18 unchanged sentences
The Custodian accounts are all opened by the Company, this segregates our assets into an individual custodian account owned by the Company and access is monitored and controlled by the Company.
−Removed: Our Asset Management Company is given access to the Custodian accounts with established controls to ensure transactions require consensus of a minimum of two individuals when assets are being transferred between wallets and additional controls if an asset of the Treasury is moved out of the Custodians control.
The assets go through the Custodians Trust Company, which maintains its own insurance and is regulated by their respective state where the trust is incorporated in.
−Removed: Our primary custodian is currently BitGo Trust Company, Inc.
−Removed: a South Dakota corporation (“BitGo”) and is regulated by the state of South Dakota.
+Added: Our primary custodian is currently BitGo Bank & Trust, National Association, a national banking association chartered under the laws of the United States (“BitGo”), authorized by the Office of the Comptroller of the Currency (OCC), which is federally regulated.
On May 1, 2025, we entered into a Custodial Services Agreement with BitGo (the “BitGo Agreement”) to hold our digital currency.
9 unchanged sentences
BitGo maintains a $250,000,000 policy against loss, theft, and misuse.
−Removed: Currently we have approximately $253,000,000 of treasury value at Bitgo, based on the SOL price of $202.51 per token.
+Added: On June 30, 2026, we have approximately $165,300,682 of treasury value at BitGo, based on the SOL price of $73.52 per token.
Coinbase has an insurance policy for any cash held in the account of $250,000.
−Removed: We currently have less than $250,000 of cash held at Coinbase and less than $6,000,000 in SOL value, based on the SOL price of $202.51 per token.
−Removed: At the current price of SOL as of the date of this report, these policies are not adequate to fully cover the full loss of our SOL.
+Added: We currently do not have a material amount of cash or SOL held at Coinbase.
+Added: If there was a major event resulting in a significant loss of assets held at our custodians, these policies are unlikely adequate to fully cover the loss of our assets held at the custodian.
Solana, as with all digital assets, can be highly volatile.
−Removed: Management reviews the account balances and the total value held with a custodians to allocate the Company’s holdings between multiple accounts and custodians to mitigate risk.
+Added: Management reviews the account balances and the total value held with a custodian to allocate the Company’s holdings between multiple accounts and custodians to mitigate risk.
We do not use self-storage for any of the SOL treasury assets.
17 unchanged sentences
Our Custodians maintain their own insurance policies to cover our loss, which is in addition to the policies that we maintain ourselves.
−Removed: We currently have two qualified Custodians that we have approved for our treasury use and we are in the process of onboarding a third as part of our risk management process.
+Added: We currently have three qualified Custodians that we have approved for our treasury use.
The Company is charged for storage fees, staking fees and transaction fees for services specifically requested by the Company or the Asset Management Company.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.