All right, GM, GM everyone. We'll go ahead and get started. Looks like we've got Parker and DK in the spaces ready to chat. So, without further ado, we can get going. This is the November 2025 Business Recap & AMA. My name is Pete Humiston . I'm CMO here over at DeFi Development Corp. Thanks again, everyone, for joining us today. For those who don't know, this is our monthly business recap & AMA, where we're going to cover everything that went down last month, where we made progress, hit on what's ahead, and answer some questions that we received from investors and market participants as a whole. As mentioned, joining me today, we've got Parker and DK from DFDV Management Team. They'll both be sharing some thoughts and answering the questions that we've got here for today.
Of course, too, if you have any questions in the midst of this conversation, feel free to send our way. We'll do our best to answer what we can, in the next 30 minutes or so. And of course, this space is going to be recorded, so, definitely will be available for replay if you aren't able to stay the full 30 minutes. Before we begin, just a quick note: today's discussion may include forward-looking statements. These involve risks and uncertainties that could cause actual results to differ materially from those projected. For a fuller discussion of these risks, please refer to our most recent SEC filings, including our Form 8-K. We don't undertake any obligations to update these forward-looking statements. All right, so before throwing the questions over at the guys, just a quick recap for last month.
Some of these points, too, were covered in detail in our November 2025 Company Recap blog post that just went live this morning. So be sure to check that out, too, if you'd like. Insider stock buying: Parker and DK both purchased shares of DFDV. We reported strong third-quarter results, $4.6 million in revenue with an 11.4% organic SOL yield and $74 million in unrealized profits, which we'll, of course, dig into those in the AMA here. The preferred stock offering was announced. We introduced plans for the first Solana-focused preferred stock, ticker symbol CHAD. The warrant DFDVW began trading publicly, giving shareholders a leveraged, long-dated way to participate in our upside. We hosted, which is actually my highlight of the month, the Solana Investor Day in New York City, with more than 100 institutional seats filled, as well as top ecosystem builders.
We have a full five-part video replay series available for the broader public that can be found on our YouTube. Definitely be sure to check it out, and of course, we did our Reddit AMA as well on the subreddit r/DFDVDegens, which would encourage folks to head on over and join if they're interested. But you know, answered a number of different questions and provided some really good detail on you know, some of the more topical matters that market participants and shareholders were interested in picking management's brain on. So again, feel free to head on over there and check it out if you're interested. All right, we got that all out of the way. Parker and DK. GM, how are you guys doing?
Doing well. Thanks for hosting, Pete. You're really getting the hang of the intro here, if I may say so.
I like the intro music. It's, I don't know, it's a little better than my Spotify new releases for the week. So, I might have to.
I fully trust that Pete has better taste in music than you do, Parker. No offense.
Probably so.
Yeah, I'm an elevator music enthusiast, so you know, the openings for these things are definitely in my core competencies, I would say. Cool, guys, well, we'll just jump right into it. We've got a number of different questions, and of course, we want to keep this one tight, but first question here: How are you guys just thinking generally about the DAT sector right now? You know, November was across the board painful for the crypto ecosystem, and of course, you know, DATs were not able to escape that, you know, unscathed, but you know, I know internally we all still feel really optimistic, but would love to hear each one of your guys' takes and, you know, anything else you would want to add on that front.
Yeah, I can jump in, and DK would love your thoughts as well. Backing up, actually, though, another very important November recap item that Pete left off was, Pete was promoted to Chief Marketing Officer. So give a clap there. He's earned it long overdue, so.
Well deserved, sir.
Thank you. Thank you.
Yeah, so the DAT sector, what's going on? Yeah, I mean, there's no, like, real way to candy coat it, right? It's been a complete bloodbath. I don't think any DATs are out there trading at a premium to NAV on a, you know, simple equity to NAV basis. There, there's some ways to look at NAV that actually have us at a pretty significant premium, but, you know, most of the standard metrics are, you know, showing at a discount across the board. I think every single DAT on planet Earth, big ones, small ones, everything in between. So what does this reflect?
