Exhibit 99.1

(Formerly Cypherpunk Holdings Inc.)

AMENDED AND RESTATED

INTERIM UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

JUNE 30, 2025 AND 2024

(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 three and nine months ended June 30, 2025 (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 the 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 effective as at June 30, 2025.

CONCLUSION RELATING TO DISCLOSURE CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of management, including the Chief Executive and Chief Financial Officers, 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 June 30, 2025.

NOTICE TO READER

On November 14, 2025, Sol Strategies Inc. (the “Company”) filed the amended and restated interim condensed financial statements for the three and nine months ended June 30, 2025, of the Company (the “Interim Statements”) in accordance with Section 4.4 of the National Instrument 51 – 102 Continuous Disclosure Obligations. These Interim Statements replace and supersede the previously filed unaudited condensed financial statements in respect of the same period filed on August 29, 2025. For more information see Note 25 of the following Interim Financial Statements.

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

INTERIM CONDENSED STATEMENTS OF FINANCIAL POSITION 

(EXPRESSED IN CANADIAN DOLLARS)

Nature of operations and going concern (note 1) 

Contingent liabilities (note 19) 

Subsequent events (note 24) 

SIGNED ON BEHALF OF THE BOARD

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

INTERIM CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 

(EXPRESSED IN CANADIAN DOLLARS)

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

AMENDED AND RESTATED 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. (FORMERLY CYPHERPUNK HOLDINGS 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. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

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".

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 nine months ended June 30, 2025, 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 nine months ended June 30, 2025 (the “Interim Statements”) have been prepared and presented on a going concern basis. The Company has sufficient cash and cash equivalents and other assets to supports its operations for the next twelve months from the date of the issuance of the 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 November 14, 2025, 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, 2024. Any subsequent changes to IFRS that are given effect in the upcoming Company's audited annual financial statements for the year ending September 30, 2025 could result in restatement of these Interim Statements for the nine months ended June 30, 2025.

Staking and Validation Income

The Company operates validator nodes on the Solana blockchain and earns staking rewards in the form of SOL. These rewards are derived both from commission income earned on third-party SOL delegated to the Company’s validators and from SOL held and delegated by the Company to validators it operates and controls.

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 Solana network. In exchange, the Company receives a commission based on a pre-agreed percentage of the staking rewards earned by those delegations. In accordance with IFRS 15 – Revenue from Contracts with Customers, only the Company’s retained commission is recognized as revenue, as the Company acts as an agent in the arrangement and does not control the full reward. Revenue is recognized when the performance obligation is satisfied, typically at the end of each Solana epoch, and is measured at the fair value of the SOL received at that time. The Solana protocol does not allow the Company to reliably distinguish between rewards earned on self-delegated SOL and those earned on third-party delegated SOL at the validator level. Accordingly, proprietary, and third-party validator rewards are combined for presentation in the financial statements.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

For SOL held by the Company to 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 other 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 Solana protocol at the end of each Epoch, each of which lasts approximately two to three days.

The Company applies the revaluation model to certain crypto assets, including SOL. 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.

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

In accordance with IAS 32 (Financial Instruments: Presentation) and IFRS 9 (Financial Instruments), future share issuance obligations are classified as equity if they meet the fixed-for-fixed criterion under IAS 32, when the number of shares to be issued is predetermined and the consideration is based on a fixed contractual obligation. If a future share issuance does not meet the fixed-for-fixed criterion, the future share issuance obligation is recognized as a financial liability at its fair value as of the acquisition date. The fair value of the liability is remeasured at each reporting date, with changes in fair value recognized in profit or loss.

