Sol Strategies Expands Solana Holdings with 190K SOL Acquisition

Toronto-based crypto holding company Sol Strategies has significantly increased its Solana holdings with the recent purchase of additional SOL tokens, while also announcing the departure of its chief investment officer.

Between January 19 and January 31, the company acquired 40,300 SOL for approximately $9.93 million, at an average price of $246.53 per token, inclusive of fees and expenses. In addition, Sol Strategies completed the second tranche of a private placement of convertible debentures, valued at $2.5 million, which was settled by issuing 6,564.47 SOL.

As of January 31, Sol Strategies and its subsidiaries held a total of 189,968 SOL, purchased at an average price of about $179 per SOL, amounting to nearly $40 million in value. Formerly known as Cypherpunk Holdings, the company focuses on investments within the Solana blockchain ecosystem, positioning itself similarly to how bitcoin mining stocks provide exposure to bitcoin.

In related news, the company announced that its Chief Investment Officer, Moe Adham, resigned effective January 30 due to his family’s relocation to Tokyo. Adham, who had served on the board since 2018, was thanked by Chairman Tony Guoga for his dedication and leadership. Guoga stated, “On behalf of the Board and the entire Company, I want to sincerely thank Moe for his years of dedication and leadership. It has been a pleasure working with him, and we wish him and his family all the best in their move to Tokyo.”

Sol Strategies, trading under the ticker HODL on the Canadian Securities Exchange, has experienced remarkable growth, with its share price surging over 2,336% from July to December. The stock currently trades over-the-counter in the U.S., and the company plans to list on the Nasdaq exchange in the near future.

As Solana’s native token continues to be a key player in the digital asset space—trading at $206.82 at publication time—the company’s latest strategic moves underscore its commitment to expanding exposure to blockchain technology and leveraging growth opportunities in the evolving cryptocurrency market.