Sol Strategies boosts Solana holdings with latest 190,000 SOL purchase

Toronto-based crypto holding company Sol Strategies recently bought a significant amount of Solana and announced the departure of its chief investment officer.

Between Jan. 19 and Jan. 31, Sol Strategies purchased an additional 40,300 SOL for about $9.93 million, at an average price of $246.53, inclusive of fees and expenses, according to a Tuesday press release. The company also completed the $2.5 million second tranche of a private placement of convertible debentures, the gross proceeds of which were satisfied by the payment of 6,564.47 SOL.

As of Jan. 31, Sol Strategies and its subsidiaries held an aggregate of 189,968 SOL, acquired at an average purchase price of about $179 per SOL, with a value of nearly $40 million.

Formerly known as Cypherpunk Holdings, Sol Strategies invests in the Solana blockchain and ecosystem. The company acts as a way to gain exposure to Solana in the same way bitcoin mining stocks like MARA are sometimes seen as bitcoin plays by analysts, CEO Leah Wald previously told The Block .

The company also announced CIO Moe Adham resigned effective Jan. 30, due to his family's relocation to Tokyo. Adham joined Sol's board of directors in 2018.

"On behalf of the Board and the entire Company, I want to sincerely thank Moe for his years of dedication and leadership," Tony Guoga, Chairman of the Board, stated in the release. "It has been a pleasure working with him, and we wish him and his family all the best in their move to Tokyo. Sol Strategies has never been in a stronger position from both a management and market perspective, and we remain fully confident in our trajectory for 2025 and beyond. With the recent addition of Ungad Chadda to the Board in late 2024, we are well-positioned to continue executing our vision."

The company's stock (HODL), which trades on the Canadian Securities Exchange, saw shares surge 2,336% from July to December. It currently trades over-the-counter in the U.S. but plans to list on the Nasdaq exchange.

The fifth-largest cryptocurrency by market cap, Solana's native token traded down 2.4% to $206.82 at publication time, according to The Block's SOL price data .