SOL Strategies (HODL), a Toronto-based digital asset firm focused on Solana (SOL), announced on Tuesday that it has acquired more than $18 million worth of SOL tokens, financed through a recently secured debt facility.

The company purchased 122,524 SOL for $18.25 million, at an average price of $148.96 per token, as detailed in a press release. This acquisition follows the initial closing of a $20 million tranche from a planned $500 million convertible note deal with ATW Partners, which was revealed last month.

After the announcement, shares of SOL Strategies dropped by 10%, trading around CA$2.6, extending the downturn from a late-April peak of over CA$3.3. However, the stock has surged by almost 80% in the past two weeks.

“We’re executing exactly as promised with the close of our initial $20 million tranche from the ATW facility,” said Leah Wald, CEO of SOL Strategies. “These SOL purchases are directly aligned with our goal of expanding our validator operations and enhancing our position within the Solana ecosystem.” Wald emphasized that the acquisition strengthens the company’s strategy, which revolves around enterprise-grade validators, strategic SOL holdings, and Solana technology innovation.

In proof-of-stake blockchains like Solana, validators play a critical role in securing the network and generating staking rewards. By acquiring additional SOL tokens, the firm plans to increase its validator stake, which could amplify both its influence and potential revenue in the Solana ecosystem.

This move highlights a broader trend of public companies following the Michael Saylor model, where capital markets are leveraged to build large cryptocurrency holdings with the aim of increasing shareholder value.

In a similar vein, last month Janover (JNVR), a real estate fintech company now known as DeFi Development, also pivoted to focus on accumulating SOL and building a validator business on the Solana blockchain.