SOL strategies (HODL), the digital asset company in Toronto-Lepped, focusing on Solana (SOL), said on Tuesday that it has acquired over $ 18 million the value of Sol-Tokens using revenue from a newly secured financing agreement.

The company bought 122,524 sun for $ 18.25 million at an average price of $ 148.96 per year. Token, according to a press release. The acquisition follows the first $ 20 million closure of a scheduled $ 500 million convertible note facility with the investment company ATW Partners, which was announced last month.

The company’s shares slipped 10% to about about $ 2.6 in the early Tuesday hours of the session and extended the decline to the end of April’s peak over about $ 3.3. Still, the stock has risen almost 80% in two weeks.

“With the closure of our original $ 20 million tranche from the ATW plant, we are executing exactly as promised – strategically acquiring the sun to expand our validator operations and ecosystem pace,” said CEO Leah Wald. “These purchases directly strengthen our three-column strategy for company validators, strategic SOL HOLDINGS and SOLANA Technology Innovation.”

Validator operations are core infrastructure in Proof-of-Stake Blockchains like Solana, where participants help secure the network and earn poor ways. By acquiring the sun, the company can increase its validator share and potentially increase both influence and revenue within the ecosystem.

SOL Strategies’ Move highlights a growing trend among public companies using the Playbook for Michael Saylor’s strategy with Bitcoin (BTC) – using capital markets to accumulate large cryptocurrency holdings in the hope of delivering its head to shareholders.

Last month, Fast Estate Fintech -Company Janover (JNVR), now redirected as Defi Development, redirected to focus on accumulating sun and building a validator business on the Solana network.

Read more: Defi -Development Plans to collect $ 1 billion to buy more Solana

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