Toronto-based Cypherpunk Holdings, which changed its name to Sol Strategies in September 2024, has seen its stock price rise by more than 1,700% since its debut.
The holding company is reported to have acquired two separate validator businesses and holds more than 142,000 SOLs, worth about $27 million at current prices, after hiring Kraken's former senior engineering director as its head of staking and applying for a Nasdaq listing. This week, the company signed a credit agreement with the chairman of the board to purchase $17.3 million worth of SOL tokens and announced a private placement agreement with ParaFi Capital worth about $19 million.
The company's CEO Leah Wald previously said that compared to MicroStrategy, Sol Strategies is different in that it also operates a validator business and invests in Solana ecosystem projects, which makes its approach "more dynamic." (Blockwroks)