管理層發言
Good day, and thank you for standing by. Welcome to the Solana Company Fourth Quarter and Full Year 2025 Conference Call. Operator instructions were provided. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sarina Jassy of 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's views as of today, March 30, 2026, only, and will include 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 for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission, or the SEC on March 30, 2026, and in other 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'd now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.
Thank you. Good afternoon, everyone, and welcome to Solana Company's Fourth Quarter and Full Year 2025 Earnings Call. I'm Joseph Chee, the Executive Chairman of Solana Company, and I'm pleased to report on a transformative year for Solana and the shareholders. When we closed our $500-plus-million PIPE transaction in September 2025, we described it as a new beginning. Looking back over the full year and particularly over the fourth quarter, I believe we have validated the ambition with tangible results across every dimension of our strategy. Our digital treasury is larger. Our efficacy is broader. Our capital markets toolkit is more sophisticated, and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value-adding legs. I'll speak to the strategic picture and then Cosmo, Director at Solana Company, will take you through the operational and financial results.
As we closed out 2025, I want to walk through the three distinct activities that together define the foundation of the Solana Company and how each contributes to our goal of creating long-term shareholder value by growing Solana Company's SOL per share and contributing to the growth of the Solana ecosystem. The first is capital markets — from our ATM programs and other offerings to share buybacks to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem. The second is asset management — the core accumulation of SOL and the disciplined deployment of capital to grow our holdings in a way that's accretive on a per-share basis. This includes staking yield, which is the on-chain income we generate by staking substantially all of our SOL. This is not passive. It requires rigorous validator selection, MEV optimization and continuous rebalancing, and it produces a meaningful and growing revenue stream.
Cosmo will speak to the specific APY we achieved in 2025 and year-to-date 2026 and how that compares to public benchmarks. It also includes intelligent risk-adjusted deployment into other new opportunities on Solana. We'll talk about our Anchorage and Kamino partnership on this front later. The third is marketing and partnership. Our role as a designated DAT partner to the Solana Foundation, particularly in Asia Pacific, and the broader institutional outreach that has defined our public presence since launch. This has included publishing educational content on Solana and DATs on our website, participating in prominent podcasts, engaging with local print and online media and presenting at key ecosystem industry events, including Solana Breakpoint Abu Dhabi, Solana Accelerate, Consensus Hong Kong, Hong Kong FinTech Week, Token and our online GTX, Japan FinTech Week, among others. The company has also conducted investor roadshows and partnership meetings with the Solana Foundation with a focus on underpenetrated Asian markets, including Mainland China, Japan, Hong Kong, and Singapore.
In addition, the company has delivered educational presentations on Web3 and Technology Executive Programs at leading universities and institutions and makes regular appearances on mainstream financial media outlets, including CNBC and Bloomberg. We are also very active in engaging bankers and research analysts at investment banks and brokers to promote coverage of Solana and Solana Company. The company also intends to establish strategic partnerships with major financial institutions across key markets, which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives. In February, we announced a landmark collaboration with Anchorage Digital and Kamino, making HSBC the first digital asset treasury to enable borrowing against natively-staked SOL held in qualified custody. This is the first-of-its-kind triparty custody model to access on-chain protocols on Solana.
Under the structure, Anchorage Digital acts as a collateral manager for our natively-staked SOL, allowing us to earn staking rewards while simultaneously unlocking borrowing power on Kamino, all while our assets remain in a segregated account at Anchorage Digital Bank, never leaving custody. Anchorage Digital's Atlas collateral management system provides 24/7 automated oversight of loan-to-value ratios, orchestrates margin and collateral movements, and executes rules-based liquidation when required, giving us institutional-grade risk and compliance control alongside direct on-chain participation. Also in February, we announced the Pacific Backbone, a strategic roadmap to invest in a new low-latency cluster across the Asia-Pacific region, beginning with nodes connecting Seoul, Tokyo, Singapore and Hong Kong. This infrastructure buildup is designed to drive staking and validation, support ecosystem development in the region and diversify our revenue streams.
