Good afternoon, everyone, and thank you for participating in today's conference call to discuss Forward Industries' strategic shift to Solana Digital Asset Treasury Company. By now, everyone should have access to the shareholder update press release, which was issued today at approximately 4:30 P.M. Eastern Time. The release will be available on the Investor Relations section of Forward Industries' website. This call will also be available for the webcast replay on the company's website. Following management's remarks, we'll open up the call for Q&A. I would now like to hand the call over to Forward Industries' General Counsel, Georgia Quinn, for introductory comments.
Thank you, Operator, and welcome, everyone. Before we begin, I'd like to remind everyone that today's call may include forward-looking statements within the meaning of the federal securities laws. All forward-looking statements made by the board or management on this call are based on their assumptions and beliefs as of today. You should not rely on forward-looking statements as predictions of future events, as these statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. More information about these risks, uncertainties, and other factors can be found in Forward Industries' filings with the Securities and Exchange Commission. During today's discussion, we will reference certain metrics related to our Solana Digital Asset Treasury, including SOL holdings, staking performance, validator operations, and deployments. These metrics are core to evaluating the execution and progress of our strategy.
With that, I will turn the call over to Forward Industries' Chairman of the Board, Kyle Samani. Kyle, please go ahead.
Thank you, Georgia, and good afternoon, everyone. We appreciate you joining us for this first dedicated shareholder update call following the launch of our Solana Digital Asset Treasury strategy in September. Today, I will outline our progress, how Solana's accelerating ecosystem growth is reinforcing our long-term thesis, and how Forward Industries is positioning itself to deliver long-term growth and compound SOL per share. Before diving in, I'd like to share a brief background on myself. I serve as Chairman of Forward Industries. I'm also a co-founder and managing partner of Multicoin Capital, which is one of the three PIPE sponsors that funded Forward's treasury strategy. Multicoin is a thesis-driven investment firm that manages roughly $2.5 billion in assets across public and private crypto funds.
I led the investment in Solana for Multicoin, and Multicoin led all three rounds of financing in Solana before the network actually launched the token in March of 2020. In the time since, Multicoin has backed more than 25 Solana-based companies and is generally recognized as one of the leading stakeholders in the Solana ecosystem. As one of Solana ecosystem's earliest champions, I've built deep relationships across the Solana ecosystem as one of its earliest and most committed supporters over the last eight years. Over the last three months, Forward Industries has undergone a significant transformation. We believe we are now the largest Solana treasury company in the world, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, which are three of the most sophisticated organizations in crypto, and each of which is deeply aligned with Solana's long-term trajectory.
As many of you are aware, the last few months have been volatile in the markets, not just in crypto but across all asset classes. As we approach the end of the year, there has been no shortage of macroeconomic headlines and market volatility that have impacted everything from equities to crypto. Solana and Forward are not immune to these market fluctuations. Solana is trading down approximately 50% off its highest daily close, and Forward is trading approximately 75% off its highest daily close. As of November 30th, Forward's MNAV was approximately 1.09. This is calculated using the closing price of Solana on November 30th of $133, a total of 6,921,342 SOL, and a closing price of FWDI of $8.90, with an outstanding FWDI share count of 113,143,672 SOL, which includes outstanding warrants and option grants.
We believe this methodology to calculate MNAV more accurately reflects the market value of FWDI by considering both shares outstanding and warrants and grants issued. To be very clear, the Forward team and the sponsor group across Galaxy Digital, Jump Crypto, and Multicoin Capital have a long-term thesis for Forward Industries, and we view the recent market volatility as having the potential to create new opportunities. Forward has no debt, a fully unencumbered SOL treasury, and as of today, approximately 4x the balance sheet of the next largest SOL digital asset treasury company. We believe Forward is well positioned to provide long-term growth in SOL per share and drive shareholder value. Multicoin, Jump, and Galaxy have survived and thrived by taking big swings during brutal crypto bear markets that shake out the tourists, of which there are many in the DAT ecosystem.
