Source: Cointelegraph Original: "{title}"
Canadian investment firm SOL Strategies has issued $500 million in convertible bonds to purchase and stake Solana tokens.
This $500 million bond issuance is exclusively for one investor—New York-based investment firm ATW Partners. The firm provides growth equity and structured capital for companies in public and private markets, a spokesperson for SOL Strategies told Cointelegraph.
The spokesperson for SOL Strategies stated that the company focuses on building institutional-grade infrastructure for Solana rather than reacting to short-term price fluctuations.
According to an announcement on April 23, the staking yields will be jointly owned by SOL Strategies and ATW Partners. SOL Strategies is a publicly traded company listed on the Canadian Securities Exchange. According to Google Finance, the company's stock price rose by 25.3% that day.
"This investment represents significant institutional confidence in Solana's long-term potential," the spokesperson said. "From an ecosystem perspective, we expect to generate multiple positive impacts. First, by increasing the staking volume of our validator network, we will help enhance the network's security and decentralization."
According to StockAnalysis.com, SOL Strategies expects revenue of CAD 10.62 million ($7.65 million) in 2024, marking a positive turnaround from a loss of CAD 15.65 million ($11.27 million) in 2023.
Companies are flocking to Solana
SOL Strategies has become the second publicly listed company to announce fundraising to purchase SOL. On April 21, Upexi disclosed a $100 million financing plan aimed at establishing a Solana reserve.
DeFi Development Corporation (formerly Janover) also recently announced it raised $42 million and plans to create a Solana reserve fund.
Related: Bloomberg: Traders flock to leveraged ETFs and gold to cope with market volatility
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