SOL Strategies Shares Rise After Securing Up to $500 Million Credit Facility
Shares of Sol Strategies (HODL) rose after securing a convertible note facility of up to $500 million for investments in the Solana network.
- The capital will fund the purchase of SOL tokens and expand blockchain validator operations.
- HODL shares increased by 18% to C$2.16, settling at a 7% rise from the previous close.
- CEO Leah Wald described the financing as the largest in the Solana ecosystem, generating immediate yields.
- The initial $20 million tranche is expected to close by May 1, with interest paid in SOL based on staking yield.
- Sol Strategies is considering moving to the Nasdaq to access a broader investor base.
- The firm held 267,151 SOL tokens worth over $40 million and staked a total of 3,351,617 SOL, valued at over $500 million.
- U.S.-listed DeFi Development Corp recently adopted a similar strategy focused on Solana.