The Canadian crypto investment firm SOL Strategies announced a $500 million convertible note facility to focus on Solana-investment products.
The capital will be exclusively earmarked for the purchase and staking of SOL tokens. Moreover, the agreement will allow the firm to operate staking validators directly. The first tranche, totaling $20 million, is expected to close by May 1, with subsequent drawdowns contingent upon performance and market conditions.
According to CEO Leah Wald, this is not just a capital infusion but an infrastructure play. She stated:
Every dollar deployed is immediately yield-generating
Basically, the structure directly ties financing to staking rewards, a first for the Solana network.
BREAKING: SOL Strategies secures landmark USD $500M convertible note facility with ATW Partners to expand SOL holdings.
This first-of-its-kind structure is exclusively for SOL purchases and staking on our validators, with interest paid in SOL.
This represents the largest… pic.twitter.com/p9SB4dRm6o
— SOL Strategies (CSE: HODL | OTCQX: CYFRF) (@solstrategies_) April 23, 2025
Solana’s Institutional Exposure Keeps on Growing
SOL Strategies plans to route staked SOL through its own validator operations, with interest on the notes paid in SOL—up to 85% of the staking yield generated.
The use of traditional financial instruments like convertible notes, combined with blockchain-based incentives, shows the increasing sophistication of crypto capital markets. Wald also confirmed that the company is actively preparing for a potential Nasdaq uplisting, which suggests broader ambitions.
This strategic pivot arrives as Solana continues to dominate in the crypto space across several metrics. As CryptoMode reported, DEX volume on the network has surpassed that of Ethereum’s in recent months, and the rise of Solana ETPs and memecoin speculation has reinvigorated both retail and institutional interest.
For SOL Strategies, the deal reinforces their conviction in Solana’s long-term viability as a high-throughput blockchain. Wald said:
We’re doubling down, this structure is not only innovative—it’s highly scalable.
