Mr. Michael Hubbard reports

SOL STRATEGIES DECEMBER 2025 MONTHLY BUSINESS UPDATE

Sol Strategies Inc. has provided a comprehensive corporate update for the month of December, 2025.

Note: This operational update covers activities from December, 2025. The company released audited annual financial statements for the fiscal year ended Sept. 30, 2025, in December and hosted a webcast and conference call to discuss these financial results on Jan. 6, 2026. Investors are encouraged to review those filings for comprehensive financial information and may also access a replay of the webcast here.

Solana ecosystem development: December marked an active period of ecosystem engagement as we participated in Solana Breakpoint, the network's flagship annual conference. Ahead of Breakpoint, the company co-hosted Block Zero, a validator-focused summit. Interim chief executive officer Michael Hubbard showcased open-source tooling the company has developed to support solana validator operators in achieving high redundancy and uptime, and participated in a fireside chat with solana co-founder Anatoly Yakovenko discussing the evolution of the validator and staking ecosystems.

Balance sheet optimization: On Dec. 31, the company announced terms for the restructuring and repayment of its credit facility with Tony Guoga, the company's largest shareholder, further simplifying its balance sheet and reducing liabilities.

Digital asset treasury webinar: Stephen Ehrlich, head of capital markets, participated in WeBull's digital asset treasury webinar series, discussing Sol Strategies' approach to digital asset treasury management and institutional validator operations.

Treasury and validator operations update (as of Jan. 6, 2026)

• SOL (including liquid staked SOL): 523,134 SOL (approximately $101,472,301.98):
  • SOL Holdings: 426,619 SOL;
  • jitoSOL Holdings: 77,043 JitoSOL (approximately 96,515 SOL).
• SOL earned in December from proprietary validators: approximately 925 SOL;
• Assets under delegation (AuD): 3,354,203 SOL;
• Unique wallets served: 26,908;
• Validator uptime spotlight: 99.999 per cent uptime across all proprietary validators;
• Peak APY delivered: 6.63 per cent (Orangefin) versus 6.28 per cent network average.

Management commentary

Michael Hubbard, interim chief executive officer of Sol Strategies, stated: "December provided valuable perspective on the solana ecosystem's momentum. Our participation at Breakpoint and Block Zero reinforced our view that solana's technical advantages are translating into real-world adoption across payments, DeFi and institutional applications. As infrastructure providers, we see this growth directly through our validator operations and institutional partnerships.

"The balance sheet restructuring with Mr. Guoga reflects his continued confidence in our Solana infrastructure business while optimizing our capital structure. December highlighted both operational execution and growing institutional awareness of Sol Strategies' role within the solana ecosystem."

Recent corporate developments

Following the close of December, the company announced on Jan. 2, 2026, that it entered into an at-the-market equity offering program with Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corp. and Roth Capital Partners LLC, providing for the ability to offer and sell up to $50-million (U.S.) of common shares through direct issuances on the Canadian Securities Exchange and Nasdaq Global Select Market. The company intends to utilize this facility where accretive to shareholders and aligned to strategic goals of treasury growth, M&A (merger and acquisition) or tactical working capital requirements. Full details and the related prospectus supplements have been filed on SEDAR+ and EDGAR.

Upcoming investor events

Event: Roth Conference

• Dates: March 22 to March 24, 2026;
• Location: Laguna Beach, Calif.;

Event: Canaccord Digital Asset Event

• Dates: Feb. 4, 2026;
• Location: London, England.

About Sol Strategies Inc.

Sol Strategies is a Canadian investment company that operates at the forefront of blockchain innovation. Specializing in the solana ecosystem, the company provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications.

We seek Safe Harbor.