TLDR
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Canadian firm SOL Strategies raises $500M to buy Solana via convertible note
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Agreement with ATW Partners is largest of its kind in Solana ecosystem
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Current holdings of 267,151 SOL worth $40M, aiming to become institutional staking leader
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Solana price up 20% in two weeks amid meme coin frenzy
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Move echoes Strategy’s debt-based BTC acquisition model
$500M Financing Targets Solana Accumulation
SOL Strategies, a Canadian investment firm, has secured a $500 million convertible note from ATW Partners to accumulate Solana (SOL), aiming to become the top institutional staking platform for the blockchain network.
The firm, traded under ticker HODL on the Canadian Securities Exchange, calls the deal the largest of its kind in the Solana ecosystem and the first directly tied to staking yield.
Solana Surges Amid Meme Coin Revival
Solana has gained over 20% in the past two weeks, benefiting from renewed interest in meme coins such as Fartcoin and others that have gained traction on the network. The asset was recently trading at $152, up 14% on the week.
SOL Strategies currently holds over 267,000 SOL tokens worth $40 million and intends to ramp up acquisitions using the newly raised funds.
Institutional Debt Models Gain Popularity
The move follows the same playbook used by Strategy (formerly MicroStrategy), which leverages convertible debt to grow its bitcoin treasury. With 538,000 BTC worth $50 billion, Strategy remains the largest corporate holder of bitcoin.
SOL Strategies hopes to replicate that success in the Solana space, betting on the network’s speed and low fees to gain an edge over Ethereum.