Asia Pacific represents the majority of the world's crypto users and a substantial share of global cross-border payments and trading activities. It remains significantly underserved by Solana's existing network infrastructure. The Pacific Backbone is our commitment to closing that gap. We plan to begin activating nodes immediately, optimize performance and adopt new technologies in the second half of 2026 and launch liquidity-related products and services within the next 12 to 18 months. The buildout is designed to serve market makers, high-frequency traders, exchanges and traditional finance partners and is expected to include DeFi, liquid staking, AMM, RPC and execution services for institutional partners in the region. With that, I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results and some of the key financials. Cosmo?
Thank you, Joe. Hello, everyone. I'm Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital. Pantera has been the asset manager for Solana Company's Digital Asset Treasury since the close of the PIPE transaction in September 2025. And I'm proud to report on a relatively strong first six months of operation. As I noted last quarter, we believe the genesis phase of the digital asset treasury market is over. The white space that we identified earlier in 2025 has been substantially filled. We're now squarely in the execution and consolidation phase, and I believe the fourth quarter validated that thesis. We've seen meaningful differentiation among participants with stronger operators — those with institutional sponsorship, transparent reporting and disciplined capital management — starting to separate from the others. We believe Solana Company is among that leading group and the results we are reporting today reflect that.
Let me begin with staking as it's one of the most important and differentiated aspects of our business. As of December 31, 2025, Solana Company had staked substantially all of its SOL holdings. For the fourth quarter of 2025, our internal calculations reflect an average net staking yield of 6.8%. This compares to the system-wide average of 6.2%, using public benchmarking data from research provider Blockworks over the same time period, representing outperformance of nearly 60 basis points. Year-to-date in 2026, our internal calculations show our staking yield has been 7.0% APY compared to the system-wide average of 6.0%, continuing that same pattern of disciplined outperformance. This staking 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 automatically restaked to compound returns and result in consistent daily on-chain revenue that can fund the operations of the business and grow the company's SOL per share. As Joe mentioned, we have recently expanded our yield-generation options through an announced collaboration with Anchorage Digital and Kamino, which provides institutional-grade infrastructure for both custody and on-chain borrowing. We're in the early stages of executing against this opportunity and believe it could have the potential to drive an additional 100 to 200 basis points of yield across our asset base. Turning to capital markets. Different market environments and valuation paradigms provide different opportunities. Regardless, we plan to always pursue actions that are accretive on a per-share basis. Since the launch of our Digital Asset Treasury, we've been able to grow SOL per share through both share issuance as well as share buybacks.
Early in the fourth quarter, when our stock traded well above 1.0x mNAV our ATM program was a useful tool for disciplined issuance. We raised over $29 million through the ATM program with proceeds deployed primarily into SOL purchases. When the broader digital assets markets pulled back, we also saw our valuation multiple compress to below 1.0x mNAV, at which point share repurchases became an accretive option. We have now executed over $3 million in share repurchases year-to-date under our buyback program adopted this past November, funded primarily by the sale of Solana at prices that were accretive to NAV per share. We believe the ability to operate on both sides of the capital structure — issuing when trading at a premium and buying back when trading at a discount — is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model.
Looking ahead to 2026, we continue to evaluate the full spectrum of capital formation alternatives, including convertible debt, warrant-linked structures and strategic M&A. We're often in exploratory conversations with many different investors, ranging from retail brokerages to family offices to strategic corporates to institutional hedge funds and long-only funds, and we do welcome any shareholder feedback and referrals. Next, our treasury. As of December 31, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins. The company's diluted share count, including common shares and in-the-money warrants, was 84.1 million shares. As of March 27, 2026, Solana Company held 2.33 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 82.6 million shares. That means that in the six months since embarking on our Digital Asset Treasury strategy on September 18, we have actually increased our SOL per share by 14%.
This is measured using the value of the capital raise divided by the price of SOL and the diluted share count at transaction close compared to the March 27 figures just mentioned. We are proud of that meaningful per-share accretion from our active management. I will now turn the call over to Jeff Mathiesen for the financial results.
