Sol Strategies, a Canadian holding company focused on investing in the Solana ecosystem, has announced its intent to acquire three blockchain validators and related assets. The acquisition, outlined in a recently released letter of intent, will increase Sol Strategies’ delegated SOL by 554,714 tokens, valued at $174.7 million CAD. The company expects the move to generate annual net revenue of $2.6 million CAD.
The transaction includes several components designed to strengthen Sol Strategies’ operations. Upon closing, the company will pay $750,000 in cash or the equivalent in SOL or USDC, at its option. The seller will also receive $750,000 in common shares, valued at the closing price of the stock on the date of the definitive agreement.
In addition, up to $5 million in common shares will be issued over the next three years, depending on the achievement of certain performance targets.
The acquisition will bring the total amount of SOL delegated to Sol Strategies validators to 1,493,378 SOL, valued at $470.4 million CAD. The closing of the transaction is subject to customary conditions, including regulatory approval from the Canadian Securities Exchange and other necessary consents. Notably, Sol Strategies confirmed that there are no finder fees involved in this transaction. (Cryptonews)