Shares of Sol Strategies (HODL), a Toronto-Listed Digital Active Company, jumped after the company said it secured one up to $ 500 million convertible note facility to increase its investments that focused on the Solana network.
The capital will be used exclusively to buy the sun -tokens and expand the company’s blockchain -validator operation, the company said in a release. HODL shares rose as much as 18% to C $ 2.16 before they paired some of the winnings, but still rose 7% from yesterday’s closure.
“This is the largest financing facility of its kind in the Solana ecosystem-and the first ever directly tied to efforts,” CEO Leah Wald said in the statement. “Each inmate dollar is immediately dividend-generating and accreatic to both our balance and our validator business. This structure is not only innovative-it is very scalable.”
The first $ 20 million tranche of the deal, signed with New York-based private equity investment company ATW Partners, is expected to close by May 1st, the company said. The interest in the convertible notes is paid in sun, calculated as up to 85% of the stack minist at Sol Stack with the company’s validators.
The company said it is also exploring a step to the NASDAQ exchange in the US, giving it access to a deeper investor base. The move follows similar plans for Canada-listed digital asset investment company Galaxy Digital, which is set to debut at NASDAQ in May after receiving regulatory approval earlier this month.
Sun strategies, led by Wald, co-founder of Digital Asset Manager Valkyrie Investments, speared the movement of adapting Michael Saylor’s Bitcoin Treasury strategy to alternative cryptocurrencies. The company held 267,151 sun -tokens from last month, worth over $ 40 million at current prices. It also bought three validator companies last month, which brought the total amount of sun stack on the company’s validators to 3,351,617 sun or over $ 500 million.
US real estate company Janover, now known as Defi Development Corp, recently followed the footsteps of Sol Strategies pursuing a Solana-focused crypto state box and validator operator strategy.
Read more: Janover takes side from Saylor Playbook that doubles Sol Stack to $ 20m as the stock rises 1700%
