As a researcher with a keen interest in the ever-evolving world of blockchain and cryptocurrencies, I find the transformation of Cypherpunk Holdings to Sol Strategies intriguing. Having closely followed the crypto space since its early days, it’s fascinating to see how this Toronto-based firm has adapted with the times.
The Canadian-based blockchain company formerly known as Cypherpunk Holdings has now changed its name to Sol Strategies, reflecting a shift in their investment approach towards the Solana platform.
On September 12, it was disclosed by the company based in Toronto that they have chosen to commit resources into Solana (SOL) by means of staking and ventures constructed on the blockchain platform, as indicated by their recent announcement.
In 2018, the company formerly known as Cypherpunk Holdings, now operating as Sol Strategies, commenced its business activities. This company can be found on the Canadian Securities Exchange’s public listings and is additionally tradeable on the Over-the-Counter market.
Cypherpunk Holdings among first publicly-traded companies to hold Bitcoin
Among the pioneering public companies, Sol Strategies is one that has invested in Bitcoin (BTC). However, during a downturn in the market known as a “bear market,” Cypherpunk Holdings chose to sell off its Bitcoin and Ethereum holdings.
Its business also involved venture capital and private equity investments, with these milestones achieved at a time when the crypto space had no exchange-traded funds.
Following the approval by the board of directors and shareholders on July 30, 2024, our primary concern moving forward will shift towards the Solana network.
In a statement, Leah Wald, CEO of Sol Strategies, pointed out that this shift will enable the company to tap into the opportunities presented by Solana’s expansion trajectory.
Moving to Sol Strategies represents a significant shift in our business strategy, with the aim of capitalizing on Solana’s potential within public markets and maximizing returns for our investors.
Leah Wald, CEO, Sol Strategies
Sol Strategies Solana holdings
In July 2024, the company previously known as Cypherpunk Holdings, now called Sol Strategies, named Leah Wald as both its CEO and president. Leah Wald, a seasoned professional in the crypto industry, has a background that includes serving as the former CEO of Valkyrie, a digital asset management firm.
Since Wald’s appointment and following the shareholder vote to rebrand, the company’s Solana holdings have experienced a substantial rise. Remarkably, there were zero Solana assets in the company’s possession on March 31, 2024.
From July 16th onwards, the amount of Solana (SOL) held in Coinbase’s custody surpassed 63,000 units. By July 31st, 2024, this figure had grown to more than 86,290 SOL.
Based on the most recent information as of the end of July, Sol Strategies purchased their Solana with an average cost of about $143. At present, Solana is exchanging hands at approximately $135, having a hard time gaining momentum since it fell from over $200 in April.
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2024-09-12 22:40