Solana-focused investment firm Sol Strategies has significantly expanded its holdings by purchasing an additional 40,300 SOL between Jan. 19 and Jan. 31. The purchases, worth approximately $9.9 million, were made at an average price of $246.53 per token, according to the company’s press release.
With this latest acquisition, the Toronto-based firm now owns a total of 189,968 SOLs worth approximately $40.89 million. The company’s average purchase price is approximately $178.39 per SOL.
Sol Strategies, which filed to list on Nasdaq last month, sold $2.5 million in convertible notes. The proceeds were used to purchase an additional 6,564.57 SOL at an average price of $265.65 per coin.
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The surge in investment in SOL comes amid the recent market decline, with Solana’s price trading at $215 at the time of writing, having suffered an 8.5% decline over the past week amid volatility in the cryptocurrency market.
Formerly known as Cypherpunk Holdings, Sol Strategies is led by former Valkyrie Investments co-founder Leah Wald. The company has diversified its blockchain infrastructure investments by operating validators not only on Solana (SOL), but also on Sui (SUI), Monad (MONAD), and ARCH (ARCH).
*This is not investment advice.
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