Shift to Solana Sends Shares Higher

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Monday, September 30, 2024

Solana can process many more transactions per second and charges lower transaction fees than rival blockchains like Ethereum. And shares of this firm hit a new yearly high after a press release last week announced a rebranding strategy focused completely on the crypto asset Solana.

Sol Strategies Inc. (CSE: HODL) (OTC Pink: CYFRF), formerly Cypherpunk Holdings Inc., focused on blockchain investments, announced in a press release today a rebranding to “Sol Strategies” to reflect its new investment strategy centered on Solana. 

Among the changes, Sol will begin staking Solana and investing in the protocol’s projects and infrastructure. The legal name change from “Cypherpunk Holdings Inc.” to “Sol Strategies Inc.” took effect on September 12, 2024, and was unanimously approved by the Company’s board of directors and by its shareholders at the Company’s shareholder meeting held on July 30, 2024.  

According to Leah Wald, CEO of Sol Strategies, “With the Company rebranding to Sol Strategies, we are positioned to capitalize on the growth potential within the Solana ecosystem. Just as the Company was one of the first publicly traded investment vehicles investing its treasury assets in Bitcoin, the Company’s shareholders can gain similar indirect exposure to the Company’s holdings and staking of Solana and any future investments that it may make in Solana-based projects and infrastructure.”

Canadian shares were trading at $0.25, up almost 40 percent in late morning trade; U.S. shares were also trading higher.

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