SOL Strategies (HODL), the Toronto-based digital asset firm with a dedicated focus on Solana (SOL) and its wider ecosystem, announced today (May 6) that it has purchased over $18 million worth of SOL tokens, using proceeds from a newly secured financing deal.
The company purchased 122,524 SOL for $18.25 million at an average price of $148.96 per token, according to the official press release.
This $18m SOL splurge comes after the initial $20 million closing of a planned $500 million convertible note facility with investment firm ATW Partners, as reported by 99bitcoins last month.
📢 SOL Strategies has acquired 122,524 $SOL at an average price of $148.96, deploying the full $20M initial tranche from our recently closed ATW facility.
Building the institutional backbone of @solana, one block at a time. $HODL $CYFRFRead more: https://t.co/5ChdbDfTNY pic.twitter.com/s7RfrIPbP2
— SOL Strategies (CSE: HODL | OTCQX: CYFRF) (@solstrategies_) May 6, 2025
Over $480m In Reserve For SOL Strategies To Buy More Solana
Per Yahoo Finance, shares of the company (HODL) are down around 6.5% to around $2.7 CAD ($1.96 USD) in the opening hours of today’s trading session. It continues the recent poor showing for HODL after it hit $3.28 CAD on April 28 before beginning this recent slump.
However, when zooming out, things look much better for the SOL Strategies share price, which is 29% in the past 30 days and 57% in a 6-month timeframe.
“With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as promised–strategically acquiring SOL to expand our validator operations and ecosystem position,” said SOL Strategies CEO Leah Wald. “These purchases directly strengthen our three-pillar strategy of enterprise-grade 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 staking rewards. By acquiring SOL, the firm can increase its validator stake, potentially boosting influence and revenue within the ecosystem.
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
The move from SOL Strategies highlights a growing trend among public companies applying Michael Saylor’s Strategy with Bitcoin (BTC) playbook. It works by using capital markets to accumulate extensive cryptocurrency holdings to deliver any upside to shareholders.
Metaplanet is another example. Previously, they were most known as a hotel management firm in Japan, but have pivoted to Bitcoin bulls in recent years. As of mid-April 2025, the Japanese company has bought 4,525 BTC, equalling around $426 million.
Solana price is currently in an accumulation phase after a strong April. SOL is up 25% in the past 30 days but down 1.2% on a daily timeframe, per CoinGecko. It is trading for $142.9 after briefly climbing above $150 on May 1.
BONUS: Solaxy (SOLX) Is The First layer-2 Solution On Solana In A Completely Untapped Market
Solaxy (SOLX) continues to grow after raising more than $1 million in the past week, bringing its total presale funding to over $33.4 million.
SOLX is proving to be one of the most popular presales of 2025 due to its first-mover advantage. As the first Layer-2 (L2) solution being developed for Solana, Solaxy continues its push to address the network congestion that has long limited the chain’s performance during peak demand.
In a market where Ethereum has a handful of billion-dollar market cap L2 protocols, all vying for the same market corner, Solana has precisely zero, until now.
While ETF filings for Solana continue to rise and firms such as SOL Strategies are securing $500m convertible notes to go all-in on SOL, there is a growing need for a dedicated support layer on Solana.
However, Solana needs scalable infrastructure to support the influx of fresh interest. Solaxy’s design takes the load off the main chain, maintaining fast, low-cost performance even at peak times.
Utilizing roll-up technology, Solaxy batches transactions from the main net, takes them off-chain to process, and sends them back to Solana for settlement. This takes a heavy load off the main net while still providing the security and infrastructure that Solana is known for.
How to Buy SOLX Now Before It Hits $34m Funding Milestone
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This latest funding round in the SOLX presale will close in 24 hours. Once it does, the next stage will kick in, raising the current price of $0.001716 per SOLX.
Newly purchased SOLX tokens can be staked through Solaxy’s native protocol. It currently offers a dynamic 120% APY that adjusts based on the overall pool size.
While all major self-custodial wallets can be used to purchase SOLX, Best Wallet is the recommended option. It gives you complete visibility of your SOLX tokens before launch, plus seamless multi-chain access between Ethereum and Solana.
The next milestone – $34 million raised – is next up and will be hit before the weekend rolls around.
EXPLORE: 12 Best AI Crypto Coins to Invest in 2025
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SOL Strategies begins its Solana buying spree with $18m SOL purchase
- After securing a $500m convertible note in a similar fashion to Michael Saylor’s strategy, SOL Strategies is aiming to become the biggest SOL holders
- SOL is down on the day after a bullish April which saw it climb over 25% to $152, before slipping to $142
- Solaxy (SOLX) closes in on $33.5m in presale funding as the first ever L2 protocol on Solana
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