Sol Strategies rehashes September news

Mr. Doug Harris reports SOL STRATEGIES SEPTEMBER 2025 MONTHLY BUSINESS UPDATE Sol Strategies Inc. today issued a comprehensive corporate update for the month of September. September, 2025, corporate highlights: Leadership transition and strategic continuity: September marked a period of leadership transition for Sol Strategies, reflecting both the company's evolution and its focus on positioning for the next phase of growth. These changes follow a pivotal year in which Sol Strategies cross-listed to Nasdaq, advanced its solana treasury model and expanded into a broader DAT++ strategy combining token treasury accumulation, staking and validator-based infrastructure services. Leah Wald, chief executive officer and director, stepped down as director effective Sept. 22 and resigned as CEO effective Oct. 1, 2025. Ms. Wald guided the company through a critical phase of growth, including its dual listing and the early development of its solana-focused treasury and infrastructure strategy. Michael Hubbard appointed interim CEO. Formerly chief strategy officer and director, Mr. Hubbard brings extensive solana ecosystem expertise, having previously founded and scaled validator platform Laine before its acquisition by Sol Strategies. He is expected to play a key role in advancing the company's DAT++ model while an executive search is under way. Andrew McDonald promoted to chief operating officer. Mr McDonald, who joined the company in January, 2025, as director of operations, has been instrumental in regulatory compliance, institutional partnerships and operational execution. His background includes senior leadership at Bitaccess Inc., where he drove international expansion and SaaS (software-as-a-service) growth. Canada-focused LIFE offering successfully closed: Sol Strategies closed its $30-million financing under Canada's listed issuer financing exemption (LIFE), led by Canaccord Genuity Corp. The net proceeds will be utilized primarily for the acquisition of additional SOL tokens to the company's treasury, including locked SOL purchased at a discount to market price as well as working capital and debt repayment. Nasdaq cross-listing milestone achieved: The company successfully cross-listed on the Nasdaq Global Select Market under the symbol STKE on Sept. 9, 2025, while maintaining its CSE listing under HODL. This achievement expands the company's access to U.S. capital markets and institutional investors while the global select market selection underscores the company's extensive public markets history and strong balance sheet. Treasury and validator operations update (as of Sept. 30, 2025): SOL holdings: 435,033 SOL (approximately $126,103,015): Converted 26,440 JitoSOL back to SOL this month and staked to company validators. SOL earned in September from proprietary validators: approximately 1660 SOL; Assets under delegation (AUD): 2,760,979 SOL; Unique wallets served: 15,132; Validator uptime spotlight: 100 per cent uptime across all validators; Peak APY delivered: 6.96 per cent (Orangefin); network average: 6.71 per cent. Market impact on Australian dollars: During the month, delegated Solana on Sol Strategies' validators decreased 23.7 per cent from 3.62 million SOL to 2.76 million SOL. This decrease reflects a range of structural changes across the digital asset markets, including heightened competition among validator operators, new entrants to the digital asset treasury space and shifting institutional preferences in staking allocations. Broader industry trends, such as speculation around the approval of staking-linked ETF (exchange-traded fund) products, the rise of liquid staking alternatives and evolving risk management frameworks among institutional investors, have also contributed to increased turnover and reallocation. To address these dynamics, Sol Strategies has continued to expand its business development initiatives, including recently appointing a dedicated head of growth, deepening engagement with ETF providers evaluating solana-linked products, growing its solana mobile validator -- which has scaled 450 per cent since its August launch to 448,237 SOL -- and establishing a strategic partnership with Crypto.com to integrate its validator services into institutional custody offerings. The company believes these efforts will mitigate near-term fluctuations and lay the foundation for durable, long-term growth in its DAT++ model. Management commentary Michael Hubbard, interim chief executive officer of Sol Strategies, stated: "September marked a transformational month as we completed our Nasdaq cross-listing and launched our LIFE offering, capping off a pivotal year where Cypherpunk Holdings became Sol Strategies and we developed the solana business and treasury model. With these milestones and our experienced leadership team of Max Kaplan as CTO, Doug Harris as CFO and Andrew McDonald as COO, we are well positioned to continue creating shareholder value and deliver on our mission of providing institutional staking services while furthering our treasury goals as part of the premier DAT++ Solana model." Mr. Hubbard continued: "While our assets under delegation decreased in September, this change was not unexpected given broader structural shifts across digital asset markets. The digital asset treasury space is becoming more competitive, with new validator operators and institutional entrants driving higher turnover and sector-wide rebalancing. We are also seeing speculation around staking-enabled ETF approvals, the growth of liquid staking and evolving allocation strategies among institutional investors -- all of which have influenced short-term flows. We view these developments as part of a healthy, maturing market and remain confident in our ability to regain and expand delegation through initiatives such as solana ETF engagement, the rapid growth of our solana mobile validator and our new strategic partnership with Crypto.com. Combined with the buildout of our business development team, these efforts create strong momentum to capture the next wave of institutional adoption and reinforce our leadership position." Institutional and ecosystem development Solana mobile: Solana mobile validator, launched in August, grew 450 per cent in delegated stake to 448,237 SOL. Crypto.com strategic partnership: Sol Strategies announced an integration with Crypto.com to make its enterprise-grade validator services available to Crypto.com's institutional custody clients. As part of this collaboration, Sol Strategies will also leverage Crypto.com custody for a portion of its digital asset treasury operations. Upcoming investor events Event: Cantor Crypto, AI/Energy Infrastructure Conference; Dates: Monday, November 10th 2025 - Wednesday, November 12th 2025; Location: Ritz-Carlton South Beach - Miami Beach; Attendees: Mr. Hubbard, interim chief executive officer. Interested investors should contact their Cantor sales representative directly to schedule a meeting. About Sol Strategies Inc. Sol Strategies is a Canadian investment company that operates at the forefront of blockchain innovation and pursues a DAT++ strategy, which combines the company's digital asset strategy of acquiring a treasury of solana with the company's revenue generating validator business line. Specializing in the solana ecosystem, the company also provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications. We seek Safe Harbor.