Catenaa, Tuesday, February 11, 2025 – Toronto-based Sol Strategies has significantly increased its Solana holdings with a recent purchase of 40,300 SOL, valued at approximately $9.93 million.
The acquisition, made between Jan. 19 and Jan. 31 at an average price of $246.53 per token, brings the company’s total Solana holdings to 189,968 SOL, worth nearly $40 million. The firm also completed a $2.5 million tranche of a private placement, partially settled in SOL.
Sol Strategies, formerly Cypherpunk Holdings, invests in the Solana ecosystem and is positioned as a stock market proxy for the cryptocurrency, similar to how bitcoin mining stocks mirror bitcoin’s performance.
Alongside the investment, the company announced the resignation of Chief Investment Officer Moe Adham, effective Jan. 30, citing his family’s relocation to Tokyo. Adham, who joined the board in 2018, was credited for his leadership in expanding the firm’s digital asset strategy.
The company’s stock (HODL), which trades on the Canadian Securities Exchange, surged 2,336% between July and December. Sol Strategies also aims to list on the Nasdaq exchange in the future.
At the time of publication, Solana’s token was trading down 2.4% at $206.82, according to The Block’s price data.
