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Simon Chandler
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Simon Chandler
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Stock in Sol Strategies (HODL.CN) fell by 2.6% in trading yesterday, yet its current price of $2.999 still represents a nearly 2,500% return in six months.
Much of this growth has occurred since December, during a period in which the Toronto-based holding company announced the acquisition of three more Solana validators, in addition to November’s purchase of four validators from Cogent Crypto.
Other recent developments have included its entry into the CSE 25, and also the addition of cryptocurrency investor Anthony ‘The Pomp’ Pompliano as an advisor.
These milestones have capped a strong 2024 for the Solana infrastructure firm, while this year it looks forward to a potential listing on the Nasdaq.
Blockchain Stock Sol Strategies (HODL.CN) Rises 2500% In 6 Months
Since rebranding from Cypherpunk Holdings on September 12, 2024, Sol Strategies has enjoyed considerable growth.
The price of its stock has risen from approximately $0.16 in September to its current level of $2.999, delivering returns of just over 1,700% to shareholders.
It has gained by 1,000% in the last three months alone, while Solana (SOL) itself has risen by 50%.
Such growth has stemmed from its aggressive entry into the Solana ecosystem, with the firm’s H2 2024 report revealing that it stakes 948,242 SOL, which is currently valued at $202.9 million (USD).
It has also begun building its Solana holdings, which stood at 142,031 SOL as of December 11, worth $30.4 million.
Commenting on its development over the previous six months, CEO Leah Wald said, “We have laid a strong foundation for sustainable growth as we look toward 2025. Sol Strategies continues to build its presence within the Solana ecosystem, thoughtfully accumulating valuable assets and strengthening our operational capabilities.”
Nasdaq Listing Could Deliver Further Growth
Sol Strategies now operates seven Solana validators in total, and if its application to list on the Nasdaq is successful, it will gain the impetus to acquire even more.
Nasdaq’s listing qualifications department is currently reviewing the application, while the SEC will also have to approve the filing if the firm is to list on the US index.
In previous years this may not have seemed hopeful, yet a change of leadership at the SEC could make approval likelier.
Sol Strategies is also likely to benefit from ongoing positive market conditions, with the inauguration of Donald Trump possibly paving the way for Solana ETFs.
The approval of such ETFs would create even more favorable conditions for Sol Strategies’ expansion, with the firm’s stock providing institutional and retail investors with indirect exposure to Solana staking.
Since rebranding as Sol Strategies in September, it has effectively become a MicroStrategy for Solana, with Solana’s growth feeding into its own.
This looks set to continue, with some prominent crypto analysts suggesting that SOL could eclipse its current ATH this year.
