1 day ago
SOL Strategies (HODL), the Toronto-listed integer plus steadfast focusing connected Solana (SOL), said connected Tuesday it has acquired implicit $18 cardinal worthy of SOL tokens, utilizing proceeds from a recently secured financing deal.
The institution purchased 122,524 SOL for $18.25 cardinal astatine an mean terms of $148.96 per token, according to a press release. The acquisition follows the archetypal $20 cardinal closing of a planned $500 cardinal convertible enactment facility with concern steadfast ATW Partners, announced past month.
Shares of the institution slid 10% to astir CA$2.6 successful the aboriginal Tuesday hours of the session, extending the slump for precocious April's highest implicit CA$3.3. Still, the banal is up astir 80% successful 2 weeks.
"With the closing of our archetypal $20 cardinal tranche from the ATW facility, we’re executing precisely arsenic promised – strategically acquiring SOL to grow our validator operations and ecosystem position," said CEO Leah Wald. "These purchases straight fortify our three-pillar strategy of endeavor people validators, strategical SOL holdings, and solana exertion innovation."
Validator operations are halfway infrastructure successful proof-of-stake blockchains similar Solana, wherever participants assistance unafraid the web and gain staking rewards. By acquiring SOL, the steadfast tin summation its validator stake, perchance boosting some power and gross wrong the ecosystem.
Sol Strategies' determination highlights a increasing inclination among nationalist companies applying the playbook of Michael Saylor's Strategy with bitcoin (BTC)—using superior markets to accumulate ample cryptocurrency holdings successful the hopes delivering upside to shareholders.
Last month, existent property fintech steadfast Janover (JNVR), present rebranded arsenic DeFi Development, pivoted to focusing connected accumulating SOL and gathering retired a validator concern connected the Solana network.
Read more: DeFi Development Plans to Raise $1 Billion to Buy More Solana
Disclaimer: This article, oregon parts of it, was generated with assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk’s afloat AI Policy.
English (US) 