Canadian Company Aims to Boost Solana with $17 Million Funding

Sol Strategies, a Canadian holding company, said it has secured CAD $25 million ( approximately $17 million) to invest in the Solana blockchain.

 The company added that it has successfully drawn down $4 million from the newly amended credit line to support its SOL staking operations.

All About Sol Strategies’ $17 Million Investment Plan

The credit agreement provides Sol Strategies with access to an unsecured, revolving demand credit facility worth CAD $25 million, provided by the company’s Chairman, Antanas Guoga. 

“I’m making this capital available to Sol Strategies because of how deeply I believe in both the corporate strategies and Solana itself,” said Antanas Guoga.

The facility, designed exclusively for purchasing Solana tokens, demonstrates Sol Strategies’ long-term strategy to enhance its stake in the Solana blockchain. The firm also intends to become one of the largest Solana stakers.

“After evaluating multiple financing options for this strategic investment, we determined that the terms offered through this facility provided the most favorable structure for our shareholders. Our staking strategy is tremendously successful, and we are confident that our expanded position in Solana will generate substantial returns,” Sol Strategies CEO Leah Wald added.

Sol Strategies plans to use the proceeds from the credit facility to bolster the Solana ecosystem as well. The areas of focus include supporting decentralized finance (DeFi) protocols, improving validator operations, and strategically providing liquidity to emerging Solana-based projects.

The newly amended credit facility also offers Sol Strategies a flexible means of funding. Until January 6, 2027, Sol Strategies can draw funds on an as-needed basis. 

The loan carries an interest rate of 5% per annum, with accrued interest payable on the maturity date. However, the lender, Antanas Guoga, retains the right to demand early repayment.

Separately, the Toronoto-headquartered company changed its name from Cyberpunk Holdings to Sol Strategies in September last year. The firm said that the rebrand reflected its new investment strategy centered around Solana.

Sol Strategies appears to be following in the footsteps of companies like Marathon Digital, MicroStrategy, and others by strategically investing in a single cryptocurrency.

Solana was trading at $197 at press time, down 9% over the past 24 hours. Solana had broken past the $200 milestone earlier this month. Nevertheless, Solana’s open interest reached a record high of $6.68 billion on January 7, suggesting intense market interest.