We know how to survive, and we intend to take advantage of the opportunities before us. We believe our sponsor group is a major strategic advantage. Multicoin has deep ecosystem insight and broad founder access, given its long-standing involvement in Solana's earliest development. Galaxy Digital is one of the earliest validators, largest validators in the Solana ecosystem, and a comprehensive digital asset platform in the industry, and Jump Crypto is the team behind Firedancer, a new high-performance validator client for Solana to increase its network throughput, resilience, efficiency, and is a core contributor to Solana's performance roadmap. As we have previously disclosed, these institutions have collectively invested approximately $350 million in Forward Industries and are all long-term holders and supporters of Forward's mission.
This alignment provides Forward with rare access to Solana ecosystem founders, infrastructure teams, token issuers, and on-chain strategy partners, access that we believe will be difficult for other companies or ETFs to replicate. Following our $1.65 billion private placement in September, we moved quickly and decisively to acquire more than 6.8 million SOL tokens within days of launching our strategy. As of November 15th, our treasury has increased by more than 100,000 SOL tokens, with nearly all of our holdings actively staked and deployed across our validator infrastructure. These actions have already driven meaningful SOL per share accretion, which is the economic engine behind our model. Our Solana treasury strategy is designed to generate high-quality on-chain revenue and to consistently increase SOL per share. Our institutional-grade validator, launched in collaboration with DoubleZero, Galaxy, and Jump Crypto, is now among the top performers on the network.
Since inception, it has generated net yields between 6.82% and 7.01% APY, outperforming top-tier validators over the same period of time. Many investors have asked how Forward Industries differs from a Solana ETF. The answer is simple. Unlike ETFs, digital asset treasury companies are able to deploy their entire treasury, whereas ETFs are limited in order to facilitate redemptions. Forward is participating in on-chain Solana DeFi and other active treasury management strategies with an objective of outperforming passive Solana staking yields. In addition to operating our own validator infrastructure, we intend to participate in staking and DeFi, leverage institutional partnerships, and structure tax-advantaged strategies, all designed to outperform passive benchmarks in a way that simply holding and staking tokens cannot.
These updates are currently in progress and include staking SOL, deploying assets in on-chain vaults, participating in SOL borrow-lend markets, and launching Forward's liquid staking token, FWD SOL, which we launched officially earlier today. Liquid staking allows Forward to receive FWD SOL, a liquid staking token, in exchange for staking SOL. FWD SOL can then be used as collateral for borrowing while also earning SOL yield, maximizing yield and treasury flexibility. Forward has also recently executed a tax optimization strategy that has reset more than $300 million in notional value with less than $52,000 in actual cost, reinforcing our ability to maximize capital efficiency and drive shareholder value. This week, we are also launching Forward's own PropAMM, backed by Galaxy and with infrastructure input from Jump Crypto, which will be integrated into Jupiter, DeFlow, and other aggregators on Solana.
A PropAMM is open-source code, which allows professional investors to program trading strategies directly on top of the Solana blockchain and to use their own capital instead of community liquidity pools. Forward's PropAMM aims to leverage Galaxy and Jump's market expertise and infrastructure to deliver better pricing than centralized exchanges with ultra-efficient execution and to capture value from trading activity on Solana, which was approximately $150 billion in October. Finally, we have the ability to return capital to our shareholders. In early November, we announced a new $1 billion share repurchase authorization, giving us flexibility to repurchase shares when we believe our stock trades below intrinsic value. Forward Industries is more than a treasury. We are laying the groundwork to become a broader Solana-native operating company. Our validator infrastructure, powered by DoubleZero and Firedancer, anchors us within the core of Solana's high-performance architecture.