The balance consists of funds in banks immediately available for use in the Company's operations. There were no restricted balances at June 30, 2025 and September 30, 2024.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

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 activity of the Company’s cryptocurrencies, excluding the Bitcoin posted as collateral at Wintermute Asia Pte. Ltd. and Zerocap Pty Ltd. (“Zerocap”) presented below, for the nine months ended June 30, 2025 and the year ended September 30, 2024 is as follows:

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

The activity of the Company’s cryptocurrencies posted as collateral for the nine months ended June 30, 2025 and the year ended September 30, 2024, is as follows:

During the nine months ended June 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 Solana 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 Company acquired 100% of OrangeFin’s Solana 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 accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

The Company acquired 100% of Laine Solana 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. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

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

See also notes 10 and 16.

The fixed asset continuity schedule for the nine months ended June 30, 2025 is as follows:

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

Equity Investments

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

During the year ended September 30, 2024, the founders of Streetside Development, LLC (“Streetside”) were charged by the United States Department of Justice, and Streetside’s operations were shut down. As a result, the Company determined the fair value of its Streetside investment was $nil as at September 30, 2024 (2023 - $122,646) and the Company recognized a realized loss of $122,646 in the financial statements (2023 – unrealized loss of $3,870).

During the year ended September 30, 2024 the Company received 2.01 bitcoin of dividend income valued at $248,213 (2023 – 0.90 bitcoin of dividend income valued at $36,642) from zkSNACKS. Also, during the year, zkSNACKS management decided to cease operations at its conjoin coordination business. As a result, the Company determined the fair value of its zkSNACKS was $nil as at September 30, 2024 (2023 - $772,668) recognizing a realized loss of $772,668 (2023 – unrealized gain of $327,641).

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

During the year ended September 30, 2022, the Company invested USD$1,500,000 ($1,923,658) in three tranches acquiring 14,762.1833 Class B common shares of the AB Digital Strategies Fund (the “Isla Shares”) managed by UK FCA-regulated Isla Capital Ltd. (“Isla”). During the year ended September 30, 2023, the Company redeemed its Isla shares for proceeds of $1,591,591, realizing a loss of $471,116 in the statements of income and comprehensive income. During the three months ended December 30, 2023 Isla sold its right to FTX bankruptcy claims (the “Claims”). As a result, the Company recognized a realized gain on investments of $270,661 in its Interim Statements (2022 – a realized loss of $471,116) representing its pro rata share of the proceeds from Isla’s sale of the Claims, which were received by the Company during the year ended September 30, 2024.

The activity of investments for the nine months ended June 30, 2025 and the year ended September 30, 2024 is as follows:

Treasury Management Investments

During the period ended June 30, 2025 the company resumed its treasury management investment strategy to generate income on its cryptocurrency assets. As at the date hereof, the treasury management investment strategy involves selling covered European call options (each, an “Option”) on OTC markets.

During the nine months ended June 30, 2025, the Company wrote a call option for which it received a premium of USD$ 22,280 (CAD$ 30,389). The option expired unexercised during the period and the related derivative liability was derecognized, with the premium recognized as a gain in profit or loss. The Company also wrote a second call option during the period, receiving a premium of USD$ 25,640 (CAD$ 35,157). As this option remained outstanding at June 30, 2025, a corresponding derivative liability was recognized within Other Liabilities (see Note 9) and is subsequently remeasured at fair value through profit or loss.

The liability balances are comprised as follows:

During the nine months ended June 30, 2025, the Company acquired the OrangeFin Assets for consideration of USD$750,000 (CAD $1,079,479) in US dollar stable coins and 62,952 common shares priced at $17.12 per share, paid on closing. The Company is also required to issue USD$5,000,000 (CAD$ 7,175,000) worth of common shares of the Company payable in six equal tranches of USD$833,333 (C$1,195,833), every six months over a period of three years from the closing date of the acquisition (the “Obligation”), where as the June 30, 2025 tranche has been issued. The number of shares issued per tranche will be determined based on the closing market price of the Company's common shares at the time of issuance. The future share issuances may be subject to adjustment. In the event the Solana 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 Solana), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked Solana that exceeds 5%.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

At the acquisition date, the future share issuance obligation was recognized as a financial liability at its fair value of $6,606,560, based on a discount rate of 5%. As of June 30, 2025, the fair value of this liability was $5,281,920 , reflecting the issuance of shares corresponding to the $833,333 USD tranche that was fulfilled prior to period end. The adjustment for accretion of $184,974 for the nine months ended June 30, 2025 was recognized in the Interim Statements.

