The company targeting 500 Million Dollars announced that it has purchased the first phase Solanas! - Coin Bulletin

SOL Strategies, a digital asset firm listed in Toronto, announced that it has purchased Solana (SOL) tokens worth 18 million dollars. This acquisition was financed through a new funding agreement secured by the company.

The company purchased 122,524 SOL tokens at an average price of $148.96. This move came after the closing of the first $20 million portion of the $500 million convertible debt agreement announced last month with ATW Partners. However, the company's shares fell to approximately $2.6 CAD with a 10% drop during Tuesday morning trading hours. Still, the shares have gained nearly 80% in value over the past two weeks.

CEO Leah Wald used the following sentences:

"We are progressing exactly as promised with the closing of the first $20 million tranche of the ATW agreement. By buying SOL, we are strengthening our validator operations and our ecosystem position. These purchases directly enhance our three-pillar strategy formed by institutional-level validators, strategic SOL accumulations, and innovations in Solana technology."

Validators are important infrastructures that play a role in ensuring the security of networks in proof-of-stake blockchains like Solana. The company can increase its validator stake by buying out SOL, which can enhance its influence in the ecosystem and potential revenue.

SOL Strategies is creating an increasing number of examples of public companies following Michael Saylor's strategy in Bitcoin investments (BTC). This strategy aims to provide value to investors by accumulating large digital assets. Last month, real estate fintech company Janover (, now rebranded as DeFi Development ), announced that it is focusing on operating as a validator on the Solana network and accumulating SOL.