Sonic Labs Provides $40 Million Funding to SonicStrategy for U.S. Expansion
Spetz (SPTZ), operating as SonicStrategy, secured $40 million in convertible funding from Sonic Labs, the foundation behind the Sonic blockchain.
- The financing is structured as a six-month, zero-coupon convertible note issued in Sonic's native S tokens.
- If SonicStrategy uplists to Nasdaq and raises at least $40 million externally, the debt can convert to common stock at $4.50 per share.
- The shares will be locked for three years, while Sonic Labs' token contribution is locked for four years.
- Funds will support treasury operations, validator activities, and blockchain investments.
- The deal is expected to close within five business days under Canadian Securities Exchange rules.
This investment aligns with Sonic's plan for a $150 million expansion into the U.S., which includes creating an exchange-traded fund and pursuing a private investment in public equity vehicle.
Sonic Labs CEO Michael Kong emphasized SonicStrategy's role in bridging blockchain and traditional finance, stating confidence in their ability to provide institutional-grade infrastructure.
Sonic's S tokens rose approximately 0.4% in the last 24 hours, while the broader crypto market increased by 1.3% based on the CoinDesk 20 index.