See also Note 16 for equity-classified future share issuances relating to Cogent and Laine asset acquisitions.

During the nine months ended June 30, 2025, the Company entered into an unsecured, revolving demand credit facility (the “Credit Facility”) with its former Chairman, Mr. Antanas Guoga (the “Lender”). Under the terms of the 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 Credit Facility at any time.

The continuity of the Credit Facility from September 30, 2024 to June 30, 2025, is as follows:

As of June 30, 2025, interest expense of $331,121 had been recorded in accrued liabilities (2024 - $nil).

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.) 

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 

(EXPRESSED IN CANADIAN DOLLARS) 

Three and nine months ended June 30, 2025 and 2024

During the nine months ended June 30, 2025, the Company raised $57.2 million of principal in convertible debenture 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 24, 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 accrue 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 accompanying notes are an integral part of these unaudited interim condensed financial statements.

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

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

During the nine months ended June 30, 2025, interest expense of $1,179,887 and $104,012 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.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

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 June 30, 2025, the Company recorded a $143,639 charge to foreign exchange in the Interim Statements for the estimated change in the fair value of this Facility.

Classification and Presentation

The Notes are presented as a financial liability under IAS 32, as the conversion feature does not meet the "fixed-for-fixed" equity classification criteria. Based on expected timing of conversion and settlement, the liability has been classified as long-term debt in the interim Statements, as no repayments are required until 2026.

Transaction costs of $2,380,272 related to the Initial Closing have been expensed immediately in profit or loss, consistent with FVO application.

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.

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 nine months ended June 30, 2025, interest expense of $249,491 was recognized on the Notes.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

Conversions

During the nine months ended June 30, 2025, the Company issued 145,200 Common Shares on the conversion of USD $2,710,000 ($3,754,891) of Note principal, leaving USD $17,290,000 ($23,588,748) of principal remaining.

Liability Component of Convertible Debentures

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

Unlimited common shares with a par value of $nil.

Pursuant to the terms of a normal course issuer bid, during the year ended September 30, 2024, the Company purchased and cancelled 950,417 shares.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

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

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 five 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 June 30, 2025, the maximum number of shares issuable pursuant to the Plan was 2,172,160, of which 666,124 options and 16,916 restricted share units had been granted, leaving 1,489,120 shares available to be granted.

Options

The following table presents the options outstanding as at June 30, 2025 and the assumptions used to determine fair value:

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

The Company’s option activity for the nine months ended June 30, 2025, and the year ended September 30, 2024, is as follows:

On June 3, 2025, the Company issued 31,250 options for future services to a director to buy common shares at an exercise price of $22.00 per common share and expiring on June 3, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $23.44, dividend yield 0%, expected volatility based on historical volatility of 118.5%, a risk-free interest rate of 2.86%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $610,000, of which $16,950 was charged to the Interim Statements.

On April 24, 2025, the Company issued 53,125 options for future services to consultants to buy common shares at an exercise price of $18.00 per common share and expiring on April 24, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $17.84, dividend yield 0%, expected volatility based on historical volatility of 116.4%, a risk-free interest rate of 2.79%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $777,000, of which $43,114 was charged to the Interim Statements.

On March 17, 2025, the Company issued 6,250 options for future services to a consultant to buy common shares at an exercise price of $18.80 per common share and expiring on March 17, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $18.80, dividend yield 0%, expected volatility based on historical volatility of 131.4%, a risk-free interest rate of 2.69%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $ 101,916, of which $25,476 was charged to the Interim Statements.

