Sol Strategies Expands Validator Operations and SOL Holdings

Sol Strategies Inc. (CSE: HODL, OTCQX: CYFRF), a Canadian holding company focused on investments in the Solana blockchain ecosystem, has reported significant progress in its validator operations and SOL holdings as it navigates a leadership transition.

Following the acquisitions of OrangeFin Ventures and Cogent Crypto, January marked a pivotal month for Sol Strategies’ validator operations. The company saw total SOL delegation across its three mainnet Solana validators grow from 1.57 million SOL to 1.77 million SOL, an increase of 200,000 SOL. Notably, 166,000 of these came from third-party delegations.

Additionally, Sol Strategies deployed the next-generation Firedancer validator client on two of its validators. Firedancer, developed to enhance transaction throughput, network resilience, and resource efficiency, has already exceeded expectations. This deployment positions Sol Strategies as an early adopter of cutting-edge Solana technology and underscores its commitment to advancing blockchain infrastructure.

Between January 19 and January 31, 2025, Sol Strategies purchased an additional 40,300 SOL at an average price of CAD$355.77 per SOL (USD$246.53), amounting to approximately CAD$14.3 million (USD$9.9 million). The company also completed a CAD$2.5 million tranche of a private placement in convertible debentures, satisfied through the payment of 6,564 SOL at an average price of CAD$380.84 per SOL (USD$265.65).

As of January 31, 2025, the company’s aggregate holdings stood at approximately 189,968 SOL, acquired at a total cost of CAD$48.7 million with an average purchase price of CAD$256.21 per SOL. Based on closing prices at month-end, these holdings were valued at CAD$63.7 million.

Moe Adham, a founding director and Chief Investment Officer since 2018, has resigned from his position effective January 30, 2025, citing personal circumstances related to his family’s relocation to Tokyo. While stepping down from the board, Adham will continue advising the company on strategic initiatives during the transition period.

Reflecting on his departure, Adham stated: “I am immensely proud of what we have achieved under Leah Wald’s leadership as CEO. While my relocation necessitates this decision, I remain confident in the company’s trajectory within the Solana ecosystem.” Tony Guoga, Chairman of the Board, expressed gratitude for Adham’s contributions and reaffirmed confidence in the company’s future direction.

Sol Strategies continues to position itself as a key player in the Solana ecosystem by leveraging investments in staking rewards and validator technology. With its expanding validator operations and growing SOL treasury, the company is poised to capitalize on opportunities within decentralized finance while driving shareholder value.

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