We've also established a crypto advisory board composed of 25 of some of the most respected founders, operators, and institutional leaders across Solana, DeFi, and TradFi. We believe this group gives us unmatched insight into protocol growth, governance, and ecosystem deal flow. We have also brought Forward Industries' equity on-chain through our partnership with Superstate, enabling global investors to access our stock seamlessly and opening the door to new mechanisms for on-chain value creation, including establishing FWDI as collateral in leading DeFi lending protocols, on-chain fundraising, and on-chain governance. We believe Solana is the chain capable of powering global internet capital markets, and Forward is building the corporate model designed to operate within that future. The reason for our conviction is clear. Solana, despite the token price volatility, is winning across every major fundamental operative category.
In October, even during a period of market-wide volatility, Solana processed more than $66 million transactions in a single day, with throughput exceeding 3,000 transactions per second, all while maintaining fees that were a fraction of a penny. Solana consistently leads in decentralized exchange volume, active users, developer growth, and real economic value accrued to the token. We believe that its performance, scale, and architecture position Solana as the only top blockchain capable of supporting global capital markets at scale. Solana is the fifth-largest non-stablecoin crypto asset in the world at over $75 billion market capitalization. Solana adoption has exploded with over 59 million transactions across two million active addresses every single day. Institutions and payments companies are also increasingly engaged with the Solana ecosystem, and stablecoin market capitalization on Solana is now over $13 billion.
Galaxy, which is one of the hottest companies in prediction markets, recently partnered with Jupiter and DeFlow to expand their global reach on Solana. Today, millions of Solana users can trade prediction markets directly from their Solana wallet while tapping into Galaxy's global and regulated liquidity pools. This is a net new product experience that is only possible on Solana. Cash App has also announced USDC payments that are going to be powered on Solana starting in early 2026, allowing Cash App's 57 million users to send and receive USDC. Western Union is currently developing a U.S. dollar-backed stablecoin called US Dollar Payment Token, or USDPT. Both of these companies have chosen Solana as their preferred payments infrastructure to enable peer-to-peer payments and cross-border remittances faster, cheaper, and more efficiently than traditional banking networks. The growth of the Solana ecosystem is reflected in the demand for Solana around the world.
Solana ETFs have recorded over $60 million in inflows in their first week and over $600 million in net inflows as of the end of November. From PayPal's PYUSD to Axiom, which is the fastest Y Combinator startup to ever hit $100 million in revenue, to Figure's tokenized public debt security, to integrating with Cashi, Solana is the foundation for innovations in finance, payments, and so much more. It has never been more clear to us that Solana's position to usher in an era of internet capital markets and to provide infrastructure for the future of finance. Before opening up the call for Q&A, I'd like to briefly highlight our financial position. As of today, December 2nd, 2025, Forward holds no debt or leverage and maintains approximately $30 million in operating capital between cash and USDC reserves. Our SOL holdings are fully unencumbered, staked, and productive.
We are structurally positioned for multi-year growth with a fortified balance sheet. We have also brought investing-class operators onto the Forward executive team. Georgia Quinn has joined Forward as general counsel, and Ryan Navi has joined Forward as chief investment officer. Georgia, why don't you please introduce yourself?
T hank you, Kyle. I've been practicing law for 20 years in the regulatory, fintech, and crypto space. I began my practice in capital markets at Wachtell, Lipton, Rosen & Katz and went on to co-found a legal technology company. Being deeply embedded in the fintech space, I got involved in crypto in 2017 and became the first general counsel of CoinList, which helped launch many token protocols, including Solana. I then went on to be the general counsel of Anchorage Digital, helping them to attain the first and only federal digital asset banking charter.
I am thrilled to be here and looking forward, no pun intended, to executing the Forward Industries vision. Ryan, welcome, and over to you.
Thanks, Georgia, and hello, everyone. I just joined Forward yesterday, and I'm incredibly excited to be part of the team. I spent the last four years leading crypto venture investing at ParaFi Capital. Prior to ParaFi, I spent six years at KKR, where I invested up and down the capital structure. And before KKR, I started my career doing M&A at Citi. I believe my background is well-suited to the CIO role and look forward to driving shareholder value. Back to you, Kyle.
