Cypherpunk Holdings of Toronto rebranded to Sol Strategies in March and said that it would begin accumulating Solana. Since then, things have been busy.
Holding company acquired 2 separate validator companies, has accumulated 142,000 SOL, worth approximately $27M at the current price, appointed Kraken’s ex-senior director of engineering as its head of stake, and filed to list on Nasdaq. It signed an agreement with its chairman to purchase $17.3 million in SOL tokens, and it announced a $19-million private placement with ParaFi Capital.
MicroStrategy CEO Michael Saylor likes to repeat that “there is no second best” Crypto is behind bitcoin. Sol Strategies may be running the second best version of MicroStrategy’s corporate crypto buying playbook.
Sol Strategies, like Saylor’s company, is focused on crypto acquisition as a Treasury asset. Leah Wald, Sol Strategies’ CEO, told me that Sol Strategies runs both a validator and an ecosystem project. “more dynamic.”
Sol Strategies now has a total stake of 1.5 million SOL after two acquisitions. This makes them the 65th most important Solana validator. Wald refused to reveal which ecosystem projects Sol Strategies is involved in.
Wald joined Cypherpunk Holdings, Inc. in July 2024. He had spent four years at Valkyrie Crypto Management in the US. Valkyrie’s ETF division was acquired by CoinShares back in March. Wald has been a Cypherpunk board member since October 20,21.
Charged with taking over a company that had seen its stock trade sideways for years, Wald — who was among the first to file for and issue bitcoin futures ETFs — saw a new opportunity. Solana had a lot of interest, but lacked the ETFs investors needed to be able to trade it on stock exchanges. SOL appears to have worked so far.
Since debuting as Sol Strategies in September, the company’s stock price is up more than 1,700% — and that’s while a Nasdaq listing is still pending approval.
Sol Strategies will likely face some stormy weather in the future, as Solana ETFs are on their way. Sol Strategies, one of the few public-traded firms that offers investors exposure to Solana’s price movement by holding it in their treasury, is currently one of only a handful of companies offering this regulated exposure.
The market will gain more competitors if Solana ETFs are approved (though whether these ETF issuers offer staking incentives is important to monitor). Sol Strategies is hoping that the stock market would treat Sol Strategies like it was a bitcoin-mining stock.
Wald and Sol Strategies has made a big bet that is already paying dividends.
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