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.
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.
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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Story Highlights The live price of the Avalanche is . Price predictions for 2025 suggest…
Ethereum has climbed back above $3,200 after falling below $2,700 in November, and this quick…
A decentralized finance platform called USPD has fallen victim to a complex security breach that…
Story Highlights The live price of Bitcoin Cash is Price predictions for 2025 range from…
SHIB and DOGE became two of the most talked-about tokens in crypto history after delivering…
Ripple has completed its $1 billion acquisition of GTreasury, expanding its reach into corporate finance…
