Sol Strategies (ticker: HODL), the recently rebranded holding company formerly known as Cypherpunk Holdings, announced plans to purchase more Solana tokens using capital recovered from FTX.
The Canada-based investing firm received $825,450 Canadian dollars (approximately $600,000) worth of USDC from Lucy Labs Flagship Offshore Fund SPC, which previously held funds on the now-defunct exchange. SOL Labs, which had written off its investment at the time of FTX’s bankruptcy, ultimately earned a 122% premium on its $500,000 investment in Lucy Labs.
The firm now intends to reinvest this windfall, pursuing its recent strategy of buying and staking SOL. The company has increased its SOL holdings to 86,294.0575 tokens, valued at $21.6 million, acquired at an average price of $142. It has generated gross revenue of $282,910 since Cypherpunk began staking on the Solana network in the second quarter of 2024.
“The recovery of the claim is a welcome addition to our available funds and underscores Sol Strategies' commitment to maintaining a solid financial foundation,” stated CEO Leah Wald in a press release. “Coupled with our increased SOL holdings, these recovered assets are expected to be allocated within the Solana ecosystem.”
In a previous interview, Wald described the publicly traded firm’s strategy as akin to a bitcoin miner, which earns revenues by securing the Bitcoin network. “No other companies are running a validator, and none of the staked-SOL ETPs for North America are approved,” Wald stated.
HODL has seen an increase of over 13% in the past five days.
