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Toronto-based Cypherpunk Holdings It was rebranded as Sol Strategies She announced that she would pile on Solana three months ago. I've been busy ever since.
The holding company took on two separate validations, accumulated over 142,000 Sol worth approximately $27 million at current prices, hired Kraken's former senior engineering director to be head of stake, and filed to list on the Nasdaq. Just this week, it signed a credit facility with its Chairman to purchase $17.3 million worth of SOL tokens and announced a private placement deal with ParaFi Capital worth approximately $19 million.
MicroStrategy CEO Michael Saylor is fond of saying that there is “no second best” to cryptocurrencies after Bitcoin. If there was a second best version from MicroStrategy Playbook of buying cryptothis may be the only software Sol Strategies works on.
Like Saylor, Sol Strategies focuses on acquiring cryptocurrencies as a treasury asset. The difference, Mr. President Leah's father What he told me is that Sol Strategies also runs a validation company and invests in Solana ecosystem projects, making their approach “more dynamic.”
After acquiring two validators, Sol Strategies is now responsible for a total of 1.5 million SOLs, making it approximately the 65th largest Solana validator. Wald declined to say which ecosystem projects Sol Strategies has taken positions on, if any.
Wald joined Cypherpunk Holdings in July 2024 after four years at the helm of US-based cryptocurrency management firm Valkyrie, which had an ETF business. It was acquired by CoinShares In March. Wald has been a member of Cypherpunk's Board of Directors since October 2021.
Tasked with taking over a company that had seen its shares trade sideways for years, his father - who was among the first to apply for and issue... Bitcoin Futures ETFs - He saw a new opportunity. Solana was hotBut it lacked ETFs that investors could trade on traditional exchanges. So far, the SOL strategy appears to be working.
Since its debut as Sol Strategies in September, the company's stock price has risen more than 1,700% — and that's while a Nasdaq listing is still awaiting approval.
There's likely a storm brewing for Sol Strategies' offering in the form of Solana ETFs. Currently, Sol Strategies is just one of... A few Publicly traded companies that give investors Regulated exposure Solana's price movement by virtue of holding the asset in its treasury.
If the Solana ETFs are approved, the market will gain competitors offering a similar service (regardless of whether those ETFs are or not). Issuers include staking rewards It will be key to watch). Sol Strategies hopes the market will treat it like a Bitcoin mining stock in this case.
But for now, Wald and Sol Strategies' big bet is paying off in a big way.
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