Exhibit 99.1

INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED MARCH 31, 2026

(Expressed in Canadian Dollars)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying interim unaudited condensed financial statements of SOL Strategies Inc. (formerly Cypherpunk Holdings Inc.) (the “Company”) for the six months ended March 31, 2026 (the “Interim Statements”) were prepared by management in accordance with International Financial Reporting Standards. The most significant of these standards have been set out in note 2 of these Interim Statements. Any applicable changes in accounting policies have also been disclosed in these financial statements. Management acknowledges responsibility for the preparation and presentation of the financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Company’s circumstances.

The Board of Directors is responsible for ensuring management fulfills its financial reporting responsibilities and for reviewing and approving the financial statements together with other financial information. The Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process, and the period end financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company’s affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate control over its financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on "Internal Control Over Financial Reporting Guidance for Smaller Public Companies" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was not effective as at March 31, 2026.

CONCLUSION RELATING TO DISCLOSURE CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as defined in the National Instrument 52-109. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operation of the Company's disclosure controls and procedures were effective as at March 31, 2026.

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying Interim Statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these Interim Statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of financial statements by an entity's auditor.

SOL STRATEGIES INC. 

INTERIM CONDENSED STATEMENTS OF FINANCIAL POSITION 

(EXPRESSED IN CANADIAN DOLLARS)

Nature of operations and going concern (note 1) 

Contingent liabilities (note 18) 

Subsequent events (note 23)

SIGNED ON BEHALF OF THE BOARD

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

INTERIM CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(EXPRESSED IN CANADIAN DOLLARS)

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

INTERIM CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(EXPRESSED IN CANADIAN DOLLARS)

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

INTERIM CONDENSED STATEMENTS OF CASH FLOWS

(EXPRESSED IN CANADIAN DOLLARS)

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

SOL Strategies Inc. (the "Company" or "Sol Strategies") is a publicly listed company incorporated in Canada under the legislation of the Province of Ontario. The registered office of the Company is located at 217 Queen St W #401, Toronto, ON M5V 0R2. Since February 4, 2019, the Company’s common shares trade on the Canadian Securities Exchange ("CSE") under the trading symbol "HODL" and the National Association of Securities Dealers Automated Quotations under the symbol "STKE".

The Company is dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem. During the year ended September 30, 2024, the Company pivoted its strategy to focus on the Solana blockchain ecosystem, leveraging its high-performance infrastructure and scalability. This shift included holding Solana tokens (“SOL”) as a core balance sheet asset, operating validators, and developing staking tools paired with compliance frameworks. The Company's mission is to operate secure validators that leverage Solana's high transaction speed, throughput, and ecosystem to deliver long-term value for both users and investors. The Company is committed to developing unique technologies that optimize staking efficiency and accessibility, further strengthening Solana’s position as a leading blockchain for institutional and enterprise applications. Reflecting this strategic pivot, the Company rebranded from Cypherpunk Holdings Inc. to SOL Strategies Inc. on September 9, 2024. The Company's cryptocurrencies and related investments may be subject to significant fluctuations in value and are subject to risks unique to the asset class and different from traditional financial assets (note 20). Additionally, during the six months ended March 31, 2026, certain assets were held in cryptocurrency exchanges or with custodians that are limited in oversight by regulatory authorities.

Basis of Presentation

These unaudited interim condensed financial statements for the six months ended March 31, 2026 (the “Interim Statements”) have been prepared and presented on a going concern basis. The Company has sufficient cash, cash equivalents, and cryptocurrencies and other assets to support its operations for at least twelve months from the date of the issuance of these interim statements.

Statement of Compliance

The Company applies IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These Interim Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements required by IFRS as issued by the IASB.

The policies applied in these Interim Statements are based on IFRSs issued and outstanding as of May 15, 2026, the date the Board of Directors approved the Interim Statements. The same accounting policies and methods of computation are followed in these Interim Statements as compared with the most recent audited annual financial statements as at and for the year ended September 30, 2025. Any subsequent changes to IFRS that are given effect in the upcoming Company's audited annual financial statements for the year ending September 30, 2026 could result in restatement of these Interim Statements for the six months ended March 31, 2026.

