Canadian listed company SOL Strategies Inc. announced on April 23, 2025, that it has signed an independent agreement with ATW Partners on the same day to establish a convertible note financing mechanism of up to $500 million. The funds raised will be specifically used to purchase SOL tokens, which will be staked through validation nodes directly operated by SOL Strategies, with the generated income shared by both parties.
According to the financing mechanism released by the company, the first batch will issue convertible notes with a total principal of $20 million, and subsequent withdrawals can be made in batches up to a maximum of $480 million based on specific conditions. The first delivery is expected to be completed around May 1, 2025, with the exact timing depending on standard delivery conditions. Under this innovative structure, the interest on the notes will be paid in SOL tokens, calculated as 85% of the staking income generated from SOL tokens purchased through this mechanism and staked by SOL Strategies.
Who is SOL Strategies?
SOL Strategies Inc., formerly known as Cypherpunk Holdings Inc., was founded in 2002 and is headquartered in Toronto, Canada. It was listed on the Italian Stock Exchange in 1998 and moved to the Canadian Stock Exchange in 2012, trading under the ticker HODL.
On July 9, 2024, Leah Wald was appointed as CEO. Under her leadership, the company has fully focused on the Solana blockchain ecosystem, designating SOL tokens as a core asset on its balance sheet, operating cutting-edge validation nodes, and developing sophisticated staking tools. To reflect this strategic transformation, the company officially changed its name from Cypherpunk Holdings Inc. to SOL Strategies Inc. on September 9, 2024. The company submitted a listing application to NASDAQ at the end of 2024, but the listing process has not yet been completed. Its stock is still traded on the Canadian Securities Exchange and on the U.S. OTC market under the ticker CYFRF.
After establishing its transformation goals, SOL Strategies began to increase its holdings in Solana assets, reduce its Bitcoin exposure, and dispose of other non-core assets. According to its Q1 2025 financial report, as of now, the holding of SOL has increased from zero to 267,151 tokens, while the Bitcoin holding has gradually decreased from 215.37 tokens on September 30, 2023, to 56.25 tokens on September 30, 2024, and further reduced to the current 3.21 tokens, reflecting a strategic shift of resources towards Solana ecosystem projects. Additionally, the company has completely sold its shares in Animoca Brands, realizing a profit of $1.8 million, and has reallocated funds from the sale of other non-core assets to core business areas.
In addition to replacing core assets, SOL Strategies has also made significant progress and stable growth in validation node acquisitions and income, as well as staking business:
In terms of validation node acquisition and growth, as of March 3, 2025, the company has staked 1,653,752 SOL tokens through its validation nodes, an increase of 1434% compared to the end of 2024, of which 239,607 tokens are owned by the company. These validation nodes are designed for optimization, featuring high scalability, high availability, and competitive yields, ensuring operational efficiency.
Regarding the growth of staking business income, of the 239,623 SOL tokens held by SOL Strategies, 239,607 tokens are specifically staked in its self-operated high-performance validation nodes, achieving a significant growth of 137% compared to the staking amount of 101,200 tokens on September 30, 2024. These staked SOL tokens generate an annualized staking income of 12,800 SOL, with an average annualized yield of approximately 7% for the validation nodes.
In terms of validation node income, since January 1, 2025 (the first day SOL Strategies fully took control of three major Solana validation nodes), the annualized income from validation nodes has reached 26,512 SOL. This income comes from the commissions generated by SOL tokens entrusted to SOL Strategies' high-performance validation nodes by the company and third parties.
A Surge of Investments in Public Companies: Is Spring Coming for Solana?
Perhaps influenced by Canada's approval of a staking-based SOL ETF, a large influx of funds has entered the SOL ecosystem this week, and SOL Strategies is not the first company to create a "SOL version of MicroStrategy."
On April 21, cryptocurrency trading and investment company GSR announced it would lead a $100 million private equity investment in NASDAQ-listed Upexi, Inc. Upexi is a brand owner focused on the development, manufacturing, and distribution of consumer products. This investment was made after Upexi announced a strategic transformation to a cryptocurrency-based financial strategy, aimed at creating long-term value and returns for shareholders. Upexi has committed to developing a Solana financial strategy, which includes increasing and staking Solana. Subsequently, Upexi's stock price surged by 659.91% to $17.25, reflecting the market's positive attitude towards Solana strategies.
In addition, on April 22, DeFi Development Corporation (NASDAQ: JNVR) announced it had purchased 88,164 SOL tokens, valued at approximately $11.5 million. On April 23, it purchased another 65,305 SOL, valued at $9.9 million, bringing its total holdings to 317,273 SOL, valued at $48.2 million.
As the largest pure Solana ecosystem public company in North America, SOL Strategies has built a broader pathway between traditional finance and blockchain innovation, providing investors with a scalable and compliant investment channel in the Solana ecosystem, which can continuously support the development and expansion of the Solana ecosystem.
SOL Strategies shares strategic similarities with MicroStrategy. MicroStrategy has become a way for investors to indirectly invest in Bitcoin by holding a large amount of Bitcoin as a core asset on its balance sheet. Similarly, SOL Strategies provides investors with an opportunity to indirectly invest in Solana by holding SOL and operating validation nodes. Both companies offer traditional investors a way to access cryptocurrencies through the form of publicly listed companies.
However, SOL Strategies is not just holding SOL; it is also actively participating in the Solana ecosystem by operating validation nodes and investing in Solana projects to generate additional income, and its active participation in the SOL ecosystem can, in turn, enhance the company's asset value. As SOL Strategies CEO Leah Wald stated, SOL Strategies is the largest financing mechanism of its kind in the Solana ecosystem, with every investment generating immediate returns and simultaneously enhancing the company's assets, supporting the development of the validation node business.
It seems that Solana's new money-printing machine is starting to move. With the approval of the SOL ETF in Canada, expectations for the SOL ecosystem are gradually improving, the meme sector is becoming more active, and traditional financial funds are pouring in. Whether it is SOL Strategies' $500 million financing, GSR's $100 million investment in UPXI, or DeFi Development Corporation's purchase of over $20 million worth of SOL in two days, all indicate a broader development space for the Solana ecosystem in the future. When will the SOL ecosystem experience its second spring? Let us wait and see.
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