In my view, this reflects a rotation out of crypto among the kind of, I'd say the marginal buyers for DATs, which are going to be your a little more TradFi-focused investors that prefer to buy in brokerage accounts, and mean that DATs are competing side by side with, you know, your NVIDIAs and your Palantirs and your Teslas and your small-cap stocks and any other assets available in the brokerage account, so no longer do you have this kind of artificial friction going from, say, a Kraken account to a Schwab account, and you got to, like, actually sell the coins in the Kraken account and take the dollars and send them to your bank and then send them over, and there's like this artificial friction, and so if you have coins in a Kraken account, your options are other coins or going to stables.
It's much more difficult to move over to equities. But now, with all the ETFs, with the DATs, it's very easy from one place to single-button click, rotate from one position to another. I think it's very telling that, you know, most assets, most crypto assets were kind of making highs, this summer, and that was consequently kind of the peak for DAT-NAV multiples. And so what you've seen in the last month or so has been, you know, candidly, a bit of a rotation out of crypto into equities, right? Where Nasdaq's right at all-time highs, small caps are at all-time highs, gold is, you know, doing well, many traditional assets are doing incredibly well, and yet crypto is taking a beating. I mean, I think today fully encapsulates that, and there's a bunch of reasons for that, and we can get into that later.
But I think DAT multiple compression is effectively a barometer for your TradFi investors and their interest in crypto. And so I think it's a unique signal or an interesting signal going forward, but I think it's effectively what's going on right now.
I like the macro view. I'm going to chime in with a little bit more of a sector-specific view, if I may. So, as I look back on the last month, rewinding back to November the 5th, Strategy's mNAV was around 1.35x on a fully diluted basis and was down to roughly 1.1x as of yesterday. And in my mind, plain and simple, you see this sort of compression play out across the space, as Parker had mentioned. But this is a broader reflection of investor expectations, that frankly, if you're a DAT, you can't just copy-paste MSTR. So taking a step back, mNAV, in my view, is really a reflection of market expectations for future crypto accumulation. I've said this before.
As mNAVs come down, it's really investors' way of saying, "We don't think DATs can buy the underlying as quickly." And if you actually look at Strategy's pace of Bitcoin accumulation, it has decelerated since early August. Now, why can't DATs buy as quickly? Well, because the pool of capital that DATs have really tapped into hasn't expanded, but the DAT landscape itself certainly has, right? So you now need a differentiated story. You know, you copy-paste MSTR, you're irrelevant, in my opinion. It's kind of why I was particularly proud of our 11.4% organic yield in Q3. You know, it shows that we have an engine for accumulation that is unique, and we don't need the capital markets' access to keep compounding our treasury. And frankly, no other DAT has this. Those that do have some kind of yield component have a lower number than we do.
You know, even the biggest DAT on Earth Strategy doesn't have this. That's one element to it. I would say the second element of broader mNAV compression, frankly, has been some concerns around Strategy itself. You know, there's been a lot of attention on MSTR. Some, I'm going to say, concerns warranted, most unwarranted, in my opinion. For example, there's a lot of chatter around MSTR gets liquidated at $74,000 if we hit there, like everything cascades down. That's clearly, I'm going to say, a pretty, uninformed view. I almost roll my eyes a little bit at the suggestions that Strategy is a Ponzi in any capacity because I would say, Saylor's transparency is best in class. He's literally telling you every single week what he is doing.
You know, they very recently in a presentation more or less told you that Bitcoin would have to decline at a, I think, like 19% CAGR over the next 10 years in order for their Bitcoin gross asset value to actually match the value of their liabilities. I think a lot of the concerns, again, largely overblown over there, but, obviously, when the leading player in the space sees valuation compression, it's sort of natural that, all the other players in the space follow suit. So that's more or less my, my view. And frankly, if, you know, as long as you're a DAT that is, I'm going to say, positioned to do things a little bit differently, try to evolve the model, you know, you have an organic engine the way we do, you're going to be fine in the long term.
That's, I think, a good segue, Pete, into the next question you have here, if you want to kind of go into that.
