Sol Strategies (Hodl), the listed digital asset firm dedicated to Solana (SOL), said on Tuesday that it gained more than $ 18 million worth of soons, using proceeds from a newly safe financing deal.
The company bought 122,524 SOL for $ 18.25 million at an average price of $ 148.96 per token, according to a Press release. Acquisition complies with the initial $ 20 million closure of a planned $ 500 Million Connected Note facility Along with the ATW partners firm, announced last month.
Company shares slipped 10% to around CA $ 2.6 early Tuesday of the session time, which expands the fall for late April to CA $ 3.3. However, the stock climbed nearly 80% in two weeks.
“In closing our initial $ 20 million tranche from the ATW facility, we carry out exactly as promised – strategically obtain SOL to expand our validator operation and ecosystem position,” said CEO Lea Wald. “These purchases will directly strengthen our three-pillar approach of enterprise grade validator, strategic sol holdings, and solana technology innovation.”
Validator operations are primarily infrastructure to proof-of-stake blockchains such as Solana, where participants help secure the network and earn rewards. By getting the sol, the firm can increase its validator stake, which potentially boost both influence and income within the ecosystem.
Moving Sol Strategies’ features a growing trend with public companies applying the Playbook of Michael Saylor’s approach along with Bitcoin (BTC) -the use of capital markets to accumulate cryptocurrency handling in hopes to deliver the reversal to shareholders.
Last month, the Real Estate Fintech Firm Janover (JNVR), which has now been rebranded as a defi development, has been pivoted to accumulate SOL and develop a Validator Business on the Solana network.
Read more: Defi Development plans to raise $ 1 billion to buy more Solana
Denial: This article, or its components, has developed help from AI tools and is reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.
