Publicly traded digital asset firm SOL Strategies (HODL) has acquired more than 122,000 Solana (SOL) tokens, valued at over $18 million, using proceeds from a newly initiated financing facility.
According to a company press release on Tuesday, the acquisition totaled 122,524 SOL at an average price of $148.96 per token.
The purchase follows the first $20 million tranche of a larger $500 million convertible note agreement with investment firm ATW Partners, originally announced in April.
SOL Strategies said the funds will be used to expand its validator operations, increase strategic token holdings, and invest in Solana ecosystem development. These three areas form the core of the company’s operating strategy, according to CEO Leah Wald.
“We’re executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position,” Wald stated.
Validator operations are essential in proof-of-stake blockchains like Solana, where staked assets contribute to securing the network and generate rewards. By increasing its SOL holdings, the firm gains a larger share of staking influence and potential yield.
Market Reaction and Share Price Volatility
The announcement came as the firm’s shares fell 10% to CA$2.60 in Tuesday morning trading. Despite the drop, SOL Strategies stock remains up nearly 80% over the past two weeks, rebounding from a late-April low.
The sharp gains reflect growing investor interest in digital asset firms with targeted exposure to Solana, especially amid broader industry trends favoring blockchain infrastructure investments.
Following a Familiar Playbook
SOL Strategies’ aggressive accumulation strategy mirrors that of MicroStrategy (MSTR), which gained attention for its high-profile acquisition of bitcoin (BTC) through debt financing.
The approach involves leveraging capital markets to expand digital asset reserves while promoting long-term shareholder value through exposure to crypto assets.
This model has gained traction among smaller public companies in recent months. In April, U.S.-based fintech firm Janover Inc. rebranded to DeFi Development, pivoting its business model to focus on Solana staking and validator services.