Yeah, of course. No, you're thinking just like myself. Yeah. So, you know, it was a rough month in November. Things look shaky. It's hard to really say where this, you know, the broader market goes and how DATs are going to trade per se. But nonetheless, DK and Parker, you guys both, you know, ended up buying some DFDV stock. So you guys want to quickly touch on that?
Yeah, I'll start with this one. Frankly, look, we've been, we have all been barred from actually doing this for quite some time. Parker, I'll speak for myself. I was not going to hesitate at the first opportunity to actually be able to do this, right? Frankly, I, you know, I've always been a believer when I was on the buy side and, you know, signaling like management teams that signal to the market that they have long-term conviction, they're in it for the long haul, or obviously going to purchase, stay in it, particularly after a drawdown. And, you know, I thought, what better signal than you know, doing a purchase right here and right now. Especially, I would emphasize that the Jeff Bezos quotation of like, the stock price is not the business very much comes to mind for me.
You know, I was, I think, particularly impressed with our results in Q3. You know, if I was putting my investor hat on for a second, I would look at something like this and say, you know, are the fundamentals intact? You know, from my perspective, there's, you know, I'm only more bullish on the long-term story, personally than, you know, than anything else. So that was largely the motivation behind my purchases. Parker, I don't know if you'd add anything else.
Yeah, look, if you look at all the activity going on in Solana, you know, I'm incredibly bullish. We're seeing lots of new announcements on the institutional side, which is all great, but also just new stuff being built. I mean, Cash, Solana, and, you know, obviously, like Western Union and Revolut and some of these others, Cash App integrating it. But, like, Solana is very clearly here to stay. It's crossed the chasm, right? It's not going away. And it's just, like, super exciting, all the things that are being built. Even some of, like, the most recent projects, like, you know, Project Zero and what Harmonic is doing. I mean, just very exciting stuff. I am in a position where I want to be increasing my exposure to Solana.
You know, I've had quite a bit of Bitcoin in the past and had exposure to the Bitcoin ecosystem, whether that's through the miners primarily or even, like, you know, Coinbase, Robinhood, all that stuff. I think I increasingly want to get concentrated even more so, in, say, my retirement accounts, into Solana, and so my options to do that in a retirement account are the SOL ETF or a DAT. Obviously, I'm going to back, you know, myself, back our team. So that's kind of the impetus for why I bought. And, I don't know, maybe I'll buy some more.
Love it. Cool. We'll just carry on here. Rapid fire, kind of, if you will. One of the things, you know, we had a great quarter. There's a number of things to strip out and highlight, which, you know, you guys feel free to. But, you know, before we go into the good, I think let's just, you know, kind of, tackle one of the bigger questions that folks had was, you know, we saw SPS or SOL per share see a little bit of a decline. Do you guys want to, like, just kind of comment on that?
Yeah, I can jump in on that. Candidly, this was maybe a bit of a reporting mistake on our part. Basically, what we did when we raised that round, the big PIPE, $125 million PIPE in August, it was partially shares and partially pre-funded warrants, meaning, or penny warrants. So meaning basically people paid us the cash and they got a warrant that could be exercised for like $0.0001 . And that's just a little regulatory thing. We can't sell more than 20% of the shares without getting shareholder approval. W e, you know, have to get shareholder approval. Anyways, point being, we didn't count those warrants in the equity count on day one. And so what you've had is since then the warrants slowly being exercised and converted into shares. They're not all converted into shares yet.
And so if they were all converted, the NAV multiple. I can double-check the number, but I think it's like $0.068 or something like that. And so, this is kind of one of the reasons why it's declined a little bit. It's just these people exercising these penny warrants, and converting them into shares. Not necessarily selling the shares, but just converting them. T hat's the primary driver there. We've not been, you know, selling shares at a discount. Certainly not. And, you know, there's no other real source of new shares being issued.
Cool. O ne of the good things though, out of the quarter, of course, was a lot of people were kind of shocked by this: we did report an 11.4% organic SOL yield. So maybe you guys want to hit on like, what drove that number higher this quarter and what do we expect the yield base to maybe expand even further or what should folks think about that?
