Ex-Valkyrie CEO Leah Wald's Investment Firm Buys Four Validators, Including Solana Network's, for Nearly $18M

“The firm will buy validators for SOL, SUI, MONAD and ARCH networks.”, — write: www.coindesk.com

Sol Strategies (HODL), a crypto investment firm led by Leah Wald, the former boss and co-founder of Valkyrie Investments, bought four validators for nearly $18 million in cash and shares.

The Toronto-based firm, formerly known as Cypherpunk Holdings, will buy the validators from Cogent Crypto, a high-performance validator operating within the Solana ecosystem, according to a statement on Thursday. The total value of the investment is nearly $18 million, broken into three tranches: $1 million cash and about $1 million in company shares at the closing of the deal, and the rest distributed over three years in shares, Sol Strategies said.

05:50

Trump Announces Department of Government Efficiency, DOGE Skyrockets

01:45

Bitcoin Tops $93K Lifetime High As U.S. Demand Surges

01:29

DOGE Ascends Over 100% in Past Week, Traders Set $1 Price Target

02:47

Bitcoin Nears $90K; FTX Sues Binance, CZ For $1.8B

The firm will buy validators of Solana (SOL), Sui (SUI), Monad {{MONAD}} and ARCH {{ARCH}} networks from Cogent Crypto, with most dollars focused on SOL. Validators are entities that process transactions and help maintain the security of proof-of-stake blockchains, such as Solana and Ethereum, by staking or pledging certain amounts of the network’s cryptocurrencies. Essentially, validators work like miners on a proof-of-work blockchain, such as Bitcoin.

Sol Strategies has been actively investing in the digital assets sector for several years and has various investments, including Animoca Brands. The company shifted its strategy from just investing in digital assets to Solana after hiring Leah Wald to provide investors with exposure to indirectly participate in staking rewards and Solana-based projects. The company recently said it holds about 130 million SOL, worth C$32.2 million ($22.9 million).

The Solana network, which hosts numerous meme coins, has recently started to catch institutional investors’ interest. The layer 1 blockchain saw many giant financial institutions, such as Franklin Templeton, Citibank and Société Générale, announce new Solana-based projects last September during Breakpoint, the network’s biggest yearly conference.

“This acquisition will meaningfully expand Sol Strategies’ staking capabilities, which underpins Solana’s reputation as a next generation blockchain for institutional and decentralized applications alike,” said Leah Wald, CEO of Sol Strategies.

The shares of the investment firm rose more than 900% this year, while Solana rose 113%, according to TradingView data.

Edited by Stephen Alpher.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

have been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

editorial policies.

CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Name	Price	24H (%)
Bitcoin(BTC)	$88,287.00	-1.97%
Ethereum(ETH)	$3,083.79	-3.72%
Tether(USDT)	$1.00	-0.17%
Solana(SOL)	$210.24	-3.09%
BNB(BNB)	$624.05	0.13%
Dogecoin(DOGE)	$0.372999	-3.84%
XRP(XRP)	$0.82	18.67%
USDC(USDC)	$1.00	-0.18%
Lido Staked Ether(STETH)	$3,084.64	-3.62%
Cardano(ADA)	$0.59	4.01%

Login

Register

Related posts

Leave a Comment Cancel Reply