Cypherpunk Holdings Renamed to SOL Strategies

Cypherpunk Holdings (ticker: HODL) has rebranded to SOL Strategies, emphasizing its strategy to acquire and stake Solana’s native token.

The company, under CEO Leah Wald since Q2 2024, holds over 86,000 Solana, valued above $11 million, primarily staked for rewards. Wald stated, "We've continued to put more of our balance sheet into SOL and are trying to engage with the Solana ecosystem as much as possible."

This strategy mirrors MicroStrategy’s approach to Bitcoin, allowing investors exposure to Solana through stock ownership. SOL Strategies was among the first publicly traded companies to add Sol to its balance sheet, making it a proxy for investors.

Wald noted that while their strategy resembles MicroStrategy’s, SOL Strategies’ focus on staking makes it more like a bitcoin mining stock. Comparatively, MicroStrategy leverages debt to accumulate Bitcoin, housing $4 billion in debt and $13 billion in Bitcoin assets.

With no approved Solana exchange-traded funds (ETFs) in the U.S., purchasing SOL Strategies stock is a primary avenue for institutional investors seeking Solana exposure. SOL Strategies acquired its tokens at an average price of $143 and has earned about $57,000 from staking.

Rising Interest in Solana

The rebranding comes amid increased interest in Solana, spurred by the memecoin launchpad Pump.fun. Despite this, Wald believes memecoins are a “fad” and emphasizes the growing substantive interest in Solana.

She noted that Solana’s efficiency and low fees may increasingly attract financial sector companies. Yet, SOL Strategies maintains a broader investment strategy, including Bitcoin and equity holdings in other promising ventures.

Recently, they sold 109 BTC and exited their investment in Animoca Brands, stating they have approximately $4.9 million in cash and $115,000 in liabilities. Wald remains unfazed by potential SEC approvals for Solana ETFs, expressing confidence that overall interest will benefit the market.