Thank you, Georgia and Ryan. I'm excited to have both Ryan and Georgia join us to advance Forward's initiatives across treasury management, M&A, and other revenue-generating strategies. To our shareholders, thank you for your support, your patience, and your conviction.
In less than three months, we have built the largest Solana treasury in the world, established institutional validator-grade infrastructure, assembled one of the strongest advisory groups in the ecosystem, launched a $1 billion share purchase reprogram, share repurchase program, demonstrated consistent SOL per share accretion, and embedded ourselves in the center of Solana's rapidly growing economy. This is just the beginning. We're building Forward Industries to become the primary public markets gateway to Solana and ultimately to the emerging global megatrend of internet capital markets. This concludes our prepared remarks, and we will now open it up for questions for those who are participating on the call. Operator, back to you.
Thank you. And with that, we will now be conducting a question-and-answer session. If you would like to ask a question, please press Star one on your telephone keypad.
A confirmation tone will indicate that your line is in the question queue. If you would like to remove yourself from the queue, please press Star two. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the Star keys. One moment while we poll for questions. Our first question comes from the line of Devin Ryan with Citizens Bank. Please proceed with your question.
Great. Hi, Kyle and team. How are you?
Hey, pleasure. Thanks so much for jumping on the call with us today.
Yeah, of course. Yeah, congrats on the progress here. I just want to start, and Kyle, you touched on this, but want to maybe dig in a little bit more around some of the opportunities you see to drive incremental yield on the SOL.
Over time, is there a target for how much you think should be staked versus deploying the treasury towards other incremental opportunities beyond staking? And I know you mentioned a couple, but if you can just give a little bit more context for us around what some of those opportunities look like, when you can actually deploy them, and how much they can actually outperform the passive benchmarks?
Yeah, happy to jump into that. Actually, the great part of your question is it's less mutually exclusive than you implied in your question. With the liquid staking token that we launched earlier today, FWD SOL, we can both turn the passive staking yield and leverage the SOL for other purposes contemporaneously. We can kind of get two birds with one stone.
With FWD SOL specifically, that means we can deploy FWD SOL into on-chain SOL-denominated trading strategies or vaults. There's a bunch of those today on the Solana blockchain. I've seen some of those yield as high as 1,000 basis points in SOL terms. I don't think that that's probably going to hold for our size, but I think we can get at least a few hundred basis points in SOL terms in some of those vault products. I will note that, again, that's very volatile in some of its market conditions. The other obvious thing we can do with FWD SOL is we can post it as collateral in various borrow-lend programs on-chain. That would include things like Kamino and Drift and JupLend. And it would also include going to CeFi lenders such as Galaxy Digital or FalconX or others or Coinbase and borrowing from those guys.
What's very interesting about those opportunities is we can deposit FWD SOL as collateral, earn staking yields, borrow dollars. I think today borrow rates on Kamino, I believe, have a five-handle in the front, if I'm not mistaken. And you can deploy dollars on-chain today in the 12%-15% range. That credit spread is by no means risk-free, but we do think that's the kind of risk that Forward shareholders probably want us to be taking. And so these kinds of opportunities are available. Ryan, obviously, is coming up to speed right now and is going to be able to drive that strategy on a day-by-day basis moving forwards. That's terrific.
Thank you for that, Kyle. And then just maybe a bigger picture question as a follow-up. Obviously, you kind of take a step back here and look at the crypto markets more broadly and price volatility.
It's not a new theme, but it's just interesting given that all the fundamental signs seem to be moving in one direction relative to where prices have been recently. You have regulatory clarity kind of right around the corner. You're scaling adoption and all the news that you just announced in the prepared remarks. So I'd love to get your thoughts on just the recent volatility, what you think is going on, why the disconnect in prices, and then what you think pulls the conversation back to the fundamentals for Solana.
