Sol Strategies Stack 23,374 SOL, Will Solana Price Reclaim ATH?
The post Sol Strategies Stack 23,374 SOL, Will Solana Price Reclaim ATH? appeared on BitcoinEthereumNews.com.
Solana’s price is now in the spotlight after Canadian publicly traded company Sol Strategies took the bold step of investing $5,053,303 in purchasing 23,374 SOL. The acquisition was made between January 31 and February 7 this year. Notably, each SOL costs an average of $207.33, including fees and expenses. Sol Strategies Accumulations Moves From Bitcoin to Solana As a result of its recent acquisition, the Toronto-based company now holds a total of 214,342 SOL. This entire holding was purchased for approximately $39.5 million but is now worth $43.4 million, based on the current Solana price. At the time of writing, SOL price was trading at $203.81 with a 1.06% gain within the last 24 hours. Sol Strategies took this step in a bid to expand its investment portfolio. The firm has moved from accumulating Bitcoin to stashing SOL. This latest acquisition comes only a week after some sources mentioned that the firm purchased 40,300 SOL. Per the report, Sol Strategies bought these coins for approximately $9.9 million between January 19 and January 31. At the time, its SOL holdings moved to 189,968 SOL. – Advertisement – Noteworthy, Sol Strategies achieved most of these acquisitions through the sales of convertible debentures. Solana ETF Push by Asset Managers Meanwhile, the broader cryptocurrency sector is anticipating the approval and eventual launch of spot Solana Exchange Traded Funds (ETFs). Several investment asset management firms, including VanEck, 21Shares, Canary Capital, and Bitwise, have filed their applications with the United States Securities and Exchange Commission (SEC). They seek approval to list the fund and give retail and institutional investors ‘guided’ or regulated exposure to SOL. Just before 2024 ended, Bitwise officially declared its plans to file an S-1 application for spot SOL ETF. Shortly after, Tuttle Capital Management also filed a similar application with the US SEC. Still,…
Filed under: News - @ February 11, 2025 8:19 pm