SOL Strategies Acquires $18M Worth of Solana Tokens from Initial $500M Note Transaction

SOL Strategies (HODL), a digital asset firm based in Toronto and focused on Solana (SOL), announced on Tuesday that it has acquired over $18 million worth of SOL tokens, utilizing proceeds from a newly secured financing deal.

The company purchased 122,524 SOL for $18.25 million, at an average price of $148.96 per token, according to a press release. This acquisition follows the initial closing of a $20 million tranche of a planned $500 million convertible note facility with ATW Partners, announced last month.

Shares of SOL Strategies fell by 10% to about CA$2.6 in early trading on Tuesday, extending the downturn from a late-April peak of over CA$3.3. However, the stock has seen a nearly 80% surge in just the past two weeks.

Leah Wald, CEO of SOL Strategies, commented, “With the successful closing of our initial $20 million tranche from the ATW facility, we are executing on our plan — strategically acquiring SOL to enhance our validator operations and strengthen our position in the ecosystem.” Wald further emphasized that the purchase aligns with the firm’s three-pronged strategy: enterprise-grade validators, strategic SOL holdings, and Solana technology innovation.

In proof-of-stake blockchains like Solana, validator operations are essential for network security and for earning staking rewards. Through its acquisition of SOL, SOL Strategies aims to increase its validator stake, which could enhance its influence and revenue within the Solana ecosystem.

This strategic move underscores a growing trend among public companies following the blueprint of Michael Saylor’s strategy with Bitcoin (BTC) — using capital markets to build substantial cryptocurrency holdings with the goal of delivering shareholder returns.

In line with this trend, last month, Janover (JNVR), a real estate fintech company now rebranded as DeFi Development, also pivoted to focus on accumulating SOL and developing a validator business on the Solana network.