Income

Income is earned primarily from staking and validating SOL. The Company also earns interest income and dividend income.

Validating income

The Company operates validator nodes on the SOL blockchain and earns staking rewards in the form of SOL.

Validator Node income is earned as transactions are validated on a blockchain. The Company performs validation services for SOL owned by third parties and its own SOL delegated to the Company’s validators. The validation services contribute to the security and functionality of the SOL network. In exchange, the Company receives a commission based on a pre-agreed percentage of the rewards earned by those validations. The Company receives rewards for these services provided to the blockchain (“the service”) and recognizes these rewards as validator income as they are received. The blockchain token rewards are only earned when the Company validates transactions that take place on the blockchain. When a transaction is validated by the Company’s node, rewards are deposited to the Company’s account.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The Company provides the service to the SOL Network (“the network”) and therefore the Company has determined there is no identifiable customer. In addition, because the network automatically distributes rewards; no party promises to pay consideration, and no party is obligated to deliver a service. Therefore, there is no identifiable contract. The validator node rewards do not arise from contracts with customers and therefore are considered outside the scope of IFRS 15.

Validator income is recognized based on the reward received in the form of digital assets. This is considered a non-cash consideration, which the Company measures at fair value on the date received. The fair value of the reward received is determined using the quoted price of the digital asset at the time of receipt.

Staking income

For SOL held by the Company and delegated to the validator nodes it owns and operates, the Company is entitled to the full amount of staking rewards earned, at the same rate as any third-party SOL delegated to its Validators. Because both the delegated SOL and the validator infrastructure are under the Company’s control, these rewards do not arise from contracts with customers and are therefore outside the scope of IFRS 15. Staking rewards on self-delegated SOL are recognized as staking income or gains from digital asset activities, measured at the fair value of the SOL received in the period the entitlement to the reward is established. SOL rewards are calculated and distributed automatically by the SOL protocol at the end of each Epoch, each of which lasts approximately two to three days.

The Company applies the revaluation model to cryptocurrencies classified as intangible assets. Management has concluded that an active market exists for these assets, based on the availability of quoted prices in accessible, liquid markets with sufficient trading volume. The determination of whether an active market exists represents a critical accounting judgment and is reassessed at each reporting date.

Dividend income

Dividends are received from financial assets measured at fair value through profit or loss (FVTPL). Dividends are recognized when the right to receive payment is established.

Derivative Instruments – Option Premiums

The Company enters into option contracts as part of its treasury management activities. Option premiums received on written options are initially recognized as cash and a corresponding derivative liability, measured at fair value through profit or loss. The derivative liability is re-measured at each reporting date, with changes in fair value recognized in the statement of profit or loss.

Where an option contract expires unexercised, the related derivative liability is derecognized and the premium previously received is recognized as income in profit or loss. The cash proceeds from expired option contracts remain within cash and cash equivalents. Option contracts that remain outstanding at the reporting date continue to be presented as derivative liabilities measured at fair value, with the related cash premium received included in cash and cash equivalents on the balance sheet.

Future Share Issuances

The Company enters into arrangements to acquire certain assets for which the consideration includes the future issuance of equity instruments. When the goods or services received do not constitute a business as defined in IFRS 3 Business Combinations, the transaction is accounted for as a share-based payment in accordance with IFRS 2 Share-based Payment. The fair value of the equity instruments to be issued is measured at the grant date and recognized as the cost of the acquired assets, with a corresponding increase in equity. Where the fair value of the equity instruments cannot be reliably measured, the transaction is measured by reference to the fair value of the assets acquired. During the year ended September 30, 2025, the Company entered into several asset acquisition transactions involving future share issuances (refer to Notes 6 and 15).

The balance consists of funds in cash and banks immediately available for use in the Company's operations. There were no restricted balances at March 31, 2026 and September 30, 2025.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The balances are comprised as follows:

Cryptocurrencies are digital assets that are typically part of a decentralized system of recording transactions, new digital assets are issued based on reliance on cryptography to secure its transactions, to control the creation of additional digital assets, and to verify the transfer of assets.

