Crypto Firm Expands Solana Holdings to $40M Despite Market Decline

Sol Strategies has ramped up its Solana holdings, acquiring an additional 40,300 SOL between January 19 and January 31.

The firm spent roughly $9.9 million on these purchases, with an average cost of $246.53 per token, according to its latest announcement.

Following this latest investment, the Toronto-based company now holds a total of 189,968 SOL, valued at approximately $40.89 million. Across all acquisitions, its average purchase price stands at $178.39 per token.

In a separate move, Sol Strategies also raised $2.5 million through convertible notes, using the proceeds to buy an extra 6,564.57 SOL at an average price of $265.65 per coin.

This expansion comes at a time of heightened volatility in the crypto market. Solana’s price has fallen 8.5% over the past week, currently trading at around $215. Despite the dip, Sol Strategies has continued to accumulate, reinforcing its confidence in the asset.

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Previously known as Cypherpunk Holdings, the firm is led by Leah Wald, a former co-founder of Valkyrie Investments. Beyond Solana, it has diversified its blockchain investments by running validators for networks like Sui (SUI), Monad (MONAD), and ARCH (ARCH). The company is also pursuing a listing on Nasdaq, signaling broader ambitions in the digital asset space.

Source

Alexander Stefanov