Canada-listed SOL Strategies buys more Solana

SOL Strategies, a Canadian publicly traded company focused on supporting the Solana blockchain ecosystem, has expanded its holdings with a new $20 million Solana purchase.

The Canada-listed company announced the move on Tuesday, May 6, disclosing the completion of the $20 million buy is from the first tranche of its $500 million convertible note facility . 

According to SOL Strategies, the acquisition was for 122,524 Solana ( SOL ) tokens, completed at an average price of $148.96 per token. The company spent a total of about $18.25 million on the new SOL haul, it noted

“With the closing of our initial $20 million tranche from the ATW facility, we’re executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position,” said Leah Wald, chief executive officer of SOL Strategies. “These purchases directly strengthen our three-pillar strategy of enterprise grade validators, strategic SOL holdings, and solana technology innovation.”

The buying comes a few days after SOL Strategies’ successful closing of an initial $20 million funding facility.

SOL announced this on May 1, noting the tranche is part of its $500 million convertible note facility with ATW Partners. This success allowed the company to move forward with its plan to acquire more Solana using the proceeds.

SOL Strategies acquired a total of 24,374 SOL between January 31, 2025 and February 7, 2025, with the purchase worth about $5 million. The company held 267,151 SOL worth about $38.4 million as of April 7, 2025. 

While it focuses on Solana , SOL Strategies also holds Bitcoin ( BTC ). 

Details on its website showed it held 3.211 BTC valued at 419.34k Canadian dollars, or roughly $304k as of April 7. It currently has over 3 million staked SOL and maintains a footprint in the exchange-traded fund ecosystem as the staking provider for 3iQ’s Solana Staking ETF.