Sol Strategies (HODL), a Toronto-listed digital asset company focused on Solana (SOL), said Tuesday it has acquired SOL tokens in excess of $18 million using revenue from its new secure funding agreements.
According to a press release, the company bought 122,524 Sol for $18.25 million at an average price of $100 million for $148.96. The acquisition follows the first $20 million closure of the $500 million convertible note facility with investment company ATW Partners announced last month.
The company’s shares slid 10% to about $2.6 early on Tuesday of the session, extending its peak slump in late April at CA $3.3. Still, inventory has grown by nearly 80% in two weeks.
“With the first $20 million tranche from the ATW facility closed, we are doing as promised. We are strategically obtaining SOL to expand the operation of validators and the location of our ecosystems,” said CEO Leah Wald. “These purchases directly strengthen our three-pillar strategies: Enterprise-grade validators, Strategic Sol Holdings and Solana Technology Innovation.”
The validator manipulation is the core infrastructure of a proving blockchain like Solana, which helps participants secure networks and earn staking rewards. By acquiring SOL, the company can increase its share in the validator, potentially increasing both its influence and revenue within the ecosystem.
The Sol Strategies move highlights the growth trends of public companies applying Michael Saylor’s strategy playbook with Bitcoin (BTC). Using capital markets, accumulate large cryptocurrency holdings in the hopes of shareholders turning them upside down.
Last month, real estate fintech company Janover (JNVR) has now been rebranded as Defi development, focusing on building a Validator business on the Solana network, focusing on the accumulation of SOL.
Read more: Defi Development plans to raise $1 billion to buy more Solana
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