SOL Strategies Sees Significant Growth with New $500M Credit Facility for Solana Funding

SOL Strategies Secures $500M Credit Facility to Expand Solana Holdings, Shares Soar

Shares of SOL Strategies (HODL), a Toronto-listed digital asset firm, soared after the company announced that it had secured a $500 million convertible note facility to ramp up its investment in Solana and enhance its validator business.

The funds will be exclusively used to acquire more SOL tokens and expand the firm’s blockchain validator infrastructure. Following the announcement, HODL shares surged as much as 18%, reaching C$2.16, before pulling back slightly to close with a 7% gain from the previous session’s close.

“This marks the largest financing facility ever seen within the Solana ecosystem and the first of its kind directly tied to staking yields,” said Leah Wald, CEO of SOL Strategies, in a statement. “Every dollar invested will generate immediate yield, boosting both our balance sheet and validator operations. This unique structure is not only highly innovative but also scalable.”

The first $20 million tranche of the facility is expected to close by May 1 and was arranged with ATW Partners, a private equity firm based in New York. The interest payments on the convertible notes will be made in SOL, based on up to 85% of the staking yield from SOL tokens staked within the company’s validators.

As part of its broader growth strategy, SOL Strategies is also considering a potential listing on the Nasdaq in the United States, which would open up access to a deeper pool of investors. This move follows the steps of Galaxy Digital, a similar Canadian digital asset firm that is preparing to debut on Nasdaq in May 2025 after receiving regulatory approval.

Founded by Leah Wald, a former co-founder of Valkyrie Investments, SOL Strategies is known for adapting Michael Saylor’s Bitcoin treasury strategy to focus on alternative cryptocurrencies. As of last month, the firm held 267,151 SOL tokens worth over $40 million. Additionally, it recently acquired three Solana validator businesses, increasing the amount of SOL staked across its validators to 3,351,617 SOL, valued at more than $500 million.

In a similar vein, DeFi Development Corp, a rebranded U.S.-listed real estate company previously known as Janover, has adopted a similar strategy, focusing on Solana and its validator operations to build a crypto treasury.