Sol Strategies (ticker: CYFRF, HODL.CN) is raising C$27.5 million (about US$19 million) through debt financing to purchase more SOL tokens and invest more in Solana's staking infrastructure, according to an announcement on Thursday. This is the second multi-million dollar investment strategy announced by the company this week.

In particular, the Toronto-based company formerly known as Cypherpunk Holdings is raising money through the private sale of “unsecured convertible note units,” a type of long-term debt instrument that can be converted into company shares, to ParaFi Capital.

Sol Strategies' CDs consist of one debt security with a principal amount of C$1,000 and 400 warrants. The latter can be converted into shares with a strike price of C$2.50 at any time before the fifth anniversary of the closing of the financing, which is expected to be January 16.

In addition, certificates of deposit provide a yield of 2.5% per annum, which can be paid semi-annually in cash or common stock.

This is Sol Strategies' latest attempt to raise capital to invest in the Solana ecosystem. Last year, when the company hired CEO Leah Wald, the company decided to double down on its efforts at Solana.

“ParaFi’s investment will enable Sol Strategies to operate best-in-class validation services, execute the SOL treasury strategy, and support the Solana network,” Ryan Nave, managing director of hedge fund ParaFi Capital, said in a statement.

Sol Strategies has grown to become one of the largest companies interested in Solana, having invested more than 1.5 million SOL tokens (worth about $450 million CAD) as of mid-December. This includes more than 140,000 soles owned by the company.

In a similar way, investing in Bitcoin miners is a way to gain exposure without holding actual Bitcoin. Sol Strategies says its focus on “leveraging investment opportunities in accumulating rewards and Solana-based projects” is a way for “contributors to indirectly participate in the decentralized financial landscape.” "

The company announced Monday that it has secured a C$25 million line of credit to help finance the expansion of its stake. In December, Wald told The Block that the company was Looking at the list On Nasdaq.