Yeah, I'll hit a little bit on this and Parker, if you want to chime in, please do. So, we emphasized in our shareholder letter that, you know, more than 15% of our SOL treasury is now deployed on-chain across Solana DeFi. That is up from our last disclosure of approximately 10%. And I think putting our treasury to work on-chain really, or expanding our footprint in Solana DeFi really does allow us to optimize organic yield and, you know, capture opportunities that are, obviously unique to Solana's DeFi ecosystem. O ne of the things that, worked particularly well for us in this past quarter, you know, we don't want to give away all of the, secret sauce here for competitive reasons, but we're happy to, talk about this one example.
In Q3, we executed something called a looped staking Strategy that effectively, like, generated over 100 basis points of incremental net interest margin on the capital that we allocated to this. Effectively what we did was we used DFDV SOL , our liquid staking token issued by Sanctum, as collateral on Kamino, which allowed us to borrow SOL and then restake it to our validator and capture some additional yield. The nice part about this Strategy was because both the collateral and the borrow were SOL denominated, the Strategy carried no exposure to, you know, liquidation risk from any volatility in the price of SOL. That was the example we highlighted. You know, it's one of, I'm going to say, many innovative ways our team, Parker, Joseph in particular, just engineers yield without compromising the safety of the balance sheet.
Again, I think it's important to highlight this because in a world where mNAVs have materially compressed over the last few months, I've often said that the difference between an ETF and a DAT is the rate of accumulation, right? An ETF just gives you one-to-one price exposure and in the case of the SOL ETFs, some staking yield. A DAT is supposed to give you the price benefit as well as additional SOL accumulation in our case over time. For example, DFDV's SOL per share on an ordinary basis has increased by 66% over the course of the last six months. That is uniquely different from what a SOL ETF would have given you, assuming they were, you know, around six months ago, you know, had you bought into that.
In a world where mNAVs have compressed and the capital markets access is shut off and that rate of accumulation as a result of capital markets access is shut off, how can you generate, I'm going to say more yield or give you, investors better accumulation than an ETF? Well, it's through organic yield. And in my mind, if you are not at least generating the yield offered by the ETFs in a world where, capital raising is, increasingly difficult, then frankly, you're not providing much more value above and beyond what an ETF is able to give you. So, for us, we largely view the quote unquote risk-free rate as, you know, the yield offered by, say, bSOL, for example, which is around, call it like, the high 6% range net of fees.
I think it's going to become increasingly important given the current pricing environment for DATs to really show their value. I was, you know, really proud of our team being able to generate a pretty material spread above that in Q3.
Good deal. Thanks for sharing more color on that front. Yeah, it's definitely stood out last month and I think folks were really shocked by that. G reat to provide the color without, like you said, giving away the secret sauce. One of the other more notable things I think, you know, we saw last month was the preferred stock offering, CHAD. Maybe you guys want to just kind of talk a little bit about the Strategy here and maybe you can explain, you know, the Strategy in financing SPS growth without relying on asset sales as it relates to, you know, the preferred.
Yeah, I can jump in on this one. So the preferreds as a class of financing instrument are, I think really the, let's call it the fifth gear of financing for DATs. And I think Saylor, you know, I don't think Saylor is a genius and planned this out. I think he just continues to try a bunch of things and stumbled into this and realized, holy shit, this is like the infinite money machine in a sense. And the reason is they, there's no maturity on the preferred. And in a really bad scenario, they can pause the dividend. Now they're going to do everything they can to never pause the dividend, right? And they've recently raised $1.4 billion in cash and set it aside to pay the dividends for like, I think two years is what he said.
But basically it creates a long duration liability to match against what is a very long duration asset being Bitcoin, one of the longest duration assets, you know. I'd argue at this point in time in human history. And that's just because of the volatility and the, you know, large swings in the price, but the long-term price appreciation outmatching, you know, anything else. T he problem in the early days with the converts, with MicroStrategy was the finite maturity, right? You're going to have to either convert out the bonds into equity or refinance the debt or I guess worst case, you know, you pay it back with your Bitcoin, and so that would create a situation where, yeah, sure, you extend it out five years and it's probably going to be fine.
