SOL Strategies Secures $500M Credit Facility to Accelerate Solana Investments, Shares Surge

SOL Strategies (HODL), a Toronto-listed digital asset firm, saw a significant jump in its share price after revealing it had secured a $500 million convertible note facility aimed at expanding its investments within the Solana blockchain ecosystem.

The company intends to use the capital to purchase additional SOL tokens and enhance its validator operations. Following the announcement, HODL shares surged by 18%, hitting C$2.16 before settling with a 7% gain from the previous close.

“This is the largest financing facility ever made in the Solana ecosystem and the first to be directly linked to staking yields,” said Leah Wald, CEO of SOL Strategies. “Every dollar allocated will generate immediate yield, benefiting both our balance sheet and validator business. This approach is not only innovative, but it’s also highly scalable.”

The first phase of the deal, valued at $20 million, is expected to close by May 1 and is being finalized with ATW Partners, a private equity firm based in New York. The interest on the convertible notes will be paid out in SOL, with payments tied to up to 85% of the staking yield from tokens staked within the company’s validators.

In addition to the credit facility, SOL Strategies is exploring a potential listing on the Nasdaq, which would give the company access to a broader investor base. This follows the example of Galaxy Digital, another Canadian-listed digital asset firm that is preparing to list on the Nasdaq in May 2025 after receiving regulatory approval.

Led by Leah Wald, a co-founder of Valkyrie Investments, SOL Strategies has pioneered the adaptation of Michael Saylor’s Bitcoin treasury strategy to other cryptocurrencies. As of last month, the firm held 267,151 SOL tokens, valued at over $40 million at current prices. Additionally, it recently acquired three Solana validator businesses, boosting the total amount of SOL staked to 3,351,617 SOL, or more than $500 million.

In a similar move, DeFi Development Corp, previously known as Janover, a U.S.-listed real estate firm, has followed SOL Strategies’ lead by focusing on Solana as part of its cryptocurrency treasury and validator operations.