On March 17, 2025, the Company issued 500,000 options for future services to a consultant to buy common shares at an exercise price of $19.04 per common share with an average expiration date of September 29, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $18.80, dividend yield 0%, expected volatility based on historical volatility of 124.9%, a risk-free interest rate of 2.69%, and an average expected life of 4.54 years. The estimated fair value of the options on the grant date was estimated at $971,331, of which $107,747 was charged to the Interim Statements.

On February 28, 2025, the Company issued 37,500 options for future services to a director (25,000) and consultant (12,500) to buy common shares at an exercise price of $21.68 per common share and expiring on February 25, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $21.68, dividend yield 0%, expected volatility based on historical volatility of 132.9%, a risk-free interest rate of 2.60%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $708,537, of which $236,180 was charged to the Interim Statements.

On January 30, 2025, the Company issued 50,000 options for future services to a director (25,000), employee (6,250), and consultant (18,750) to buy common shares at an exercise price of $39.28 per common share and expiring on January 30, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $39.28, dividend yield 0%, expected volatility based on historical volatility of 134.2%, a risk-free interest rate of 2.79%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $1,719,366, which was charged to the Interim Statements.

On November 27, 2024, the Company issued 9,375 options for future services to a consultant to buy common shares at an exercise price of $11.12 per common share and expiring on November 26, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $11.12, dividend yield 0%, expected volatility based on historical volatility of 99.4%, a risk-free interest rate of 3.13%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $78,589, which was charged to the Interim Statements.

On October 29, 2024, the Company issued 34,937 options for future services to a director to buy common shares at an exercise price of $16.16 per common share and expiring on October 29, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $16.16, dividend yield 0%, expected volatility based on historical volatility of 99.4%, a risk-free interest rate of 3.04%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $425,292, which was charged to the Interim Statements.

On September 11, 2024, the Company issued 18,746 options for future services to a director and a consultant to buy common shares at an exercise price of $1.16 per common share and expiring on September, 2029. The director was granted 6,246stock options that vested on the grant date. The consultant was granted 12,500 stock options that vested on December 11, 2024. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $1.16, dividend yield 0%, expected volatility based on historical volatility of 95.6%, a risk-free interest rate of 2.75%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $15,967 of which $7,543 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2024, and $8,424 was charged to the Interim Statements.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

On August 7, 2024, the Company issued 862,500 options for future services to a directors and officers to buy common shares at an exercise price of $1.24 per common share and expiring on August 7, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $1.24, dividend yield 0%, expected volatility based on historical volatility of 95.9%, a risk-free interest rate of 3.0%, and an expected life of 5 years. The fair value of the options was estimated at $788,387 which was charged to the statement of income (loss) and comprehensive income (loss) on the grant date.

On July 8, 2024, the Company issued 250,000 options for future services to an officer to buy common shares at an exercise price of $0.92 per common share and expiring on August 7, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $0.92, dividend yield 0%, expected volatility based on historical volatility of 96.0%, a risk-free interest rate of 3.46%, and an expected life of 5 years. The fair value of the options was estimated at $170,432 which was charged to statement of income (loss) and comprehensive income (loss) on the grant date.

On July 3, 2024, the Company cancelled 862,500 options (the “Cancelled Options”) that had previously been granted to directors and officers; 187,500 options granted on April 9, 2021 with an exercise price of $2.40 per share, 550,000 options granted on July 7, 2021 with an exercise price of $1.32 per share, and 125,000 options granted on October 7, 2021 with an exercise price of $1.60 per share. An estimated fair value of $1,273,040 had previously vested in full for the Cancelled Options and was credited to retained earnings upon cancellation (2023 – 500,000 options were cancelled, 250,000 options granted on July 7, 2021 with an exercise price of $1.32 and 250,000options granted on November 11, 2021 with an exercise price of $1.92).