You're going to go through a cycle and like, look, low odds that it doesn't convert out, but five years is like kind of a short duration, right? With the preferreds, the duration, you know, well, the maturity stretches out to infinity. The duration isn't quite that because you have the coupons, but, you know, it takes a while for, you know, the duration's pretty long, and so I think the preferreds are an incredibly unique instrument for MicroStrategy to sell, but also very importantly for investors to buy. I'm bullish MicroStrategy, but I'm also bullish the preferreds for a different purpose, different use case, and that is because the preferreds are backed by one of the best performing assets on planet Earth and an asset I believe will continue to appreciate long term.
And so when I'm thinking about building an income portfolio and I was a bond manager back in my prior life, this is an incredible supplement, a complement to that where your average yields on corporate bonds are maybe, you know, 5%, 6%, 7%, you know, some investment grade, maybe throw some high yield in there, but nothing super exciting and certainly doesn't keep pace with monetary debasement. And in some cases, inflation, right? Depends on what goods or services you're looking at. So the preferred is an excellent way to boost yield in a fixed income portfolio, for, you know, any portfolios that have yield as a key need. The other really cool thing about these preferreds is they are tax-deferred and in some senses kind of tax-free. T he dividends on them are typically going to be tax-free until the, your basis is zero in the purchase.
This is because it's structured as a return of capital rather than as a dividend or, you know, income from the company payout. That's also a huge unlock when you're thinking about building, say, retirement income and you need something that's, you know, tax-free or tax-deferred, right? You think about like a muni bond, typically the yields are lower than that of a corresponding corporate bond because of that tax-free status. Those are typically only, you know, local tax-free, right? The preferreds I think are an incredible unlock for DAT businesses and obviously something we want to get into the game on as soon as possible. We do have the S-1 out or the convertible preferred ticker symbol or proposed ticker symbol, CHAD.
It's candidly been a difficult environment trying to raise capital in the last four weeks with, you know, crypto nuking every day. But we are, you know, as soon as the market kind of softens or hardens up a little bit and flattens out or maybe rebounds, we'll be back in action on that. And we're very excited to kind of follow the MicroStrategy playbook on the preferreds. And we have a couple of other things up our sleeves, which I won't get into too much, but we're very excited about as well around that front.
Excellent. Well, not to get too ahead of ourselves and start saying, all right, when are we going to get this money and start spending it? But, you know, I know, I know people keep asking us, so I'll kind of just throw it out there. You know, what, how are we thinking internally? Or is there a framework that we're, you know, using for deciding between, you know, then how we're going to use capital going forward between buybacks, SOL acquisition, or, you know, new issuance, new capital issuance when the stock is trading at a discount to mNAV?
Yeah, I can take that one again. T here's kind of two parts there. First one is obviously like when are we going to get the capital in? You know, we're working on it and it's kind of the candid answer, right? As soon as we can. Within reason, of course. Obviously we could just go dump a bunch of stock today to get capital, but that would be SPS dilutive, which we don't want to do. In terms of how we will deploy the capital once we get it, we kind of take a look at the market opportunities at that point in time. So if the stock is trading at a material discount when we have a bunch of cash, well, we're going to buy a stock back or we're probably going to buy a stock back.
You know, there might be a few reasons why not to, but most likely we're going to buy a stock back. If the stock is trading at a nice premium, well, we're probably going to buy a SOL. There also may be some cases where we would maybe hold some cash aside because, you know, maybe the market's concerned that we wouldn't be able to pay dividends or, you know, about general OpEx or maybe there's some really good stablecoin yield opportunities. So right now there's, you know, opportunities out there where we can generate 15%, 20% on stablecoins. Not saying that, you know, that's certainly below the long-term expected rate on SOL, right?
We think SOL's going to go up a lot more on an annualized basis, but there might be some situations where we'd want to hold a little bit extra in stables, generate some yield, maybe provide some downside protection, before legging into SOL. That doesn't mean that our long-term business model has changed at all. Our long-term business model is to be ultra long SOL, to be levered long SOL, which we are today and to continue to accumulate. But we do, you know, maintain some flexibility around the edges to, you know, hold a little bit in stables, do some stock buybacks. All of this we think long-term is accretive to SOL per share. And again, as large shareholders of the company, I'm just looking out for myself. I just want more SOL per share myself because I believe in Solana.
