SOL Strategies Completes Initial $20 Million Closing of USD $500 Million Convertible Note Facility

Sol Strategies, Inc. (CSE:HO DL) (OTCQX:CYFRF) (formerly, Cypherpunk Holdings Inc, "Sol Strategies" or the "Company"), a publicly traded Canadian company focused on investing in and providing infrastructure for the Solana blockchain ecosystem, announced today the closing of the initial USD$20 million of its up to USD$500 million convertible note facility (the "Facility") with ATW Partners (the "Notes"). As previously disclosed in the Company's April 23, 2025 news release, proceeds from the Facility will be deployed by the Company to purchase SOL tokens to be staked on the Company's validators.

The Initial Closing

As part of the Facility, the Company issued Notes in the aggregate principal amount of USD$20 million (the "Initial Closing"), with additional capacity of up to USD$480 million available in subsequent drawdowns, subject to certain conditions. Interest on the Notes will be paid in SOL, calculated as up to 85% of the staking yield generated by SOL acquired through the facility and staked by SOL Strategies. The Notes will be convertible into common shares of the Company at the prevailing market price on the date prior to conversion, subject to the terms and conditions of the Notes and the Facility.

As part of the Facility, the Company issued Notes in the aggregate principal amount of USD$20 million (the "Initial Closing"), with additional capacity of up to USD$480 million available in subsequent drawdowns, subject to certain conditions. Interest on the Notes will be paid in SOL, calculated as up to 85% of the staking yield generated by SOL acquired through the facility and staked by SOL Strategies. The Notes will be convertible into common shares of the Company at the prevailing market price on the date prior to conversion, subject to the terms and conditions of the Notes and the Facility.

The Notes, and the underlying common shares, are to be issued outside of Canada pursuant Ontario Securities Commission Rule 72-503 - Distributions Outside Canada and accordingly the common shares issuable under conversion of the Notes will not be subject to any statutory hold period under applicable Canadian securities laws.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is serving as placement agent to SOL Strategies. A finder's fee of 4% of the gross proceeds from the Initial Closing was paid to the placement agent in cash.

About SOL Strategies

SOL Strategies Inc. (CSE:HO DL) (OTCQX:CYFRF) is a Canadian investment company operating at the forefront of blockchain innovation. Specializing in the Solana ecosystem, the company provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications.

To learn more about SOL Strategies, please visit www.solstrategies.io. A copy of this news release and all the Company's related material documents regarding the Company may be obtained under the Company's SEDAR+ profile at www.sedarplus.ca.

Investor Contact:

John Ragozzino, CFA

solstrategies@icrinc.com

203.682.8284

Media Contact: solstrategies@scrib3.co

Cautionary Note Regarding Forward-Looking Information:

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements and information. More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company's or the Company's management team's expectations, hopes, beliefs, intentions or strategies regarding the future, and expectations regarding the characteristics, value drivers, and anticipated benefits of the Company's business plans and operations related thereto; the deployment of proceeds; the Company's plans for validator growth and expansion, and the anticipated benefits to the Company's validator operations and SOL purchases. Forward-looking information can also be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".

The Company cautions that future tranches beyond the initial USD$20 million are subject to certain conditions and there can be no guarantee these conditions will be met or that the full USD$500 million facility will be utilized. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.

The purpose of forward-looking information is to provide the reader with a description of management