Leah Wald is stepping down as CEO of SOL Strategies. Her last day in the role will be October 1, and she is also stepping away from her position on the board right away. This news comes after a big year for the company, which has been shifting from a traditional investment firm into one that is fully focused on the Solana ecosystem.
A Familiar Face Takes Over for Now
Michael Hubbard, currently the company’s Chief Strategy Officer, will step in as interim CEO starting October 1. He’s also a board member and has been closely involved in shaping the company’s newer direction. SOL Strategies has already started looking for someone to take on the role permanently, but for now, Hubbard is leading the way.
As announced by @solstrategies_ today, I made the decision to step down as CEO and Director after successfully completing the transformation I was brought in to lead, including our NASDAQ cross-listing and DAT++ model development.
Having accomplished these objectives, this feels…
— Leah Wald (@LeahWald) September 22, 2025
From Cypherpunk to Solana
Wald played a big role in transforming the company. What used to be known as Cypherpunk Holdings has, under her leadership, become SOL Strategies. She helped guide the company through a rebrand, a new treasury strategy built around Solana, and a successful listing on the Nasdaq. The shift wasn’t just cosmetic. It reflected a deeper move into staking, infrastructure, and tools that institutions can actually use.
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Why Hubbard Makes Sense
Hubbard’s background fits where SOL Strategies is heading. Back in 2021, he founded a Solana validator called Laine. That project ended up with more than 5.5 million SOL delegated to it before SOL Strategies bought it. That experience means he understands the technical side of running infrastructure, which lines up with the company’s focus on providing real services to other institutions building on Solana.
The Bigger Picture
This leadership change is happening at a time when the company is trying to build more than just an investment portfolio. SOL Strategies is developing what it calls a Solana treasury model and a new structure known as DAT++. These are tools designed to make it easier for businesses and institutions to operate within the Solana network, not just invest in it. That means the company isn’t just betting on Solana’s success; it’s trying to help build it.
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What Could Go Wrong
Even with a clear plan, transitions like this always come with uncertainty. A lot depends on how smoothly the handover goes and how long it takes to find the right long-term CEO. The pressure will be on to keep growing without losing focus. Investors will be paying close attention to how the company handles this shift, especially since recent moves have raised expectations.
What to Watch Moving Forward
Keep an eye on whether SOL Strategies continues to grow its infrastructure side. There will also be interest in how the DAT++ model works in practice and whether it attracts real usage. In the short term, people will want to see if Hubbard can maintain momentum during the transition. Once a new CEO is picked, that choice could say a lot about where the company wants to go next.
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