"Solana version of MicroStrategy," Sol Strategies, has seen a stock price increase of over 1700% since its renaming

Odaily Planet Daily reports that Cypherpunk Holdings, headquartered in Toronto, has been renamed Sol Strategies since September 2024. Since its debut, the company's stock price has risen by more than 1700%.

It is reported that the holding company has acquired two independent validator businesses and holds over 142,000 SOLs valued at approximately $27 million at current prices. The company previously hired a former senior engineering director from CEX as its staking supervisor and applied for listing on NASDAQ. This week, the company signed a credit agreement with the chairman of the board to purchase SOL tokens worth $17.3 million and announced a private placement agreement worth about $19 million with ParaFi Capital.

The CEO of the company Leah Wald previously stated that compared to MicroStrategy, Sol Strategies also operates validator businesses and invests in Solana ecosystem projects which makes their approach "more dynamic".