Canadian Company Aims to Boost Solana with $17 Million Funding
Sol Canadian holding company Strategies says it has secured C$25 million (approximately US$17 million) in investment Solana Blockchain.
The company added that it had successfully drawn down $4 million from a newly revised credit facility to support its SOL staking business.
Everything about Sol Strategies’ $17M investment plan
letter of credit protocol Sol Strategies has access to a C$25 million unsecured revolving demand credit facility provided by Antanas Guoga, the company’s chairman.
“I provided this funding to Sol Strategies because I believe deeply in the company’s strategy and in Solana itself,” said Antanas Guiga.
The facility is designed for procurement Solana Tokendemonstrating Sol Strategies’ long-term strategy to enhance its presence in the Solana blockchain. The company also intends to become one of the largest stakers of Solana.
“After evaluating multiple financing options for this strategic investment, we determined that the terms offered through this financing provide the most favorable structure for our shareholders. Our staking strategy has been very successful and we believe our expanded position in Solana will generate significant returns,” added Leah Wald, CEO of Sol Strategies.
Sol Strategies plans to use proceeds from credit line to support Solana Ecosystem as well as. Key areas include supporting decentralized finance (Decentralized Finance) protocol, improve validator operations, and strategically provide liquidity to emerging markets Based on Solana project.
The newly amended credit facility also provides Sol Strategies with flexible financing options. Sol Strategies can withdraw funds as needed until January 6, 2027.
The loan has an annual interest rate of 5%, and accrued interest is paid on the maturity date. However, the lender AntanasGuoga reserves the right to demand early repayment.
Separately, the Toronto-based company changed its name to Cyberpunk Holdings Joined Sol Strategies last September. The company said the rebrand reflects its new Solana-centric investment strategy.
Sol Strategies seems to be following The footprints of companies like Marathon Digital, micro strategyetc., by strategically investing in a single cryptocurrency.
At press time, Solana was trading at $197, down 9% in the past 24 hours. Solana has passed the $200 milestone earlier this month. Nonetheless, Solana’s Open interest hits record high Sales on January 7 were $6.68 billion, indicating strong market interest.
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