Sol Strategies Acquires Solana and Announces CIO Departure

Toronto-based crypto holding company Sol Strategies has made significant moves in the cryptocurrency market recently, including a large acquisition of Solana and the announcement of its chief investment officer’s departure.

Between January 19 and January 31, Sol Strategies purchased an additional 40,300 SOL for approximately $9.93 million, averaging $246.53 each, which included fees and expenses, as revealed in a press release on Tuesday. Additionally, the company completed the $2.5 million second tranche of a private placement of convertible debentures, satisfied by the payment of 6,564.47 SOL.

As of January 31, Sol Strategies and its subsidiaries held a total of 189,968 SOL, with an average acquisition price of roughly $179 per SOL, totaling nearly $40 million in value.

Formerly known as Cypherpunk Holdings, Sol Strategies invests specifically in the Solana blockchain and ecosystem. The company provides exposure to Solana similarly to how analysts view bitcoin mining stocks like MARA, according to CEO Leah Wald’s comments to The Block.

The company also reported the departure of CIO Moe Adham, effective January 30, due to family relocation to Tokyo. Adham joined Sol’s board of directors in 2018.

Tony Guoga, Chairman of the Board, expressed gratitude for Moe’s dedication and leadership, wishing him and his family well in their move to Tokyo. He noted that Sol Strategies is in a strong position from both a management and market perspective, remaining confident in their trajectory for 2025 and beyond. With the recent addition of Ungad Chadda to the Board in late 2024, the company is equipped to continue executing its vision.

The company’s stock (HODL), traded on the Canadian Securities Exchange, saw a 2,336% surge in shares from July to December. It is currently trading over-the-counter in the U.S. with plans to list on the Nasdaq exchange.

As for Solana, the fifth-largest cryptocurrency by market cap, its native token was trading down 2.4% to $206.82 at the time of publication, according to The Block’s SOL price data.