On July 3, 2024, the Company issued 375,000 options for future services to a director and an officer to buy common shares at an exercise price of $0.92 per common share and expiring on July 3, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $0.92, dividend yield 0%, expected volatility based on historical volatility of 96.0%, a risk-free interest rate of 3.57%, and an expected life of 5 years. The fair value of the options was estimated at $255,774 which was charged to the statement of income (loss) and comprehensive income (loss) on the grant date.

During the year ended September 30, 2024, 214,984options that had previously vested expired unexercised; 31,250 options granted December 1, 2020 with an exercise price of $0.80, 175,000option granted on July 7, 2021 with an exercise price of $1.32 and 34,937options granted on November 21, 2022 with an exercise price of $0.80 (2023 – 112,500 granted on February 13, 2019 with an exercise price of $0.56) and $259,629 was credited to retained earnings for expired options (2023 - $nil).

As a result of the forgoing, during the year ended September 30, 2024, $1,320,919 was charged to the statement of income (loss) and comprehensive income (loss) for share-based compensation (2023 – $430,945) and $1,532,664 was credited to retained earnings for cancelled options (2023 - $nil).

During the nine months ended June 30, 2025, 2,279,500 options were granted (2024 – nil) and the charge to the statement of income and comprehensive income for share-based compensation was $2,860,667 (2024 – $ nil).

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

The continuity of outstanding stock options at June 30, 2025 and September 30, 2024, is as follows:

The detail of outstanding options as at June 30, 2025 and September 30, 2024 is as follows:

As at June 30, 2025, 500,324 options were exercisable at a weighted average price of $5.52 per share (September 30, 2024 – 1,829,668at $1.04). The weighted average life of the outstanding options at June 30, 2025 is 4.31 years (September 30, 2024 – 4.8 years).

Restricted Share Units

During the nine months ended June 30, 2025, the Company granted 132,958 restricted share units (“RSUs”) to a consultant and 6,250 RSUs to a director that are and are exchangeable into common shares of the Company on a one for one basis upon achieving the vesting conditions. 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). During the nine months ended June 30, 2025, the total charged to the statement of income and comprehensive income for share-based compensation was $3,031,783 (2024 - $nil) as the remaining month of the consultant has yet to vest as of June 30, 2025.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

The continuity of outstanding warrants for the nine months ended June 30, 2025, and the year ended September 30, 2024, is as follows:

As at June 30, 2025 there were 1,552,042 warrants outstanding with a weighted average exercise price of $22.16 (September 30, 2024 – nil). See also note 12.

Cogent Asset Acquisition

During the nine months ended June 30, 2025, the Company acquired the Cogent Assets for consideration of USD$1,000,000 (CAD $1,394,340) in US dollar stable coins 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, 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 (the “Cogent Obligation”).

The future share issuances may be subject to adjustment. In the event the Solana 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 Solana), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked Solana that exceeds 5%.

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

SOL STRATEGIES INC. (FORMERLY CYPHERPUNK HOLDINGS INC.)

NOTES TO THE AMENDED AND RESTATED UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(EXPRESSED IN CANADIAN DOLLARS)

Three and nine months ended June 30, 2025 and 2024

Laine Asset Acquisition

During the nine months ended June 30, 2025, the Company acquired the Laine Assets for consideration paid at closing of $5,000,000 cash, 625,000common 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 $23.84per share for a period of 36 months from its respective vesting date. The Company is also required to issue 625,000 common shares as follows on March 17, 2026 at a deemed price of $24.00 per share (the “Laine Obligation”).

See Note 10 for future share issuances recognized as financial liabilities where the number of shares is variable.

During the year ended September 30, 2024, the Company initiated Solana staking and validating operations which were enhanced by the acquisitions of the Cogent, OrangeFin and Laine assets during the nine months ended June 30, 2025 (see note 5).

The staking and validating results for the three months ended June 30, 2025 and 2024 are as follows:

The staking and validating results for the nine months ended June 30, 2025 and 2024 are as follows: