Canada-listed SOL Strategies buys more Solana

SOL Strategies, a Canadian publicly traded company focused on supporting the Solana blockchain ecosystem, has expanded its holdings with a new $20 million Solana purchase. The Canada-listed company announced the move on Tuesday, May 6, disclosing the completion of the $20 million buy is from the first tranche of its $500 million convertible note facility. According to SOL Strategies, the acquisition was for 122,524 Solana (SOL) tokens, completed at an average price of $148.96 per token. The company spent a total of about $18.25 million on the new SOL haul, it noted “With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position,” said Leah Wald, chief executive officer of SOL Strategies. “These purchases directly strengthen our three-pillar strategy of enterprise grade validators, strategic SOL holdings, and solana technology innovation.” The buying comes a few days after SOL Strategies’ successful closing of an initial $20 million funding facility. SOL announced this on May 1, noting the tranche is part of its $500 million convertible note facility with ATW Partners. This success allowed the company to move forward with its plan to acquire more Solana using the proceeds. SOL Strategies acquired a total of 24,374 SOL between January 31, 2025 and February 7, 2025, with the purchase worth about $5 million. The company held 267,151 SOL worth about $38.4 million as of April 7, 2025. While it focuses on Solana, SOL Strategies also holds Bitcoin (BTC). Details on its website showed it held 3.211 BTC valued at 419.34k Canadian dollars, or roughly $304k as of April 7. It currently has over 3 million staked SOL and maintains a footprint in the exchange-traded fund ecosystem as the staking provider for 3iQ’s Solana Staking ETF. Source: https://crypto.news/canada-listed-sol-strategies-buys-more-solana/