I’ve moved on from my role with Sonic Labs. While my time there was brief, I’m grateful for the experience and wish the organization all the best.

The digital asset treasury (DAT) market has softened alongside broader crypto markets. That’s industry-wide, not unique to Sonic, and not permanent. DATs remain an important bridge between traditional capital and on-chain ecosystems, particularly in the absence of a Sonic ETF, where a regulated public-market structure can provide compliant access. @sonic_strategy is our chosen DAT partner. Given current market conditions, we extended the agreement to allow the structure to mature responsibly, rather than forcing timelines that don’t reflect today’s environment. Importantly, the tokens associated with this structure are contractually locked. SonicStrategy has never sold $S, and its dedicated to growing $S per share through long-term accumulation, not distribution. Markets move in cycles. We’re focused on building the infrastructure that endures across them.

Earlier this year, when $S was trading at higher levels, governance gave the green light to an ETF allocation. As the market cooled, we held off on minting those tokens, and no ETF tokens have been issued. When I came on board as CEO in late September, I chose to keep it paused. At current prices, moving forward as originally proposed would require issuing a substantial number of tokens. That didn't feel right to me. Markets evolve, and it made sense to pause and reassess rather than follow a plan that no longer fit. I remain convinced that institutional access is important for long-term growth, but timing matters. We’ve refined the approach to better reflect current market conditions, and the updated path forward and conditions for moving ahead are outlined in the blog linked below.