et cetera. Do you feel like you will get another level of acceleration if you see more regulatory clarity out of the US? I'm really talking about to clarify stuff that they're talking about. I don't know what's going to happen this year or soon, but certainly, that seems like that would put the pedal to the metal at that point.

Question: John Todaro - Needham & Company LLC - Analyst : Congrats on the quarter here. I guess I just wanted to take a step back and go to some of the earlier comments that were made. How do you marry more financial products which benefit the Solana ecosystem in Sol, but then also maybe increases the competition on your part and maybe increases the competition on getting investor interest? How do you just kind of marry the two? And I guess, how does that look near term? And then what are you thinking three, five years down the road?

Question: John Todaro - Needham & Company LLC - Analyst : I appreciate the viewpoints and congrats again.

Question: Kevin Dede - H C Wainwright & Co LLC (Pre-Merger) - Analyst : I was wondering if you might talk about the process that you're working through to list in the States, given you've offered so much focus on reg changes in the States versus the OSA.

Question: Kevin Dede - H C Wainwright & Co LLC (Pre-Merger) - Analyst : And is the validator that you're running for Sol Mobile under that white label umbrella. Is the benefit there just that Solana sits on your validator nodes? Or is there any sort of software licensing or any sort of affiliated alternative revenue stream that I might be missing?

Question: Kevin Dede - H C Wainwright & Co LLC (Pre-Merger) - Analyst : Yes. So Leah, you talked at length about your M&A perspective. But I guess I'm still a little confused. I'm not sure if you're targeting technology development? Or if you would look for other Sol treasury companies that might be suffering at discount to NAV. And in building your accumulated sole treasury? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 8:30PM, HODL.CD - Q3 2025 Sol Strategies Inc Earnings Call

Question: Kevin Dede - H C Wainwright & Co LLC (Pre-Merger) - Analyst : You're also holding coins obviously, other than Solana, such as Sui. And I'm wondering if you're thinking about building some of the technical developments into those chains.

Question: Kevin Dede - H C Wainwright & Co LLC (Pre-Merger) - Analyst : So while I have you, Max, just one other question. For own validator nodes and two that you're running on your weight label. But I'm just kind of wondering how they're separated and, I guess, in physical server operation, what kind of redundancy you've got and how that complements the 100% uptime that you were talking about at Laine?