Thanks. Yeah, I think you're right to highlight the kind of general tailwind, which we couldn't agree with more. In my role at Multicoin, I've had the good fortune this year of really being involved in a lot of the work happening in DC. In my firm Multicoin, we worked closely with Senator Hagerty on the Genius Act.
I was there at the White House for the signing. Our team has been instantly involved in the work going on behind the scenes for the Clarity Act, which I'm optimistic is going to pass in Q1, and obviously, everything we've seen coming out of SEC, IRS, CFTC, and Treasury, we're getting kind of all of the positive clarity you could ask for across all of the major regulatory agencies in the United States federal government, so I totally agree with you on the backdrop. In terms of explaining what's happened in prices, there's a bunch of theories out there floating. I'm certainly not the—I can share with you the theories we've seen. I'm not sure how much value I ascribe to any one theory. A lot of crypto people just think that the four-year cycle is doomed to repeat forever.
Obviously, a very simplistic way of thinking about the world, but it weirdly can become a self-fulfilling prophecy if enough people believe it. And right now, we're exactly at the four-year peak from 2017 and 2021. So a lot of people described that theory. Other theories I've seen out there are, as just what's it called, rates have come down. Basically, the opportunity for the basis rate has decreased, which has decreased underlying demand for spot. There's other theories out there floating. Unclear to me which one is the primary one. It's probably some combination of all of the above. I think probably the most interesting empirical thing we've seen on the market side as a counterpoint has been really the Solana ETFs themselves. The Solana ETFs launched on October 28th. I was there at the New York Stock Exchange for the launch of it.
I believe every single calendar day since then, the Bitwise Solana ETFs have had inflows. That's despite the fact that the price of SOL itself is down something like 30% or 40% over that period. Certainly, in my conversations with the Bitwise folks, none of us would have expected to have inflows of this magnitude and of this consistency given the price action that we've seen. I think what this probably tells you is that there's a real discrepancy between kind of the people who have traditionally been active in crypto markets and kind of general purpose, general people in traditional capital markets who are now taking crypto seriously for the first time in the wake of the Trump administration, the Genius Act, and the upcoming Clarity Act.
That makes me pretty optimistic that things are going to reverse course here because, obviously, TradFi markets are just infinitely larger than the capital that has traditionally been in crypto itself.
Yep. Thank you. If I could just squeeze one more in here. I saw the Sanctum partnership that was just announced on liquid staking with liquid staking token. Can you just give a little bit more perspective on what that means for Forward Industries? I don't know if there's a way to quantify implications, but just how to think about what the partnership is and then implications for the firm as well.
Thanks. Yeah. I'll touch on that from two angles. So one is that this LST is available for anyone else in the world to stake to. So if you, whether you or a family or friend or whoever chooses to stake the FWD SOL, you can.
And a small part of that commission will actually flow to Forward Industries. So it actually will increase revenue. I'm pretty reticent to provide any forecast there. There's really no historical precedent for how to forecast something like this, especially for a publicly traded company in the crypto markets. But it will actually drive incremental revenue. And then, obviously, the second side of this, as I alluded to earlier, is the ability to use the collateral intelligently, whether we deploy it in the SOL-denominated trading strategies or borrow dollars against it and then deploy those dollars into other trading strategies. Overall, I do expect this unlocks substantial revenue opportunity from the commissions from the validator, from the SOL vault, and from dollar vault as well.
That's great. Okay. I will leave it there, but appreciate the color.
Thank you.
Our next question comes from the line of Fedor Shabalin with B. Riley Securities. Please proceed with your question.
Thank you very much, Operator. Good afternoon, everyone. Kyle and the team, congrats on the milestone. Maybe just a quick, let's start with quick math. Can you remind where you are trading today in terms of NAV? And maybe if you can share more plans for deploying the remaining Solana holdings into liquid staking. Otherwise, what would need to happen for you to allocate more Solana to more sophisticated staking strategies? Thank you.