Whatever we feel at the time is the best way to achieve that is what we'll do.
Excellent. DK, anything you want to add on that front or we good to go? Keep pushing forward?
No, no. Good, good summary. Let's keep going.
Awesome. And then, you know, you kind of hit on this Parker, but, maybe we could just answer it point blank. You know, how should investors be thinking about the warrant dividend now that it's actively trading and, you know, what outcomes does that create for existing shareholders?
Yeah. T he idea there was there's a lot of embedded volatility in our stock. And by issuing a warrant dividend, we're essentially distributing out some of that volatility to our shareholders. It allows shareholders to participate in the upside once we get above, you know, the strike price of $22.50, assuming it hasn't matured by that point. And, you know, candidly, it was a way to, at the time, markets were down and people were, you know, not feeling excited. And so it was a way to reward investors that were kind of sticking with us with, you know, something extra. So that was kind of the idea there. We've seen a couple other companies, not in the DAT space, but otherwise, you know, GameStop, Bed Bath & Beyond, a few others do this to great success. And so we kind of wanted to copy that to a degree.
Yeah, we, you know, it went pretty well, and so we might do another one.
Awesome. Cool. Well, I think it's kind of good for now. We've talked a lot of it, a lot about, you know, financing, you know, new sources of capital, all that good stuff. You know, maybe we can kind of shift gears a little bit, to some of the integrations and partnerships, that we announced last month. So, you know, the validator business is obviously something that we've been running for quite some time and, you know, generates a nice chunk of SOL for us and, you know, good yield. One of the announcements we did make was that we're running Harmonic now, which should, you know, among other things, help with that yield. Is there anything, Parker, that, we should hit on this front and, detail as it relates to, you know, the validator business as a whole?
Yeah. Love Harmonic. It's a great project. The team behind Harmonic is also the team behind a bunch of other important pieces of infrastructure in the Solana ecosystem, and they are top-notch killers. They are really good guys, really smart, and have been in the Solana ecosystem since, you know, very early on. I personally back that team with a small angel check and am super bullish on what they're doing. Now, what does it actually do for us? Well, of course, in the short term, it should boost validator profits, not, you know, significantly, but it will help us maintain our edge over other, you know, standard plain vanilla validators. So that's great, but I think for the ecosystem, what it does is candidly creates a competitor to Jito, and this is not JitoSOL, the LST, but Jito, the validator client and the block builder.
Of course, Jito's coming out with BAM, their, you know, block assembly marketplace. It's Jito's great, but it's a little concerning to me. It always has been that one third party, Jito, has basically a modified client, validator client that like 97% of the space runs, which means basically Jito controls block building and sequencing in Solana. They are a massive source of centralization. It's a black box. We don't know what they're sequencing or organizing, if you will, algorithm looks like. They've been trying to kind of disrupt themselves with BAM, but, you know, they still, it's the same team. They still control things, maybe a little more open, but I think what Harmonic's doing ultimately is going to be a competitor to Jito, and I think that's fantastic.
You know, there might be a day where we run some Harmonic, some Jito, and, you know, benefit from both. I think this is also good for builders because, you know, Harmonic gives more flexibility to app developers to, specifically or maybe explicitly set transaction sequences to make apps much smoother where you can do interesting bundles that a user can sign once rather than having the friction of a user having to sign, you know, four different transactions that each have to be submitted in sequence for a particular action to occur. And so this just, it might seem like a small fix, but this will transform a number of Solana apps from pretty decent, but kind of annoying to absolutely delightful.
I can't stress how much these small little differences really, really matter, even to the extent of, you know, 500 seconds to, -- or sorry, 500 milliseconds to maybe a second of latency that can make an app much more delightful and help it reach, reach mass market. So that's some of the things that Harmonic does and we're really excited for. It's a small improvement to our business, but I'd say massive improvement for the ecosystem and we want to support it.