The balance of cryptocurrencies at cost and at market value, is as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The activity of the Company’s cryptocurrencies, excluding digital assets posted as collateral with third parties, for the year ended September 30, 2025 and the six months ended March 31, 2026 is as follows:

During the year ended September 30, 2025 the Company resumed its treasury management investment strategy to generate income on its cryptocurrency assets, previously executed intermittently during the years ended September 30, 2024 and 2023, which required collateral to be posted to over-the-counter traders to execute trades (see Note 20). During the years ended September 30, 2025 and 2024, the treasury management investment strategy involved selling covered European call options (each, an “Option”) on OTC markets. The Company recognizes premium income upon the sale of an Option. In the event the Option expires in-the-money, the Company’s underlying Bitcoin is used as collateral to sell the Option at the strike price of the Option. The strategy was discontinued prior to the end of fiscal 2025.

During the six months ended March 31, 2026, the Company entered into a cryptocurrency-backed credit facility with Kamino Finance (“Kamino”) which required collateral to be posted to Kamino (see Note 10).

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The activity of the Company’s cryptocurrencies posted as collateral during the year ended September 30, 2025 and the six months ended March 31, 2026, is as follows (see note 10):

During the year ended September 30, 2025, the Company acquired certain intangible assets operating as Cogent Crypto (“Cogent”), OrangeFin Ventures LLC (“OrangeFin”), and Laine, resulting in an increase in the amount of Solana being validated by the Company.

The Company acquired 78% interest in Cogent’s SOL blockchain validator assets, and a 100% interest in Cogent’s SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the “Cogent Assets”), including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Cogent Assets. The entire value of the purchase of the Cogent Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The Company acquired 100% of OrangeFin’s SOL blockchain and Arch blockchain validator assets (collectively, the “OrangeFin Assets”), including main networks and test networks, and all accounts, information, data, infrastructure, and other components required for or associated with the access, management, operation and other use or exploitation of the OrangeFin Assets. The entire value of the purchase of the OrangeFin Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The Company acquired 100% of Laine SOL blockchain, SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the “Laine Assets”) including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Laine Assets. The entire value of the purchase of the Laine Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The purchase price and net assets of the Cogent Asset acquisition are as follows:

The purchase price and net assets of the OrangeFin Asset acquisition are as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The purchase price and net assets of the Laine Asset acquisition are as follows:

See also note 15.

Impairment of Intangible Assets (Validator Nodes)

In accordance with IAS 36 Impairment of Assets, the Company assesses at each reporting date whether there is any indication that an intangible asset may be impaired. During the period ended March 31, 2026, indicators of impairment were identified for the validator nodes (the “Intangible Assets”). These indicators included:

As a result, the Company performed an impairment test for the affected Intangible Assets.

Recoverable amount and valuation methodology

The recoverable amount of the assets was determined as the value in use, calculated using discounted future cash flows from expected validator rewards and transaction fees, less attributable operating and staking costs. Management used a weighted model approach using three separate models weighted by likelihood in order to determine a value in use that is deemed most likely by management. Key assumptions used in the value-in-use calculations included:

Management believes that these assumptions reflect the best estimates of economic conditions and protocol-related developments at the reporting date.

Impairment loss recognized

As a result of the impairment testing, an impairment loss of $12.1 million was recognized in the Interim Statements within “Impairment losses on intangible assets.”

Following the impairment, the carrying amount of the validator nodes (intangible assets) were reduced to their estimated recoverable amount of $22.0 million.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

Sensitivity analysis

Management has performed a sensitivity analysis on key assumptions. A change in the key assumptions listed below would result in further impairment of the CGUs:

Management considers these assumptions to be reasonably possible changes.

Remaining useful life

No change has been made to the estimated useful lives of validator node intangible assets during the year. The useful lives of these assets remain at 5 years.

