The Toronto-based Cypherpunk Holdings rebranded as Sol Strategies to reflect a shift to an investment strategy centered around Solana, according to the company.
Sol Strategies announced in a recent press release that it would begin to focus its efforts on the Solana ecosystem, including the infrastructure of projects, after the brand rebrand. Sol Strategies’ board of director unanimously approved this strategy change during its shareholder meeting held on July 30.
Cypherpunk Holdings has been scaling up its Solana exposure for months now — particularly since ex-Valkyrie CEO Leah Wald took over the top job in early July. Cypherpunk’s holdings were zero when the company disclosed them on March 31. By July 16 — a week after Wald took over — Cypherpunk had 63,000 SOL. On Aug. 1 — two days after Cypherpunk internally finalized its strategy shift — that figure had swelled to 86,300 SOL, worth some $11.6 million at current prices.
The company’s rebranding around a single blockchain ecosystem, however, is quite eye-catching. Sol Strategies is the new name of Sol Strategies, according to its revamped site. “edge” Investing “in the Solana ecosystem.” Sol Strategies also plans to operate Solana Validator Nodes through third party providers, according to a company press release.
The Canadian Securities Exchange, as well as the OTC market, is where this company trades.
Wald told me in comments he shared today that the shift to a new strategy wasn’t “predetermined” When she became CEO, Solana was a seasoned executive. “high-growth” Investment opportunity which seemed to be the best “next logical step” Cypherpunk Holdings
On first glance, this new brand could seem like an upgrade to a SOL spot ETF. The stock offers investors a regulated, compliant exposure to SOL, including staking revenue and validator income, as well as the Solana Ecosystem projects.
Wald explained to me this: “ETFs are simply passive spot funds,” she added. “Our approach goes beyond passive exposure as we are actively engaged in staking and exploring strategic investments.”
Ethereum ETF issuers also learn the hard-way that the demand for regulated cryptocurrency investment products is limited. Cypherpunk Holdings’ assets in March 2024 were about $23 million. That’s not much in terms of investment money for institutional investors.
Perhaps Wald — who had been a Cypherpunk Holdings board member since 2021 before stepping in as CEO — is making the bet that Sol Strategies can differentiate itself from its larger competitors by being the best possible regulated investment in a certain niche.
“As the only publicly traded company in North America focused on the Solana ecosystem, we are providing exposure to Solana’s growth and innovation prior to Solana-specific ETFs [being] approved in either the US or Canada,” Wald said.
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