Canada-listed Sol Strategies filed a preliminary base shelf prospectus on Tuesday to expand its capital-raising flexibility as it deepens its investment in the world’s sixth-largest cryptocurrency, Solana (SOL).
SOL Strategies Files $1 Billion Shelf Prospectus
In its Tuesday press release, SOL Strategies stated that the filing and final approval of the prospectus would allow it to offer up to $1 billion in a variety of instruments, including common shares, debt securities, warrants, and subscription receipts.
The prospectus was submitted to securities regulators in all Canadian provinces and territories, and once finalized, it will give the firm flexibility to act quickly on future opportunities in the Solana ecosystem without delay due to further regulatory greenlight.
“The filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,” said SOL Strategies CEO Leah Wald.
However, the company, which trades on the Canadian Securities Exchange under the ticker HODL, indicated that it currently does not have immediate plans to issue securities under the shelf prospectus, and may never pursue such an issuance.
A few weeks ago, Sol Strategies announced that it had secured a $500 million convertible note facility to fund additional SOL buys. In a follow-up press release, the company said it spent its entire first tranche of $20 million from the financing to acquire 122,524 SOL.
Companies Move Into Solana
Sol Strategies rebranded in 2024 from Cypherpunk Holdings — a holding company initially focused on investing in Bitcoin and crypto-related equities — to concentrate on its Solana investment strategy. The move reflects the growing institutional confidence in Solana’s high-speed, low-cost network.
Solana remains one of the top cryptocurrencies, with a valuation of around $89.9 billion. The asset is trading down slightly on the day to $172.80, CoinGecko data shows.
Sol Strategies is not the only company receiving debt to buy SOL. In April, Nasdaq-listed Upexi disclosed a $100 million raise aimed at creating a Solana reserve.
The DeFi Development Corporation (formerly Janover) also recently announced a $42 million raise and plans to build a Solana treasury strategy.