Sol Strategies Sells Bitcoin, Buys Solana

Rhea-AI Summary

Sol Strategies (CSE: HODL) (OTC Pink: CYFRF) has announced strategic portfolio adjustments, acquiring 12,389 SOL at an average price of CAD $240.12, bringing their total SOL holdings to 130,125.2186 (valued at CAD $32,202,081). Simultaneously, the company sold 24.5026 bitcoin at CAD $95,878.28 per BTC, generating CAD $2,349,267 in proceeds. The company retains 23.168 bitcoin, valued at approximately CAD $2,250,466. This reallocation aligns with their focus on Solana's role in decentralized finance while maintaining a reduced Bitcoin position.

Positive

• Increased Solana holdings to 130,125.2186 SOL (CAD $32.2M)
• Generated CAD $2.35M from Bitcoin sales
• Strategic portfolio diversification towards DeFi ecosystem

Negative

• Reduced Bitcoin exposure by selling 51.4% of holdings

Toronto, Ontario--(Newsfile Corp. - October 29, 2024) - Sol Strategies Inc. (CSE: HODL) (OTC Pink: CYFRF) (formerly, Cypherpunk Holdings Inc., "Sol Strategies" or the "Company"), a publicly traded, Canadian holding company that invests in the Solana blockchain and ecosystem, today announced that it acquired 12,389 SOL at an average price of CAD $240.12. As a result of the acquisition, the Company now holds a total of 130,125.2186 SOL with a value of CAD $32,202,081. Concurrently, Sol Strategies sold 24.5026 bitcoin at an average price of CAD $95,878.28 for gross proceeds of CAD $2,349,267. The Company currently holds 23.168 bitcoin with a value of approximately CAD $2,250,466.

Leah Wald, CEO of Sol Strategies commented: "Reallocating a portion of our BTC holdings to SOL reflects Sol Strategies' strategic alignment with Solana's evolving value proposition within decentralized finance. While Bitcoin remains foundational to the digital asset landscape, we recognize Solana's growth trajectory and innovative capabilities as uniquely positioned to drive the next phase of blockchain infrastructure."

About Sol Strategies

Sol Strategies is a publicly traded holding company committed to the continued development of the Solana blockchain and ecosystem through its private equity and financial markets activities. Sol Strategies seeks to take advantage of a range of investment opportunities through staking rewards and investments in Solana-based projects and infrastructure, allowing shareholders to indirectly participate in decentralized finance without the complexities of managing cryptocurrencies. The Company is headquartered in Toronto, Canada, and is publicly listed on the Canadian Securities Exchange under the ticker HODL and on the OTC market under the ticker CYFRF.

To learn more about Sol Strategies, please visit www.solstrategies.io. A copy of this news release and all material documents regarding the Company may be obtained under the Company's SEDAR+ profile at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information:

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" within the meaning of applicable securities laws.

Generally, any statements that are not historical facts may contain forward-looking information and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".

Forward-looking statements in this news release include statements regarding the company's future investing plans and staking plans. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.

There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.

Disclaimer:

Sol Strategies is an independent organization in the Solana ecosystem. Sol Strategies is not affiliated with, owned by, or under common control with Solana Foundation (the "Foundation"), and the Foundation has not entered into any association, partnership, joint venture, employee, or agency relationship with Sol Strategies.

None of the Foundation or its council members, officers, agents or make any representations or warranties, recommendations, endorsements or promises with respect to the accuracy of any statements made, information provided or action taken by Sol Strategies and expressly disclaim any and all liability arising from or related to any such statements, information or action.

Officer/Director Contact:
Doug Harris
Chief Financial Officer
doug@solstrategies.io
Tel: 416-480-2488

Media contact: solstrategies@mgroupsc.com

 

SOURCE: Sol Strategies Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228185

FAQ

How many Solana tokens did Sol Strategies (CYFRF) acquire in October 2024?

Sol Strategies acquired 12,389 SOL at an average price of CAD $240.12.

What is the total value of Sol Strategies' (CYFRF) Solana holdings?

Sol Strategies holds 130,125.2186 SOL with a total value of CAD $32,202,081.

How much Bitcoin did Sol Strategies (CYFRF) sell in October 2024?

Sol Strategies sold 24.5026 bitcoin at an average price of CAD $95,878.28, generating CAD $2,349,267 in proceeds.

What are Sol Strategies' (CYFRF) current Bitcoin holdings?

Sol Strategies currently holds 23.168 bitcoin valued at approximately CAD $2,250,466.