SOL Strategies seeks to raise $1 billion to boost Solana

• $1 Billion Prospectus for Solana Ecosystem
• Funding tied to staking SOL tokens
• Tokenized shares will be able to use the Solana network

SOL Strategies, formerly acquaintance Cypherpunk Holdings, Inc., as Cypherpunk Holdings, has filed a preliminary prospectus with Canadian regulators seeking authorization to raise up to $1 billion in future securities offerings. The move is aimed at increasing the company’s financial flexibility in the face of the rapidly expanding Solana blockchain ecosystem.

The document presented, known as a base shelf prospectus, allows the company to issue various financial instruments over time, such as common shares, subscription receipts, debt securities or combined units, without the need for new approvals for each transaction.

While there are no immediate plans to raise capital, CEO Leah Wald noted that the filing is preparatory in nature, with a focus on seizing opportunities as they arise: “Filing a base prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem.”

The fundraising plan aligns with other recent initiatives by SOL Strategies, which has been expanding its exposure to the Solana ecosystem. In April, the company closed a deal with New York-based ATW Partners, securing a convertible credit line of up to $500 million. The funds will be used to acquire SOL and staking it on its own validators.

The first tranche of the deal, worth US$20 million, was structured with a yield indexed to the staking performance, with interest payments in SOL. The transaction also includes the possibility of converting the bonds into common shares. Brokerage firm Cohen Company Capital Markets acts as placement agent, with a 4% commission.

On another front, the company has signed a memorandum of understanding with Superstate to explore issuing tokenized shares directly on the Solana blockchain. The project, which is still subject to regulatory review, could position SOL Strategies as a pioneer in the integration of traditional finance and on-chain infrastructure. The “Opening Bell” platform, developed by Superstate, would provide technical support with real-time settlement and integration with DeFi protocols.