Thank you, Cosmo. Our financial results reflect our full fourth quarter of DAT operations and the full year ended December 31, 2025. Our fourth quarter revenue of $5.2 million included staking revenue of $5.1 million, comprising the majority of the increase from the prior year period. For the full year 2025 total revenue was $6.0 million, including $5.5 million of staking revenue compared to $0.5 million for the full year 2024. For the fourth quarter, cost of revenue was $0.2 million, in line with the prior year period. Selling, general and administrative expenses for the fourth quarter of 2025 were $13.0 million compared to $2.2 million reported in the fourth quarter of 2024 due primarily to increased noncash compensation costs, salaries and wages, digital asset management and custodian fees as well as legal and professional fees in conjunction with the addition of the company's DAT strategy.
Research and development expenses were $0.9 million, in line with the prior year period. Total operating expenses for the fourth quarter of 2025 were $206.1 million compared to $3.1 million in the fourth quarter of 2024. Operating expenses included noncash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million for realized loss on digital intangible assets and $2.1 million for unrealized loss on digital assets and investment due to the decline in the value of SOL. The resulting loss from operations for the fourth quarter of 2025 was $201.1 million compared to a loss of $3.1 million in the prior year period. Current year nonoperating income for the fourth quarter was $526.6 million and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September PIPE transaction compared to nonoperating loss of $0.8 million in the prior year period, comprised mostly of foreign exchange loss.
We reported net income for the fourth quarter of 2025 of $325.6 million or earnings of $4.25 per basic and diluted common share based on weighted average shares outstanding of 76.6 million. We had a net loss of $3.9 million in the prior year period or a loss of $793.01 per basic and diluted share. For the full year 2025, we reported a net loss of $40.9 million or a loss of $1.85 per basic and diluted common share based on weighted average shares of 22.0 million compared to a net loss of $11.7 million or a loss of $3,282.26 per basic and diluted common share for the full year of 2024. At December 31, 2025, we had $7.3 million in cash and approximately $293.7 million of digital assets comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable and $5.6 million in digital asset fund investments. The combined total is approximately $301 million. Total assets were $303.9 million and total shareholders' equity was $300.9 million at year-end. With that, operator, let's now open the call up for questions.
分析師問答
Our first question will be coming from Fedor Sabelin of B. Riley.
I just have a couple of questions. First one is on ATM and buybacks. So beyond these two and the stake in yield compounding organically, what incremental capital-raising structures are you actively evaluating? Just maybe specifically SOL-collateralized term lending beyond the Kamino facility or maybe structured equity products on the table? And how do you think about the accretion now for each relative to the dilution cost of the ATM at current levels?
Yes. Thanks for the question. So we're thinking pretty broadly about what the capital markets opportunities are to us. We're trying to optimize for the lowest cost of capital that we can get. Clearly, when our stock is trading below 1x NAV, we think share buybacks are a pretty powerful tool to accrete value per share for our shareholders, and we have an outstanding share buyback program that we'll continue to pursue. At the same time, there are interesting ways where we can raise additional capital in a prudent way so long as it is accretive to our shareholders. Some of the options that are out there that we've seen some of our competitors do include things like convertible debt with high-strike warrants, structured equity notes where the common is being sold above NAV potentially with additional kickers above NAV as well as preferred equity options. We're evaluating all of these. It really comes down to where we think we can get the best terms and where the market is. It does seem like there is appetite to do things, but you will know when we actually execute. We are going to be focused to the extent that we are selling our volatility via warrants that we are selling volatility at a price that makes sense. And we do think there's a reasonable world where we can continue to sell volatility and do so via either convertible debt or structured equity.
