What to Know:
- Sol Strategies purchased 40,300 SOL for approximately $9.9 million between January 19 and January 31.
- It now holds 189,968 SOL, worth roughly $40.89 million, after shifting its investment strategy away from BTC.
Solana-focused Canadian investment firm Sol Strategies acquired 40,300 SOL between January 19 and January 31 for about $9.9 million, averaging $246.53 per token.
Based in Toronto, the company oversees three mainnet Solana validators and now possesses 189,968 SOL, totaling around $40.89 million, acquired at an average price of C$256.21 per SOL (roughly US$178.39 per token), as per a press release.
Recently, the firm, which has applied for a Nasdaq listing, sold $2.5 million worth of convertible debentures to acquire an additional 6,564.57 SOL at an average price of $265.65 per token. As of now, Solana’s value stands at $215, reflecting a decrease of over 8.5% in the past week amid a broader market downturn.
Sol Strategies, previously known as Cypherpunk Holdings, is headed by Leah Wald, a former co-founder of Valkyrie Investments. The firm also has validators on other blockchains including Sui (SUI), Monad (MONAD), and ARCH (ARCH). Validators are essential for processing transactions and securing Proof-of-Stake blockchains by staking specific amounts of cryptocurrencies from those networks.
Currently, Sol Strategies holds 3.168 BTC valued at $315,800, as it transitions its investment focus from BTC to SOL.
Read more: ‘It’s So Early’: How Solana Is Competing With Ethereum for Institutional Interest