The fixed asset continuity schedule for the year ended September 30, 2025 and the six months ended March 31, 2026 is as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

Equity Investments

The Company's investments in equity instruments are classified as FVTPL and are carried at fair value. The detail is as follows:

The activity of investments for the year ended September 30, 2025 and the six months ended March 31, 2026 is as follows:

The balances are comprised as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

The continuity of the credit facilities is as follows:

The Unsecured Credit Facility

During the year ended September 30, 2025, the Company entered into an unsecured, revolving demand credit facility (the “Unsecured Credit Facility”) with its former Chairman, Mr. Antanas Guoga (the “Lender”). Under the terms of the Unsecured Credit Facility, the Lender agreed to make available to the Company up to $10 million, subsequently increased to $25 million, (the “Commitment Amount”) in principal amount of unsecured, revolving credit, in such amounts as may be requested by the Company from time to time prior to October 21, 2026 (the “Maturity Date”). The drawn and unpaid portion of the Commitment Amount (the “Principal Balance”) will bear interest at a rate of 5% per annum, accrued daily. The Principal Balance and accrued and unpaid interest will be payable on the Maturity Date, subject to the Lender’s right to demand repayment of amounts outstanding under the Unsecured Credit Facility at any time.

During the six-month period ended March 31, 2026, the Company repaid the balance of the Unsecured Credit Facility under the following terms: 50% of the outstanding balance 2,300,726 common shares of the Company valued at $4,923,554, their market value on the issuance date; a payment of $2,461,777 settled in USDC from the Company’s digital asset treasury and the remainder, including accrued interest, in cash of $11,935,849. For the six months ended March 31, 2026, the Company recognized interest expense of $148,765 related to the Unsecured Credit Facility in the Interim Statements with $nil remaining in accrued liabilities (September 30, 2025 - $534,036).

The Kamino Facility

During the six months ended March 31, 2026, the Company entered into a cryptocurrency-backed credit facility with Kamino Finance, a decentralized lending protocol on the Solana blockchain (the "Kamino Facility"). Under the terms of the Kamino Facility, the Company deposited cryptocurrency assets as collateral to borrow PYUSD (PayPal USD stablecoin).

The Kamino Facility is a smart contract-based lending arrangement that allows the Company to maintain exposure to its cryptocurrency holdings while accessing stablecoin liquidity. Interest accrues continuously at approximately 1.7% and is calculated based on the utilization of the lending pools. The Company's collateral earns staking rewards which offset a portion of the borrowing costs.

The facility operates on an over-collateralized basis with automated liquidation mechanisms. If the loan to value (“LTV”) ratio exceeds the liquidation threshold of 65.51%, the protocol may automatically liquidate a portion of the collateral to repay the outstanding loan balance. The Company actively monitors its LTV ratio and manages collateral levels to maintain a conservative position well below the liquidation threshold.

The Kamino Facility does not have a fixed maturity date, and the Company may repay the borrowed amount at any time without penalty. The Company may also add or withdraw collateral subject to maintaining the required collateralization ratios.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

At March 31, 2026, the Company had transferred 81,236 SOL with a value of $9.4 million and 82,137 STKESOL with a value of $9.3 million to Kamino as collateral.

For the six months ended March 31, 2026, interest expense of $73,221 related to the Kamino Facility had been recorded in accrued liabilities (2025 - $nil).

During the year ended September 30, 2025, the Company raised $57.2 million of principal in convertible debentures in three separate financings. The summary of the convertible debentures is as follows:

First Private Placement and Second Private Placement

On January 16, 2025, the Company closed a private placement financing of $27.5 million (the “First Private Placement”) of convertible debenture units (each a “First CD Unit”). Each First CD Unit consists of one debenture (“First Debenture”) with a principal amount of $1,000, and 50 warrants (each a “First Warrant”). Interest on the First Debenture accrues at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the First Debentures are convertible at any time into common shares of the Company at $20 per common share. Each First Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $20 per common share, exercisable at any time on or before the five-year anniversary of the closing of the First Private Placement. At the option of the Company, the First Debentures are redeemable in cash after the three-year anniversary of the closing of the First Private Placement at 112% of the principal value, plus accrued and unpaid interest.

On January 21, 2025, the Company closed a private placement financing of $2.5 million (the “Second Private Placement”) of convertible debenture units (each a “Second CD Unit”). Each Second CD Unit consists of one debenture (“Second Debenture”) with a principal amount of $1,000, and 27 warrants (each a “Second Warrant”). Interest on the Second Debentures accrues at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the Second Debentures are convertible at any time into common shares of the Company at $37.28 per common share. Each Second Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $37.28 per common share, exercisable at any time on or before the five-year anniversary of the closing of the Second Private Placement. At the option of the Company, the Second Debentures are redeemable in cash after the three-year anniversary of the closing of the Second Private Placement at 112% of the principal value, plus accrued and unpaid interest.

