SOL Strategies Acquires Over $18 Million in Solana Tokens
SOL Strategies (HODL), a Toronto-based digital asset firm, acquired over $18 million in SOL tokens using funds from a recent financing deal. Key details include:
- 122,524 SOL purchased for $18.25 million at an average price of $148.96 per token.
- The acquisition follows a $20 million closing from a $500 million convertible note facility with ATW Partners.
- Company shares fell 10% to approximately CA$2.6, down from a peak of CA$3.3, though still up nearly 80% over two weeks.
- CEO Leah Wald stated the purchases align with their strategy of expanding validator operations and ecosystem position.
- Validator operations are essential in proof-of-stake blockchains like Solana, increasing potential influence and revenue.
- This trend mirrors strategies by public companies accumulating large cryptocurrency holdings to benefit shareholders.
Last month, Janover (JNVR), rebranded as DeFi Development, also shifted focus towards accumulating SOL and establishing a validator business on the Solana network.