Sol Strategies is raising $27.5 million CAD (about $19 million USD) in debt financing to expand its investments in the SOL token and Solana’s staking infrastructure. This is the second multimillion-dollar investment strategy the company has announced this week.
Specifically, the Toronto-based company, formerly known as Cypherpunk Holdings, is raising capital through a private placement of “unsecured convertible debenture units,” a long-term debt instrument that can be converted into the company’s equity, to ParaFi Capital.
Sol Strategies' bond units consist of a C$1,000 bond and 400 warrants, convertible into shares at an exercise price of C$2.50 at any time prior to the fifth anniversary of the closing of the financing, which is expected to be January 16.
In addition, the convertible bond offers a yield of 2.5% per year, payable semiannually, in cash or common stock.
This is Sol Strategies’ next attempt to raise capital to invest in the Solana ecosystem. Last year, when the company appointed CEO Leah Wald, Sol Strategies decided to increase its investment in Solana.
Ryan Navi, CEO of hedge fund ParaFi Capital, said:
“ParaFi’s investment will empower Sol Strategies to operate leading validation services, deploy the SOL treasury strategy, and support the Solana network.”
Sol Strategies has grown into one of the largest Solana stakers, with over 1.5 million SOL tokens (worth approximately $450 million CAD) staked as of mid-December, of which over 140,000 SOL are owned by the company.
Similar to how investing in Bitcoin miners is a way to participate in the market without owning physical BTC, Sol Strategies says the company's focus is on “leveraging investment opportunities in staking rewards and Solana-based projects,” thereby allowing “shareholders to indirectly participate in the decentralized finance landscape.”
On Monday, the company announced it was drawing down a $25 million Canadian credit line to help finance its staking expansion. Last December, CEO Leah Wald said the company was looking to list on Nasdaq.
https://tapchibitcoin.io/sol-strategies-huy-dong-19-trieu-do-la-dau-tu-vao-solana.html