Good deal. Yeah. And just on the topic of partnerships and yield, you know, Joseph isn't here. He's running point on this front. We did announce an LOI with Loopscale last month as well. We're basically going to be working with them to maximize the yield on our stables, which will be able to be used to cover OpEx, future buybacks, and SOL purchases. So wanted to flag that work. As they say in the video gaming world, you know, we're min-maxing the hell out of everything, whether it's the validator operations or squeezing every last bit of value out of our stables with them, with the right yield platforms. But yeah, I just wanted to flag that as well. You know, moving on here, would love to throw this one over to DK.
Again, we did solid Solana Investor Day 2025 at the start of the month in New York City. It was a huge hit. DK was leading point with that. Absolutely crushed the presentations as well. As a reminder, you can access all of the replays on YouTube, including his SOL to $10,000 presentation, which I thought was awesome. But, yeah, you know, with that said, DK, is there anything you want to hit on the Solana front and, you know, any kind of additional, you know, big takeaways following that event?
Yeah. The key takeaway is the team looks really good in suits. I'm not used to seeing everyone actually in jacket and collared shirts. So that was really nice and refreshing. I would probably say a few things. There were a lot of learnings for us, but like one of the biggest takeaways for me is just how early it is in the story of Solana. I mean, the entire day was explicitly designed as a crash course on Solana and, you know, how we sort of think about SOL's long-term upside, of course.
So, a number of the investors that I still chat with, and I can say this after having gone through a number of NDRs over the course of the last couple of days, for those who don't know that abbreviation stands for non-deal roadshow, we go around and chat with various institutions, is that it's still like very, very early innings on understanding just what Solana, the network, even is. I've given this example before, but people are still trying to figure out how is BTC different from SOL, different from ETH, et cetera. And again, I think SOL is more or less reinforced that because a lot of the follow-up questions that I've been receiving or follow-up commentary were things like, oh, that was, you know, a great crash course or, you know, Parker did a phenomenal job actually walking us through how to use the chain.
That was actually probably my favorite part of the day: doing a little bit of like a hands-on on-chain workshop, where all of us got to actually, you know, use Solana. And that to me was powerful because for a lot of folks, it was really their first time interacting with the chain. We even had some of the crew from the venues helping out with lighting and camera work and everything start to participate as well, which is really cool to see. They had never done it before. And you know, I thought Parker did a really nice smooth job of walking folks through everything from the very basics, like you know, swapping USDC for SOL, not accidentally selling SOL, and you know, all the way to purchasing equities on-chain. So again, very early days.
And as far as follow-ups from the event, I mean, frankly, I think we're going to do more of these. Maybe the next one's virtual. We'll probably shorten the next one a little bit just to make it a bit tight, like more digestible. We really wanted this one to be the full-on in-depth crash course, but it was well received and a lot of institutions are, you know, certainly watching the replays and reaching out with questions.
Excellent. Yeah. And again, nicely done on Solana. It was super cool. And, yeah, don't know what the next one looks like, but I'm sure it's going to be bigger and better than before for sure.
My dry cleaners downstairs will see me for the second time whenever we host another one.
You're not going to be their favorite, most favorite customer, but maybe if SOL starts to do really well and the institutions pick up, maybe that'll turn into like a quarterly thing. Who knows? Cool guys. Well, just a couple of more here to wrap up. Anything in the Treasury Accelerator front that the folks can look forward to in 2026?
Yeah. Treasury Accelerator, we've been making some progress on a number of fronts. The U.K. vehicle is moving along. We're going through some regulatory hurdles there. Hopefully we'll have some updates in the very near future. But, you know, no, well, candidly, it has taken a little longer than we thought. We had to jump through a regulatory hoop that we had not anticipated. But, at this point, you know, I don't think, maybe the outcome will be better than if we had launched it, you know, formally and started buying SOL and everything, you know, a month or so ago, right? So that one's in a good spot. I feel great about it. Korea and Japan, we're moving along there.