The present value of the liability component and the equity components of the First Private Placement and Second Private Placement were allocated as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

During the six months ended March 31, 2026, interest expense of $1.1 million (2025 - $0.5 million) and $93,727 (2025 - $44,483) was recognized on the First Private Placement and Second Private Placement, respectively, representing the accretion of the liability components of the convertible debentures under the effective interest rate method.

ATW Financing

On April 23, 2025, the Company entered into an agreement with ATW Partners (the “Investor”) to establish a convertible note facility (the “Facility”) of up to USD $500 million. Under the Facility, the Company is entitled to draw down funds through the issuance of convertible notes (the “Notes”) subject to certain conditions. On May 1, 2025, the Company closed the initial tranche of USD $20 million (the “Initial Closing”). The Notes are denominated in USD and are convertible into common shares of the Company based on the prior trading day’s closing price. Additional drawdowns under the Facility remain available up to a further USD $480 million.

Fair Value Option Election and Measurement

Management elected to designate the USD$20 million Notes from the Initial Closing under the fair value option (“FVO”) in accordance with IFRS 9 – Financial Instruments. This designation results in the entire instrument, including the embedded conversion feature and foreign currency exposure, being measured at fair value through profit or loss (“FVTPL”).

The rationale for electing FVO includes:

At March 31, 2026, the Company recorded a gain of $197,541 in foreign exchange for the estimated change in the fair value of this Facility (September 30, 2025 - loss of $525,245).

Transaction costs of $2,380,272 related to the Initial Closing were expensed immediately, consistent with FVO application during the fiscal year ended September 30, 2025.

Fair Value Determination

Fair value of the Notes is assessed at each reporting date using observable market inputs, including exchange rates and share price movements. Changes in fair value of the Notes are recognized through profit or loss.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

SOL Delegation and Staking Interest

Under the terms of the Facility, while any Notes remain outstanding, the Company is contractually obligated to delegate all Note Purchased SOL to a validator majority owned and controlled by the Company. The Notes accrue staking interest (“Staking Interest”) when the Company is entitled to receive staking rewards on the delegated Note Purchased SOL. The Company must calculate and pay any accrued staking interest amounts (“Staking Interest Amounts”) in SOL within three business days following each calendar month-end to ATW’s wallet address. ATW’s entitlement to staking rewards is tiered and based on the combined outstanding principal of this Note and other notes under the Facility (the “Outstanding Principal”):

(i) 85% of staking rewards when the Outstanding Principal is between USD $15 million and $20 million;

(ii) 62.5% of staking rewards when the Outstanding Principal is between USD $10 million and $15 million;

(iii) 37.5% of staking rewards when the Outstanding Principal is between USD $5 million and $10 million; and

(iv) 18.8% of staking rewards when the Outstanding Principal is between USD $2.5 million and $5 million.

During the six-month period ending March 31, 2026, interest expense of $289,306 was recognized in the Interim Statements (2025 - $nil).

Conversions

During the six months ended March 31, 2026, the Company issued 925,301 Common Shares on the conversion of $2,547,964 (USD $1,840,000) of principal, leaving $11,732,334 (USD $8,560,000) of principal remaining at March 31, 2026.

Liability Component of Convertible Debentures

The summary of the liability component of the convertible debentures is as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. 

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Six months ended March 31, 2026 and 2025

Unlimited common shares with a par value of $nil.

During the six months ended March 31, 2026, the Company completed a private placement under the listed issuer financing exemption (“LIFE”) pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, issuing 4,380,000 units at a price of $6.85 per unit for gross proceeds of $30,003,000 (the “LIFE Offering”). Each unit comprised one common share and one common share purchase warrant exercisable at $8.90 for a period of 36 months. The LIFE Offering was conducted on a best-efforts, fully marketed basis by Canaccord Genuity Corp., which received a 6.0% cash commission and broker warrants equal to 6.0% of the units sold, exercisable on the same terms. The Stated Value of the shares issued pursuant to the LIFE Offering represents the gross proceeds of the LIFE Offering less the value of the warrant component of the units (see Note 14).

