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SOL Strategies to Purchase 80k SOLs Extra; Solana Price Aims for $320

Published by
Steve Muchoki

SOL Strategies Inc. (NASDAQ: STKE), a Canadian investment company focused on accumulating Solana (SOL), announced on Wednesday its closure of an upsized private placement. The company reported that it raised C$30 million after selling nearly 4.4 million shares for C$6.85 per unit.

With the proceeds locked, the company intends to strengthen its Solana treasury. According to Michael Hubbard, the company’s interim CEO, the proceeds will enable a purchase of about 80k SOL coins, which will further be delegated to its validators to earn passive staking rewards.

SOL Strategies Strengthens a Growing Solana Market

The demand for Solana by institutional investors seeking to build a robust treasury has surged in the recent past. According to aggregate market data from CoinGecko, a total of nine entities from three different countries hold around 13.5 million Solana coins, valued at about $2.9 billion.

Forward Industries is one of the largest Solana treasury companies with a net holding of over 6.8 million SOLs, valued at around $1.6 billion. Other notable Solana treasury companies include DeFi Development, Upexi, Sharps Technology, and BIT Mining.

Earlier on Wednesday, Beijing-based VisionSys AI unveiled a plan to purchase $2 billion worth of Solana starting with $500 million. 

What’s Next for SOL Price?

Solana price rebounded around 7% on Wednesday to reach a range high of about $220 during the mid North American session. The large-cap altcoin, with a fully diluted valuation of about $134 billion, is about to experience a parabolic rally amid the October bullish sentiment.

Crypto analyst Ali Martinez believes that SOL price is well primed to reach a new all-time high in the near future after rebounding from a crucial support level around $205.

Steve Muchoki

Steve is a crypto news writer with a passion for decoding market moves. He blends breaking blockchain news with sharp technical analysis and bold price predictions. From Bitcoin rallies to altcoin breakouts, Steve breaks it all down with clarity and insight. Whether you're a trader or just curious, his analysis keeps you ahead of the curve.

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