The post Sol Strategies Bought $10M Worth of Solana Token – SOL Price Soars 7% appeared first on Coinpedia Fintech News
Canadian publicly traded company Sol Strategies announced the purchase of an additional 40,300 SOL tokens. This latest purchase, valued at approximately CAD 14.3 million ($9.9 million), comes at an average price of CAD 355.77 ($246.53) per SOL. In the meantime, Solana native token Sol has seen a surge of 7% with a market cap of almost $100 billion.
Sol Strategies Add More Sol Into It’s Portfolio
Sol Strategies, previously known as Cypherpunk Holdings Inc., has been actively increasing its stake in the Solana ecosystem. The company confirmed that the recent acquisition of 40,300 SOL was made between January 19 and January 31, 2025.
With this latest addition, Sol Strategies and its subsidiaries now hold around 189,968 SOL, acquired for a total of CAD 48.7 million ($35 million).
Beyond direct investments, the company also completed the second tranche of a private placement of convertible debentures, worth $2.5 million. This transaction was settled through the transfer of 6,564.47 SOL at an average price of CAD 380.84 ($265.65).
CIO Resignation Shakes Leadership
Alongside this major investment, Sol Strategies announced the resignation of its Chief Investment Officer, Moe Adham, on January 30, 2025. Adham, who has been with the company since 2018, played a crucial role in shaping its investment strategies.
While he is stepping down due to personal reasons, he will continue advising the company on strategic matters in the near term.
SOL Price on the Rise
The price of Solana has shown strong momentum, climbing back above $200. As of now, SOL is trading around $207, reflecting a 7% increase in just 24 hours. The market cap now hovers around $99.98 billion, signaling strong investor confidence.
If SOL can move past the $210–$220 level, it might continue to rise toward $250 or even higher.
However, technical indicators show the Relative Strength Index (RSI) at 41.55, still below the bullish threshold of 55.11. A break above this level could indicate further upside movement for SOL soon.