SOL Strategies Buys $18.25M in SOL as Part of $500M Financing Plan

SOL Strategies, a publicly traded Canadian entity dedicated to investing in the Solana blockchain, has acquired over $18 million worth of SOL. According to a press release, the company purchased 122,524 SOL for $18.25 million, at an average price of $148.96 per coin.

SOL Strategies Raises Funds

The recent acquisition follows the initial $20 million closing of a planned $500 million convertible note facility with an investment firm. 

Last month, the Canadian company disclosed the execution of a definitive agreement with ATW Partners for a convertible note facility to expand SOL holdings. The firm also stated that it will utilise the tokens for staking through its validators, employing a predetermined profit-sharing arrangement.

“With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position. These purchases directly strengthen our three-pillar strategy of enterprise grade validators, strategic SOL holdings, and Solana technology innovation,” said Leah Wald, Chief Executive Officer of SOL.

SOL Strategies has fully used the first portion of its planned investment to finance the purchase of $18.25 million worth of SOL. This substantial investment underscores the firm’s strategic commitment to investing in and providing infrastructure for the Solana blockchain ecosystem. Additionally, by acquiring SOL, the firm can increase its validator stake, potentially boosting both influence and revenue within the ecosystem.

DeFi Development Corporation Follows Same Path 

In a similar move, real estate fintech firm DeFi Development Corporation (formerly Janover) recently announced the purchase of 82,404.50 SOL worth approximately $11.2 million. Last month, the company rebranded, demonstrating its commitment to a continuous SOL acquisition. 

Per the press release, a portion of the Solana acquired includes locked SOL sourced via BitGo’s OTC desk. This desk facilitates purchases from institutional sellers subject to time-based unlock schedules. The real estate firm noted that any tokens acquired through this program will be held long-term. They will also be staked to generate native yield.

As of May 6, the company holds 400,091 SOL, which is worth roughly $58.5 million, including staking rewards. Additionally, DeFi Development Corp is set to acquire an unnamed Solana validator business for $3.5 million. This acquisition will allow the company to self-stake its SOL holdings.

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