24-4-2025 – SOL Strategies, a Canadian Securities Exchange-listed investment firm, has orchestrated a groundbreaking $500 million convertible note arrangement, marking the largest financing facility in Solana’s history.
The Toronto-based firm’s shares witnessed a remarkable 25.27% surge, closing at CAD 2.28 on Wednesday, following the announcement of their partnership with New York’s ATW Partners. The initial phase encompasses a $20 million note issuance, with the remaining $480 million scheduled for subsequent deployment, subject to specific criteria.
Chief Executive Leah Wald emphasised the firm’s strengthened conviction in Solana, highlighting their ambition to dominate the institutional staking landscape. The innovative financing structure incorporates an interest payment mechanism in SOL, calculated at up to 85% of the staking yield generated through the facility.
Institutional engagement with Solana has gained considerable momentum, exemplified by DeFi Development Corporation’s recent acquisition of 65,305 SOL tokens, elevating their holdings to 317,273 SOL. This strategic move mirrors the bitcoin-focused approach championed by Michael Saylor’s firm.
The Solana ecosystem has demonstrated remarkable growth, capitalising on its competitive advantages over Ethereum in transaction speed and cost efficiency. These attributes have catalysed a flourishing decentralised finance sector and a notable memecoin trend. SOL’s value has appreciated by 28% over a fortnight, reaching $150.2.
Adding to the institutional migration towards Solana, Galaxy Digital, a prominent crypto financial services entity, has reportedly exchanged Ethereum worth over $100 million for an equivalent value in SOL through Binance, as documented by Lookonchain.
SOL Strategies, which pivoted from its previous identity as Cypherpunk Holdings, has amassed 267,151 SOL tokens as of late March, underscoring the growing institutional appetite for Solana-based investments.