I think there were two questions. One was MNAV, and the other one was increasing our deployment into LSTs. In my prepared remarks, we touched on this specifically. The MNAV, as we disclosed earlier, was 1.09.
This is based on using, as of November 30th, I believe, a SOL price of $133, a total SOL count of 6,921,342 SOL, a closing price for FWDI of $8.90, and a total outstanding shares of FWDI of 113,143,672 SOL. If we add all those numbers together, we get to 1.09. In terms of your second question, increasing our LST usage, the answer is we plan to. We're at roughly 25% of our balance sheet, I believe, today is in liquid staking tokens. I do expect the number will increase over time. We're going to be—we're obviously a very large player in on-chain Solana DeFi. So we're not going to deploy the entire balance sheet on-chain in one big slug. We need to kind of let the market readjust as we enter various strategies and positions. So we expect that to ramp up over time.
I don't have a specific timeline I can provide. I can tell you this would be something that Ryan is going to be driving on a go forward basis.
Thank you very much for your color. And my follow-up on macro side. So it's actually about Ethereum as a competitor network for Solana. We know that the Ethereum network upgrade is coming this week. And just want to hear a perspective. What would you expect? How would it impact Solana after Ethereum network transaction costs will go down? Thank you.
Yeah. Happy to touch on this. I believe the Ethereum network upgrade is called Fusaka, is going live in the next few days. In general, I don't really think it changes anything.
In my role at Multicoin, I am probably the person who did the most work over the last five years of helping the market understand that moving transaction activity from Ethereum L1 to L2, so there's Arbitrum or Base or others, is net value destructive to the value of Ethereum or ETH as an asset. The kind of term that I probably helped popularize was L2s are parasitic to L1s. I would say most people today in crypto circles would agree with that statement. The reality with Ethereum is that the strategy that they chose to embark on when Vitalik made his presentation for L2s as a scaling strategy in October of 2020 was basically a one-way door and basically guaranteed that ETH as the asset will never really accrue meaningful value. The Fusaka upgrade does not do anything to change any of those realities.
The Ethereum folks are generally in a pretty challenged situation. They spent basically the last five years telling all of their customers and users, "Do not use Ethereum L1. Go somewhere else and use something else." I won't get into all the reasons as to why that's their core belief set, but it is, and that's what they've told the world. And that's basically a one-way door, and I don't think you can put the genie back in the bottle. So I don't really worry about the Fusaka upgrade. That doesn't change any of the core dynamics at play. The other, I think, just statement I would push back on a little bit is that you implied Fusaka is going to help lower fees on Ethereum. I actually don't think that's correct. When Ethereum moved to their new blob pricing format for L2s, it ended up dropping fees.
Actually, the Ethereum people did not introduce a correct pricing mechanism for L2 blob data. The Fusaka upgrade going live in a few days introduces a functioning fee market for L2 blob data. I believe the expectation is that that's actually going to increase net prices to L2s, not decrease them. Because right now, when there are demand spikes, basically the market pricing mechanism doesn't work correctly. So I think it's actually going to increase prices for users, not decrease them.
Okay. Thank you very much for your call and continue. Best of luck.
Thank you. Our next question comes from the line of Jacob Steffen with Lake Street Capital Markets. Please proceed with your question.
Hey, guys. Appreciate you taking the questions. Congrats on the milestones you hit here. First one for me.
So the Superstate partnership, tokenizing FWDI shares on the Solana blockchain, I guess, what does that do for investors from a holding perspective? Is this kind of more marketing, or is this something fundamentally different?
Yeah. So to answer the question, if you hold FWDI shares in your brokerage account today, the existence of those shares on the Solana blockchain, obviously, by definition, doesn't do anything. The reason we're doing this work is we think it unlocks a lot of value in the future simply by just increasing the total shareholder base for Forward. Most of the people in the world who own crypto today do not live in the United States. And most of the people in the world who own crypto today own zero equities. I know that's a funny statement to make to folks who are on-chain or, excuse me, are equity analysts for a living.
Obviously, most of your clients are American institutions. But the folks who hold crypto in the Philippines, Malaysia, India, LatAm, whatever, all these places, most of them own zero equities. And so putting FWDI shares on crypto rails is how we're going to get FWDI shares in the hands of all of those people. And so we think about this as a long-term opportunity to grow our shareholder base. So I think that's the kind of long-term primary strategic rationale. I think at another level too, we obviously believe in Solana, and part of our mandate here is if we can do things to help the price of SOL go up, we can introduce those things. And SEC Chairman Paul Atkins announced on July 31st an initiative called Project Crypto to basically bring U.S. securities markets on-chain.
We look at our role at Forward as certainly trying to help do that. And we think part of that is obviously bringing our own equity on-chain. And then to make that equity functionally useful, that means making it eligible collateral in DeFi protocols. We've already announced partnerships with Kamino and Drift and Jupiter to make FWDI useful collateral on those systems. That means enabling on-chain governance. That means facilitating on-chain dividends, on-chain buybacks, on-chain fundraising. There's all of these capital markets functions that need to happen. And someone has to do them first. And we believe we're kind of the right folks to do them first. And in doing so, that's going to ultimately unlock, make it easier for the next wave of companies to do those same actions natively on-chain.
If other companies follow our way to do that, we believe that's obviously net beneficial for Solana, which is therefore net beneficial for Forward. We very much agree we just need to kind of build the future that we want. Our tokenizing our own equity is the first step in building that future.
Okay. Interesting. That makes sense. I guess to take that one step further, is there a potential that you could be helping? Who would it be? The SEC or one of the exchanges actually tokenizing securities more broadly in kind of a lead-by-example type of way?
Yes, absolutely. That is without question the case. Specifically with the SEC, I've met with Chairman Paul Atkins several times this year, as well as a number of his lieutenants. They are very well aware of what we are doing at Forward.
And they want us to succeed. There's a number of legal issues we have to work through. Questions like, is an AMM an intermediary? What does that mean for custody? How can you place market makers on-chain? Order books on-chain, these kinds of things. So again, these are all. They're not hard legal questions. They're just questions that need to be worked through. Georgia and the team at Forward and the SEC have been diligently working through them. And obviously, we think we're the only people in the world who are seriously doing this right now. And that means that Solana is going to ultimately be in a more advantageous position as it pertains to then kind of the rest of Project Crypto and everyone else in the world following in our footsteps.
Got it. Very helpful. Just one last one for me.
I'll ask kind of a capital allocation question. Obviously, you guys are trading at the premium that you talked about in your prepared remarks. But with the $1 billion common stock repurchase plan out there, is any of your Solana stakes locked, I guess, where you wouldn't be able to access in case of a valuation disconnect? Or is that freely tradable?
As you said earlier in the prepared remarks, 100% of our Solana tokens are unencumbered. We do not own any locked tokens at all.
Okay. Got it. Sorry, I must have missed that. Appreciate it, guys. Best of luck. All good.
Thank you. And with that, this does conclude our question and answer session. Other than that, I'd like to turn the floor back to Kyle Samani for closing remarks.
All right. Closing remarks here. Oh, sorry, I'm just looking for them. Here we go.
Thank you all for joining us today and for your continued support and confidence in our vision. We are proud of the foundation we built as the leading Solana treasury company, and we will continue to deepen our participation across the Solana ecosystem as we scale our validator, expand our on-chain deployments, and pursue opportunities that strengthen our position and drive shareholder value. We look forward to speaking with all of you again on our next earnings call. Thank you.
Thank you, ladies and gentlemen, for your participation. And with that, this does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day.