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HODL Ramps Up SOL Holdings After FTX Windfall

Sol Strategies (HODL), once known as Cypherpunk Holdings, just threw a fresh load of capital into the Solana ecosystem. On Thursday, the Canada-based firm announced its plan to buy more Solana tokens (SOL) with funds recovered from the collapsed FTX exchange.

The firm’s recovery came via Lucy Labs Flagship Offshore Fund SPC, which had previously held $825,450 CAD (around $600,000 USD) worth of USDC on FTX. Sol Strategies had written off that chunk of cash when FTX imploded, but now they’re back in the black with a 122% gain on their $500,000 investment.

So, with this sudden cash flow, they’re sticking to their playbook—doubling down on Solana.

CEO Leah Wald Speaks on Staking and SOL Expansion

CEO Leah Wald sees this as a big win. She emphasized how the recovered funds let Sol Strategies beef up its Solana holdings and keep supporting the network. In an email to The Block, Wald said, “Combined with our growing SOL holdings, the recovery of the FTX claim allows us to continue supporting the Solana ecosystem. These funds further reinforce our ability to sustain current initiatives and maintain a strong operational foundation.”

Sol Strategies has already stacked 86,294.0575 SOL tokens, worth $21.6 million, with an average purchase price of $142 per token. By staking these tokens on the Solana network, they’ve generated $282,910 in gross revenue since the second quarter of 2024.

Following a Validator Strategy, But It’s All About SOL

Wald outlined how Sol Strategies’ business mirrors that of a Bitcoin miner, though their focus is on staking Solana. She noted that no other companies are running a validator like they are, and North America still hasn’t seen an approved staked-SOL ETP.

With a 13% stock bump in the last five days, Sol Strategies seems locked into a strategy that’s paying off, staking big on Solana and reinvesting where the liquidity is flowing. Wald wrapped up her statement by pointing to Solana’s future as a central part of the company’s direction, allocating their recovered funds directly into the ecosystem.