DIGITAL ASSETS FUND INVESTMENT

3 Months Ended

Mar. 31, 2026

5. DIGITAL ASSET FUND INVESTMENT

For the three months ended March 31, 2026, the Company held a minority membership interest of approximately 1% in Digital Asset Fund Investment, which represents the Company’s pro rata entitlement to receive distributions of SOL as the underlying assets unlock in accordance with predetermined contractual lock-up schedules. The underlying SOL held by the fund is staked through protocol-based mechanisms, and the Company is entitled to receive its pro rata share of protocol-generated staking rewards attributable to each tranche of SOL as such tranche unlocks. Other than the distributions as the underlying SOL unlocks, our investment in the Digital Asset Fund Investment is not redeemable.

The underlying restricted SOL for the Digital Asset Fund Investment unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the expected fund distribution of the Company’s pro rata share of the Digital Asset Fund Investment by calendar year as of March 31, 2026:


		Digital Asset Fund Investment
2026		18,149
2027		20,731
2028		874
Total		39,754

The following table presents the Company's Digital Asset Fund Investment holdings as of March 31, 2026:


	Cost Basis (in thousands)		Fair Value (in thousands)
Digital Asset Fund Investment	$	7,112	$	3,304

The following table presents a roll-forward of Digital Asset Fund Investment fair value for the three months ended March 31, 2026 (in thousands):


	Digital Asset Fund Investment
Fair Value as of December 31, 2025	$	5,617
Unrestricted SOL distributed		(628)
Net change in fair value		(1,685)
Fair value as of March 31, 2026	$	3,304

Solana Co 10-Q