During the six months ended March 31, 2026, the Company initiated an at-the-market equity offering program, to offer and sell from time to time up to US$50 million of common shares of the Company in the United States and Canada under the terms of a prospectus supplement, dated January 2, 2026, to the Company’s base shelf prospectus dated November 14, 2025. For the six months ended March 31, 2026, the Company issued 1,045,654 shares at an average share price of $2.05 for total proceeds of $2,144,450.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Six months ended March 31, 2026 and 2025

Basic and diluted earnings per share have been calculated on the basis of weighted average number of common shares outstanding as outlined below:

For the three and six-month periods ended March 31, 2026 and 2025, the diluted weighted average number of shares outstanding is equal to the basic weighted average number of shares outstanding because the Company was in a loss position and the effect of outstanding stock options, RSUs, warrants, convertible debentures would have been antidilutive. As at March 31, 2026, the Company had 717,727 stock options, 166,690 RSUs, 6,194,842 warrants, 30,000 convertible debentures convertible into 1,442,060 common shares and 8,560 ATW Notes convertible into 2,073,455, based on the closing price of the Company’s common shares on March 31, 2026, that were excluded from the diluted loss per share calculation as they were antidilutive.

The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to acquire shares of the Company to directors, officers, consultants, and other key employees of the Company. The number of common shares subject to options granted under the Plan is limited to 10% in the aggregate, of the number of issued and outstanding common shares of the Company at the date of the grant of the option. The exercise price of any option granted under the Plan may not be less than the fair market value of the common shares at the time the option is granted, less any permitted discount. Options issued under the Plan may be exercised during a period determined by the board of directors which cannot exceed ten years. The plan does not require any vesting period, and the board of directors may specify a vesting period on a grant-by-grant basis. As at March 31, 2026, the maximum number of shares issuable pursuant to the Plan was 3,322,802, of which 717,727 options and 166,690 restricted share units had been granted, leaving 2,438,387 shares available for issue.

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Six months ended March 31, 2026 and 2025

Stock Options

During the six months ended March 31, 2026, the Company recognized share-based compensation expense related to stock option grants of $1,548,163 (2025 - $ 3,848,991).

The Company’s option grant activity for the six months ended March 31, 2026, and the year ended September 30, 2025, is as follows:

Vesting Schedule

1 - 1/2 vest 12 months after the grant date, thereafter the remainder vest in equal monthly instalments over 12 months

2 - 1/3 vest 12 months from the grant date, thereafter the remainder vest in equal monthly instalments over 24 months

3 - Vest in equal monthly instalments over a period of 36 months, commencing on the grant date

4 - 1/3 vest 6 months from the grant date, the remainder vest in equal monthly instalments over 24 months

5 - 1/3 vest 12 months from the grant date, the remainder vest in equal monthly instalments over 24 months

6 - Vest in equal monthly instalments over a period of 12 months, commencing on the grant date

7 - Vest on the grant date

The continuity of outstanding stock options at March 31, 2026 and September 30, 2025:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Six months ended March 31, 2026 and 2025

The detail of outstanding options at March 31, 2026 and September 30, 2025:

At March 31, 2026, 345,737 options were exercisable at a weighted average price of $14.10 per share (September 30, 2025 – 279,095 at $13.71). The weighted average life of the outstanding options is 3.43 years (September 30, 2025 – 4.5 years).

Restricted Share Units

During the six months ended March 31, 2026, the Company granted 119,571 restricted share units (“RSUs”) to directors and officers and 62,953 to management consultants. The RSUs are exchangeable into common shares of the Company on a one for one basis upon achieving the vesting conditions and are valued at the market price of the Company’s common shares on the grant date ($808,049), of which $647,704 was charged to the Interim Statements for the six months ended March 31, 2026.

