Listed companies launched a $500 million "buy, buy, buy" model, and SOL became the next BTC for microstrategies

Listed companies launched a $500 million "buy, buy, buy" model, and SOL became the next BTC for microstrategies
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On April 23, 2025, SOL Strategies Inc., a publicly traded Canadian company, announced that it had signed a separate agreement with ATW Partners on the same day to establish a convertible note financing facility of up to $500 million, with proceeds earmarked for the purchase of SOL tokens, which will be staked through validators directly operated by SOL Strategies, and the proceeds generated will be shared between both parties.


Under the financing facility announced by the Company, convertible notes with an aggregate principal amount of US$20 million will be issued in the first tranche, with up to US$480 million being withdrawn in tranches subject to certain conditions. The first closing is expected to be completed on or about May 1, 2025, subject to regular closing conditions. Under this innovative architecture, note interest will be paid in SOL tokens, calculated as 85% of the staking yield generated by SOL tokens purchased through this mechanism and staked by SOL Strategies.



SOL Strategies Inc


. Formerly known as Cypherpunk Holdings Inc., founded in 2002 and headquartered in Toronto, Canada, in 1998 Listed on the Italian Stock Exchange, in 2012 it was transferred to the Canadian Stock Exchange under the symbol HODL.


Under the

leadership of Leah Wald, who became CEO on July 9, 2024, the company focused on the Solana blockchain ecosystem, including the SOL token as a core asset on its balance sheet, operating cutting-edge validators, and developing sophisticated smart staking tools. To reflect this strategic transformation, the company officially changed its name from Cypherpunk Holdings Inc. to SOL Strategies Inc. on September 9, 2024. The company filed a listing application with the NASDAQ in late 2024, but has not yet completed the listing process, and its shares are still traded on the Canadian Stock Exchange and trading on the OTC market in the United States under the symbol CYFRF.


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