Company Now Owns 420,355 SOL
SOL Strategies Inc. (CSE: HODL) has recently made a strategic move to bolster its balance sheet by acquiring an additional 26,478 Solana (SOL) coins for $4.7 million. The Canadian company made the announcement on Thursday, revealing that the purchase was made at an average price of around $177 per coin. This latest acquisition brings the company’s total holdings of SOL to 420,355 coins, worth more than $70 million.
In order to fund this purchase, SOL Strategies sold its remaining 3.21 Bitcoin at an average price of approximately $103,251, generating a total of $331k. This decision to concentrate its digital asset holdings in SOL is in line with the company’s focused strategy to support its validator operations and long-term investment approach within the Solana ecosystem.
The increasing demand for Solana by institutional investors has played a significant role in driving the value of SOL. As a prominent U.S.-based crypto project, the Solana network has seen a surge in interest from publicly traded companies like Janover Inc. (NASDAQ: JNVR), which recently purchased 80,567 Solana coins for $10.5 million. Janover now holds around 163,651 SOL coins, valued at $27 million. Additionally, fund managers in the U.S. are looking to offer spot SOL ETFs, with companies like Grayscale, Franklin Templeton, VanEck, Bitwise, 21Shares, Fidelity, and Canary Capital showing interest in the Solana network.
Looking ahead, the SOL price is expected to follow Bitcoin’s lead in a potential bullish rebound as May comes to a close. The price of SOL has been consolidating over the past few weeks, forming a possible bullish continuation pattern. A sustained close above $185 in the near future could trigger a rally towards the next target of over $210. On the other hand, a consistent close below $159 may lead to further selling pressure, potentially pushing the price towards $144.
Overall, SOL Strategies Inc.’s decision to increase its holdings of SOL coins demonstrates its confidence in the long-term potential of the Solana ecosystem. With institutional interest in Solana on the rise, the future looks promising for SOL and its investors.