That's helpful. And my second one, Cosmo, probably for you again. In your press release, you oddly reference pursuing highly selective strategic capital market transactions to advance the company's objectives. Can you help me understand what 'highly selective' actually means in practice? And so the company has already launched the Kamino-Anchorage borrowing structure and the recently announced Pacific Backbone infrastructure initiatives. So do those strategic capital markets transactions refer to new instruments like tokenized equity through smart states, Solana-delineated convertible structures or potentially mergers with complementary digital asset vehicles? And given that Solana Company's fully diluted share count moved a little bit by late March through warrant exercises and buybacks, what is the internal hurdle rate or SOL-per-share accretion test a transaction must clear before you would proceed in the current environment?
This is Joseph Chee. Maybe I'll start with one point, and then I think you have multiple questions in one. When we talk about highly selective strategic transactions, as Cosmo said, it's important that we raise capital at the right level so that it would be accretive for our shareholders. At the same time, one important consideration that we bear in mind is also to bring in high-quality strategic investors. Not only does the name on our shareholder register matter to the market and promote the credibility and reputation of the firm, but some strategic investors may work with us on business build-outs or opportunities. There might be partners that are very close to the Solana ecosystem. Part of this statement about highly selective strategic capital market transactions also means optimizing the shareholder register and bringing good investors on board to help us grow and to get them into the Solana ecosystem, where we can build out businesses on-chain. We're going to build those businesses on the blockchain. For the rest of your question about hurdle rates and things like that, I'll leave that to Cosmo.
Thanks, Fedor. Great question. It is dependent on what the market will give us. There are controllables we can manage and uncontrollables that are out of our hands. From a controllables perspective, you can trust that we are aggressively looking at anything reasonable. We're talking to existing investors that have been with us for a long time, and to new investors who are looking for Solana exposure in an alpha-generative way. Different structures can be accretive on different time horizons. Something may look less accretive near term but be very accretive long term when you think about the strategic benefits it brings, some of which Joseph mentioned. The other color is that we are active repurchasers of our stock, and I'd say that remains an interesting avenue. If someone did the math, they would see we are targeting meaningful accretion — in some cases double-digit type accretion. That said, there are opportunities to do things with less accretion.
I'm proud to say we are managing both the asset side of the balance sheet — buying assets well and finding opportunities to acquire SOL beyond just buying spot — and the liability side — the capital markets transactions we've discussed. In aggregate, since we started this strategy, we've been able to grow SOL per share by 14% over six months. I'm not saying that is what we will do going forward or that the market will present those opportunities, but inception to date, we're pretty happy with the results.
Our next question will be coming from the line of Matthew Galinko of Maxim Group.
You touched on the DAT stake center and consolidation phase. I was hoping maybe you could go a little bit deeper into how you see that playing out and over what time frame we might see consolidation, particularly in the Solana DAT space?
Thank you, Matthew. It looks like your question is directed to Cosmo as well. Cosmo?
Yes. It's a great question. I wear a few hats, one as a Director here and another as an investor at Pantera, where we've invested in many DATs. Many of these DATs were formed not so long ago — it's almost exactly the one-year anniversary of when I decided to start investing in these digital asset treasuries, which really kicked off the boom in the DAT space. Many of these companies and management teams have only been at it for at most a year, and in many cases three to six months. As you would expect, some management teams will realize they cannot continue and others will adapt; that takes time. Strategically and culturally, consolidation has to be a good fit for both parties; it takes two to tango. To date we've only seen one instance of DAT consolidation in the broad market. The easiest path is Solana DAT to Solana DAT, but it's possible we see acquisition opportunities across assets if they are accretive. We're considering opportunities widely, but it does take management teams willing to pursue consolidation and math that makes sense. While everyone trades below 1x NAV, there are ways to structure transactions, and we don't want to give away all the capital markets special sauce we're working on. There are interesting things we can do, and we're working through that. Hopefully something materializes eventually, but unfortunately, nothing to report today.
Great. That's super helpful. Appreciate it, and I look forward to seeing where that goes. My follow-up question is just on cleanup of the model. Your SG&A was about $13 million in the fourth quarter. I'm just curious if that's a good number to use as the run rate on a GAAP basis in 2026? Or is that a little bit inflated for the early stages of operating through the DAT launch?
Again, thank you for the questions. I think that's probably a question our CFO Jeff will answer.
