SOL Strategies Acquires 122,524 $SOL for $18.25 Million
SOL Strategies, a Canadian investment firm, acquired 122,524 $SOL at an average price of $148.96, totaling $18.25M. This purchase is part of a $500M convertible note facility with ATW Partners and aims to expand its validator business.
- A validator adds new transactions on the blockchain, increasing chances of validating the next block with more staked assets.
- SOL Strategies’ shares increased over 90% in the last two weeks, trading around CA$2.6.
- Institutional interest is growing, with DeFi Development Corp. planning to raise $1B to buy $SOL, already holding $48.2M worth.
- Solana's price has risen approximately 50% after dropping below $100, currently trading around $147.
SOL Strategies CEO Leah Wald stated that these acquisitions support their strategy of enterprise-grade validators, strategic SOL holdings, and Solana technology innovation.
Technical indicators show strength for Solana, bouncing from the 200 EMA, indicating bullish momentum. Large institutional purchases suggest confidence in the project's long-term viability.
Additionally, Solaxy ($SOLX), a new Layer 2 solution for Solana, aims to address congestion issues by offloading transactions to a sidechain and optimizing batch processing for on-chain validation.
- Solaxy has raised over $33.5M in early investor funding.
- It is positioned as a multi-chain token suitable for high-frequency decentralized applications (dApps).
- Potential use cases include platforms for meme coins, gaming ecosystems, and custom financial applications.
Overall, SOL Strategies' acquisition and the launch of Solaxy highlight growing institutional interest and developments within the Solana ecosystem.