Canadian blockchain company Cypherpunk Holdings has undergone a rebranding, now known as Sol Strategies. This name change reflects the company’s shift in investment strategy to focus on Solana, a blockchain network, and its native cryptocurrency SOL. Sol Strategies, based in Toronto, publicly announced this change on September 12th, emphasizing its commitment to investing in Solana, including through staking and projects developed on the network.
Previously known as Cypherpunk Holdings, the company was established in 2018 and is listed on the Canadian Securities Exchange, as well as trading on the OTC market. Sol Strategies is among the pioneering publicly-traded companies to invest in Bitcoin (BTC). However, the bear market led to Cypherpunk Holdings liquidating its BTC and ETH holdings. The company also engaged in venture capital and private equity investments, achieving significant milestones in the crypto space before the emergence of exchange-traded funds.
Following approval from the board of directors and shareholders on July 30, 2024, the company’s primary focus will now be on the Solana ecosystem. Leah Wald, the chief executive officer of Sol Strategies, expressed in a statement that this strategic shift will position the company to leverage the growth potential of Solana.
Leah Wald, who was appointed as the chief executive and president of Sol Strategies in July 2024, is an industry veteran with experience as the former CEO of Valkyrie, a digital asset management firm. Under her leadership, the company’s SOL holdings have significantly increased, as it held no Solana as of March 31, 2024, but by the end of July 2024, it had over 86,290 SOL in Coinbase custody.
As of the latest update, Sol Strategies acquired its SOL at an average price of $143, and the cryptocurrency is currently trading around $135. Despite struggling for upside since dropping from above $200 in April, the company remains committed to its investment in Solana. Additionally, Zodia Custody has partnered with Marinade Finance to offer Solana staking services, further emphasizing the growing interest and investment in the Solana ecosystem.