SOL Strategies (HODL), a Toronto-based digital asset firm focused on Solana (SOL), announced on Tuesday that it has acquired over $18 million worth of SOL tokens. This purchase was made possible through proceeds from a newly secured debt financing deal.
The firm acquired 122,524 SOL for a total of $18.25 million, at an average price of $148.96 per token, according to a press release. This acquisition comes after the company closed the first $20 million tranche of a planned $500 million convertible note deal with ATW Partners, which was disclosed last month.
Following the announcement, shares of SOL Strategies dipped by 10%, settling around CA$2.6, extending a slide from a late-April peak of over CA$3.3. Despite this, the stock has seen a nearly 80% increase in just two weeks.
CEO Leah Wald commented on the acquisition, saying, “With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as planned — strategically acquiring SOL to grow our validator operations and strengthen our position within the ecosystem.” She emphasized that the purchase supports the company’s three-pillar strategy: enterprise-grade validators, strategic SOL holdings, and Solana technology innovation.
Validator operations are critical to proof-of-stake blockchains like Solana, where participants help secure the network and earn staking rewards. By increasing its SOL holdings, SOL Strategies aims to boost its validator stake, potentially increasing both its influence and revenue within the Solana ecosystem.
This move mirrors a growing trend among public companies that have adopted Michael Saylor’s approach with Bitcoin (BTC), using capital markets to acquire large amounts of cryptocurrency in hopes of driving shareholder value.
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.