Are you able to hear me? Okay. We noted the noncash compensation expense that came in during the quarter, and we also had a higher run rate for legal and professional fees as we were setting up this new business. As we move forward, some of those expenses should come out of our future costs. Obviously, SG&A will fluctuate as we do parts of the business, but I would say, for the most part, fourth quarter was higher than what we expect as a run rate.
Our next question will be coming from the line of Bill Papanastasiou of Chardan Capital Markets.
For the first one, I apologize if I missed this, but just a clarification. Is the Anchorage collaboration active today? And are you able to share how that's going in the early days? What kind of institutions are you seeing the most demand from using this product? Or which one is your plan targeting first?
Bill, thanks for dialing in. The Anchorage partnership is still being finalized — we're working out the kinks. We're pretty excited to deploy, but we want to do so in a risk-managed way that makes sense. We anticipate that being relatively soon, but it has not fully taken off yet. I would say that some of the most interesting opportunities on Kamino today relate to some of their yield-generating financing opportunities, such as Prime-style products, which yield in the 7% plus range, or other stablecoin yields in the 6% plus range. We believe we're able to borrow closer to 3% or 4% to pursue those opportunities, which is a compelling spread. We want to do so in a controlled, risk-managed way, but we think capacity exists. As one of the first to really do this, we anticipate others will follow. We certainly welcome that for the growth of the Solana ecosystem. We're doing this both to grow our yield and to encourage broader participation in the ecosystem. Right now we haven't seen many other institutions deploy at scale into Solana DeFi. A big piece of that is regulatory clarity; people are looking for market-structure legislation to pass to come into DeFi in a bigger way. When they do, we believe on-chain yields available on Solana could increase in addition to capacity increasing. We're excited about that opportunity in the medium term.
Great. I appreciate that color. And then one last question, if I may. Kind of just a high-level one on the Solana ecosystem. Taking a step back and looking at the landscape, obviously there's a lot of excitement with tokenization of real-world assets and bringing TradFi on chain. Perhaps you can just provide your view on where Solana sits in all of this and how you see competing with the other networks that are going after similar markets.
Bill, thank you so much for asking that. As much as an investment in Solana Company is about investing in our management team's ability to execute and grow SOL per share, the most important piece is the underlying Solana network and the SOL token itself and its value growth. One of the areas seeing strong product-market fit right now is real-world asset tokenization and everything you can do in DeFi when you tokenize assets. Solana is well positioned because of speed, low fees and broad retail and institutional distribution, making it a compelling network for RWA tokenization. Solana is the #3 blockchain for RWAs with approximately $1.7 billion on-chain and the #2 network for tokenized stocks with over $260 million of value locked, according to Blockworks Research. Solana has facilitated a very large share of tokenized equity spot volume by blockchain, showing that Solana is the chain where assets actually move and trade. There is a growing roster of institutional partnerships already live on the network, from tokenized treasuries to tokenized credit funds and money market products. We look forward to continued traction from these asset issuers as the RWA tokenization market matures.
And Bill, just to add to that. I've been asked many times at industry functions about liquidity for tokenized assets — who will buy the assets as more come on-chain? We think a lot of that liquidity will come from crypto-based payments, cross-border payment flows and stablecoins. Over time, some of that will remain in crypto rather than converting back to fiat. If you think about Solana and cross-border trade, Asia is a large part of that activity and is very export-led. For import/export companies, speed and reduced FX risk are important, but cost is also critical. All of those factors point to Solana. That's why we're spending significant effort in parts of Asia with heavy import/export trade and cross-border payment activity. We believe Solana could be one of the main blockchains used for many of these cross-border payments.
And I would now like to turn the call back to Joseph Chee for closing remarks.
Thank you. Thank you all for joining Solana Company's Fourth Quarter 2025 Operating Results Update, and thanks for all the good questions. We are pleased by the progress we have made this year and look forward to sharing further updates next quarter. Operator, I guess it's time to close the call.
Thank you. This concludes today's program. Thank you for participating. You may now disconnect.