Sol Strategies Updates

Sol Strategies (ticker: HODL), formerly known as Cypherpunk Holdings, announced on Thursday that it has acquired more Solana tokens and has recovered capital from FTX.

The Canada-based investing firm has received $825,450 CAD (approximately $600,000 USD) from Lucy Labs Flagship Offshore Fund SPC, which previously held funds in the now-defunct exchange.

Previously, SOL Strategies had written off its investment during FTX’s bankruptcy. However, the firm has now recognized a 122% premium on its $500,000 investment in Lucy Labs. This windfall is expected to be reinvested as part of its strategy to buy and stake SOL.

Leah Wald, CEO of Sol Strategies, stated, "Combined with our growing SOL holdings, the recovery of the FTX claim allows us to continue supporting the Solana ecosystem. These funds further reinforce our ability to sustain current initiatives and maintain a strong operational foundation," in an email to The Block.

The company’s SOL holdings have increased to over 100,000 tokens, valued at $21.6 million CAD, purchased at an average price of $142 CAD. Since CypherPunk began staking on the Solana network in Q2 2024, it has generated $282,910 in gross revenue.

Wald emphasized, "The recovery of the claim is a welcome addition to our available funds and underscores Sol Strategies' commitment to maintaining a solid financial foundation. Coupled with our increased SOL holdings, these recovered assets are expected to be allocated within the Solana ecosystem."

In a previous discussion with The Block, Wald likened the firm’s strategy to that of a bitcoin miner, earning revenue through network security. She noted, "No other companies are running a validator, and none of the staked-SOL ETPs for North America are approved."

HODL has risen over 13% in value over the past five days.

EDITOR'S NOTE (OCT. 4, 2024): Adds statement from Leah Wald. Clarifies Sol Strategies' investments are priced in CAD.