We've on the Korea side, well, actually on both, we've been in discussions with a number of target companies, a number of these, you know, small, similar to Janover, right? Small operating businesses that are kind of micro caps. Unfortunately, the opinion has really kind of soured on DATs, especially with Metaplanet trading down to 1x and below 1x. And so it's become more difficult to get deals done in these markets, and we're less confident that a deal would be announced and then, you know, immediately pop. And so we are, I'd say slowing down a little bit there and waiting for the right opportunity to launch. We still may, you know, pull the trigger in the near future, but, you know, we don't have a deal to announce, you know, imminently in each of those markets. So that's kind of where that's at.
And we're still excited about the Treasury Accelerator model. We still want to see a SOL DAT in every major market when the time is right. W e want our brand to be on it, of course, as well. And we'd also, you know, like to see other SOL-based tokens launched and, or Solana-based tokens launched and want to be a part of those as well. Treasury Accelerator, I'd say, is still alive and well, but, maybe not on full throttle given the market environment.
All right. And then the very last one here, the next time we're going to host one of these spaces is actually going to be in 2026. I guess with that said, final question here. Any kind of just general plans or thoughts or, you know, anything in general to share with investors and market participants as it relates to, you know, what to expect next year and kind of how we're thinking about things internally?
DK, you want to take that one?
Yeah, I'll take this one. This is always a really interesting one to talk about because, frankly, I'm extremely excited for not just next year, but the years to come. We've been saying for a while we're in this for, you know, for the long haul and not just to copy-paste MSTR, but to do things well and above and beyond the MSTR model. Of course, if I could share every single one of those things right now, I certainly would, but I cannot share every single one of those things for competitive reasons and so on and so forth. I think, you know, in the spirit of evolving the MSTR model and sticking with our crypto-native roots, you can expect the company to continue experimenting, continue learning, experimenting and learning in a way that, of course, doesn't jeopardize the core treasury operations.
They say like, fail fast, but do it in such a way that, you know, you don't blow up your business. And that's certainly been, I think, an approach that we like taking. So it'll be a lot of the same, but you will see it manifest itself in very different ways. And when I say a lot of the same, I mean, still a lot of faster, better, most obsessed, faster execution, better yield, most obsessed in terms of shareholder friendliness. Like those are the unifying themes, if you will, for all the things that we're going to pursue next year. Even if I'm going to say the shape of the initiatives maybe looks a little bit different. And that's probably all I can say on that. Parker, anything you'd add?
Yeah, man, I wish we could, I wish we could say more. We've got, we've got three projects in flight that each one of them are completely unique, total, like no DAT has ever done this before. No public company has ever done this before. You know, it doesn't involve us selling SOL or anything like that, but these are, each one of them could be absolutely transformational for our business, and I am like super amped about them.
These are candidly like something that I don't want to toot our own horn. I'm going to sound like a, you know, arrogant asshole here, but candidly like only something that a team of people who have been in crypto for a long time that have worked together and just have, you know, like real good vibes, real good connection, real good ability to strategize and jam could come up with, and you know, maybe none of them succeed, but I think, I mean, I think all three of them are going to succeed, and working with, you know, probably the smartest legal counsel in crypto that has done stuff from the very beginning, setting up, you know, unique structures and token foundations and public markets vehicles, and so very, very excited about what we can do early next year, and I wish I could say more, but really should wait for the launch announcement.
So I will be quiet there and, yeah, just stay tuned.
Yeah, it sounds like the TL;DR is 2026 is coming. We can't say much, but don't worry.
I like it. That's right.
It'll be a good year. All right, terrific. Well, guys, I don't know if you have any last parting words here, or anything in general to share, but if not, you know, we can close it out here.
I'm super, super bullish for next year, and I'll just leave it with that.
Awesome. Cool. Well, thanks again, everyone for joining today and sending in your thoughtful questions. You know, of course, as always, we are open to any and all feedback. So don't hesitate to reach out if you got a question, a comment, concern, you want to critique the hell out of us, whatever it might be, we're all ears. So again, please don't hesitate. And, you know, thanks everyone for supporting us up until this point. We're super excited for what's ahead and, you know, 2026 is going to be a great year nonetheless. So, with that said, we'll sign it off here, as we like to say, in service of SOL per share growth. This is Pete and team signing out. Thanks everyone.
Take care, guys. Thank you.
Bye.