SOL Strategies raises $500 million to buy and stake Solana tokens

Canadian investment firm SOL Strategies has issued $500 million in convertible notes to acquire and stake Solana (CRYPTO:SOL) tokens.

The entire issuance was purchased by ATW Partners, a New York-based investment firm specialising in growth equity and structured capital across public and private markets.

A spokesperson for SOL Strategies said that the company’s focus is on building institutional-grade infrastructure for Solana rather than reacting to short-term price fluctuations.

According to an April 23 announcement, the yield generated from staking will be shared between SOL Strategies and ATW Partners.

SOL Strategies is publicly traded on the Canadian Securities Exchange, and its share price rose 25.3% on the day of the announcement, based on Google Finance data.

“This investment represents significant institutional confidence in Solana’s long-term potential,” the spokesperson said.

They added that increasing the stake of their validator network will contribute to enhanced network security and decentralisation.

Financial data from StockAnalysis.com shows SOL Strategies posted CAD 10.62 million (approximately $7.65 million) in revenue for 2024, recovering from a CAD 15.65 million (about $11.27 million) loss in 2023.

SOL Strategies is the second publicly traded company to raise capital for purchasing Solana tokens recently.

On April 21, Upexi announced a $100 million raise to build a Solana reserve.

Additionally, DeFi Development Corporation (formerly Janover) revealed a $42 million raise with plans to establish a Solana reserve treasury.

At the time of reporting, the Solana (SOL) price was $148.06.