During the year ended September 30, 2025, the Company granted 132,958 RSUs to a consultant and 6,250 RSUs to a director. The RSU’s were valued at the market price of the Company’s common shares on the grant date ($3,458,450). The value of the director RSUs ($199,500) were charged to income on the grant date. The consultant RSUs were recognized monthly on a straight-line basis over their six-month vesting period, commencing December 24, 2024 for 70,458 RSUs (valued at $698,950) and February 28, 2025 for 62,500 RSUs (valued at $2,560,000). Of the granted RSUs, 10,418 of the vested consultant RSUs have not been issued, and 4,699 of the directors RSUs have not vested as at September 30, 2025. During the year ended September 30, 2025, the total charged to the Interim Statements for share-based compensation was $3,458,450 (2024 - $nil).

The continuity of outstanding RSUs at March 31, 2026 and September 30, 2025 is as follows:

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Six months ended March 31, 2026 and 2025

During the six months ended March 31, 2026, the Company issued 4,380,000 unit warrants and 262,800 broker warrants pursuant to the LIFE Offering (Note 12). The warrants are exercisable at $8.90 per share and expire on October 1, 2028, 36 months from the closing date of the LIFE Offering.

The fair value assigned to the warrants was estimated using the Black-Scholes option pricing model with the following assumptions: share price of $5.75, dividend yield of 0%, expected volatility of 134.9%, a risk-free interest rate of 2.47%, and an expected life of 3 years, resulting in a total estimated value of $18,987,000, of which $17,912,000 was recorded in contributed surplus and $1,075,000 was recorded as share issuance costs.

The continuity of outstanding warrants for the six months ended March 31, 2026 and the year ended September 30, 2025, is as follows:

As at March 31, 2026 there were 6,194,842 warrants outstanding with a weighted average exercise price of $12.22 (September 30, 2025 – 1,552,042 warrants with a weighted average exercise price of $22.14).

Cogent Asset Acquisition

During the year ended September 30, 2025, the Company acquired the Cogent Assets for consideration of USD$1,000,000 ($1,394,340) in US dollar stablecoins and 145,250 common shares priced at $9.60 per share, paid in cash and issued in common shares at closing, respectively. The Company is also required to issue 2,324,000 common shares as follows: 387,333 common shares on May 25, 2025 (Issued), 387,333 common shares on November 25, 2025 (issued), 387,333 common shares on May 25, 2026, 387,333 common shares on November 25, 2026, 387,334 common shares on May 25, 2027, and 387,334 common shares on November 25, 2027 (see also Note 6).

The future share issuances may be subject to adjustment. In the event the SOL staked to the Cogent Assets on a share issuance date has decreased more than 5% from the amount delegated to the Cogent Assets on the closing date (690,895 SOL), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked SOL that exceeds 5%.

OrangeFin Asset Acquisition

During the year ended September 30, 2025, the Company acquired the OrangeFin Assets for consideration of USD$750,000 ($1,079,479) in US dollar stablecoins and 62,952 common shares priced at $17.12 per share, paid on closing. The Company is also required to issue common shares with a value of USD$5,000,000, payable in six equal tranches of USD$833,333, every six months over a period of three years from the closing date of the acquisition of which two tranches have been issued as at March 31, 2026. The number of shares issued per tranche will be determined based on the closing market price of the Company's common shares and the USD/CAD foreign exchange rate at the time of issuance. The future share issuances may be subject to adjustment. In the event the SOL staked to the OrangeFin Assets on a share issuance date has decreased more than 5% from the amount delegated to the OrangeFin Assets on the closing date (632,302 SOL), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked SOL that exceeds 5% (see also 6).

The accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Six months ended March 31, 2026 and 2025

Laine Asset Acquisition

During the year ended September 30, 2025, the Company acquired the Laine Assets for consideration paid at closing of $5,000,000 cash, 625,000 common shares priced at $24.00 per share, and 562,500 common share purchase warrants (each, a “Warrant”). The Warrants vest monthly in substantially equal tranches over 36 months, and each Warrant entitles the seller to purchase one common share of the company at a price of $23.84 per share for a period of 36 months from its respective vesting date. The Company also issued the required 625,000 common shares on March 17, 2026 (see also Note 6).

The staking and validating results for the three and six months ended March 31, 2026 and 2025 are as follows: