Investments in Digital Commodities

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Investments in Digital Commodities

Note 6. - Investments in Digital Commodities

The following table summarizes digital commodities held for investment:

		March 31, 2026
		Units				Cost Basis				Fair Value
SOL			2,009,494			$	386,288,639			$	162,490,273

		December 31, 2025
		Units				Cost Basis				Fair Value
SOL			2,077,799			$	403,063,288			$	250,111,125

The Company recognizes digital commodities at fair value.

The aggregate fair value of our locked tokens is computed by taking the number of locked tokens and discounting the month-end spot price by the appropriate percentage (10% at December 31, 2025 and 9% at March 31, 2026). The Company valued the SOL treasury at $83.02 per liquid token and $75.55 per locked token at March 31, 2026 and $124.26 per liquid token and $111.83 per locked token at December 31, 2025.

The following table summarizes the Company’s digital commodity purchases, losses (gains) on digital commodities, and revenue from staking received for the three months ended March 31, 2026. 100,000 SOL were sold during the three months ended March 31, 2026 to fund operations.

		Three months ended March 31, 2026
Digital Commodity Units		SOL				Cost Basis $ USD				Realized Loss
Beginning digital commodities			2,077,799			$	403,063,288
Dispositions of digital commodities			(100,000	)			(20,078,557	)			(10,789,841	)
Staking rewards received			31,695				3,303,908
Ending Digital Commodities			2,009,494				386,288,639
Unrealized loss			-				(223,798,365	)
Ending Digital Commodities			2,009,494			$	162,490,274

The following table summarizes the composition of SOL held broken out by liquid and locked as of March 31, 2026 and December 31, 2025:

Number of SOL units		March 31, 2026				December 31, 2025
Liquid SOL			1,428,918				1,427,857
Locked SOL			580,576				649,942
Total			2,009,494				2,077,799

The Company had approximately 95% of its SOL treasury staked during the quarters ended March 31, 2026 and December 31, 2025, respectively. The Company maintains control over the delegated SOL tokens throughout the staking period. Although the tokens undergo a bonding process with validators, the Company retains the ability to initiate unbonding at any time for liquid SOL. Upon notification to the validator, the unbonding process begins, which typically takes up to two days. During this period, the tokens remain unavailable for transfer or sale on the open market. Validators do not gain control over the tokens in a manner that meets derecognition criteria. They cannot sell, pledge, or otherwise dispose of the tokens. As such, the Company continues to recognize the delegated SOL tokens as part of its digital commodity holdings.

The following table summarizes the unlocking schedule of SOL tokens currently locked as of March 31, 2026 and December 31, 2025:

Locked SOL Maturity		March 31, 2026				December 31, 2025
Through Year End 2026			233,622				307,728
Through Year End 2027			318,860				314,510
Through Year End 2028			28,094				27,704
Total			580,576				649,942

For the three months ended March 31, 2026, the Company incurred $63,821 in transaction costs relating to custodian and exchange fees.

The margin loan at December 31, 2025 of $3,084,931was repaid in February 2026 and the related collateral of 40,000 Solana was released.