Sol Strategies Ramps Up SOL Purchases, Echoing MicroStrategy's Bitcoin Playbook

Sol Strategies Inc., a publicly listed Canadian holding company focused on Solana investments, has intensified its accumulation of SOL, drawing parallels to MicroStrategy's aggressive Bitcoin acquisition strategy.

Between January 19 and January 31, Sol Strategies purchased an additional 40,300 SOL for approximately CAD 14.3 million (USD 9.9 million) at an average price of CAD 355.77 per SOL (USD 246.53).

The firm also closed the second tranche of a CAD 2.5 million private placement of unsecured convertible debenture units ("CD Units"), acquiring 6,564 SOL at an average price of CAD 380.84 per SOL (USD 265.65). Each CD Unit consists of one debenture with a principal amount of CAD 1,000 and 214 common share purchase warrants.

Sol Strategies' use of convertible debentures to fund its SOL purchases mirrors MicroStrategy's approach to financing Bitcoin acquisitions. MicroStrategy, under Michael Saylor, issued convertible senior notes to raise capital for buying Bitcoin. Sol Strategies appears to be adopting a similar strategy within the Solana ecosystem, leveraging financial instruments to build its SOL reserves.

As of January 31, Sol Strategies and its subsidiaries hold a total of 189,968 SOL, acquired for approximately CAD 48.7 million, now valued at CAD 63.7 million based on the latest market price. This accumulation strategy positions SOL as a key treasury asset for the company.

Beyond SOL purchases, Sol Strategies continues to expand its validator presence on Solana. The company recently deployed the Firedancer validator client and increased its total SOL delegation from 1.57 million to 1.77 million SOL in January, with 166,000 SOL coming from new third-party delegations.

While Bitcoin has historically been the asset of choice for institutional accumulation, Sol Strategies' approach highlights the growing confidence institutions have in Solana's ecosystem.