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cryptonews 2024-12-22 11:24:42

Sol Strategies to Acquire 3 More Validators in $6.5m Deal, $400m Solana Staked for 9% APY

Sol Strategies (CSE: HODL) (OTC Pink: CYFRF), a publicly traded Canadian company actively investing in, supporting, and providing infrastructure for the Solana blockchain and ecosystem, is acquiring three Solana validators from Orangefin Ventures , a leader in high-performance blockchain infrastructure solutions. In addition to the validators, Max Kaplan, founder of Orangefin Ventures and the former senior director of engineering at Kraken, will become Sol Strategies’ new head of staking. After completing the Acquisition, Sol Strategies will have increased its staked SOL to 1,505,145 SOL (CAD $406,852,077) across its validator operations, of which Sol owns 142,801 SOL, at an approximate average of 9% annual percentage yield. $400m worth of SOL staked across all Sol Strategies validators Post-acquisition, Sol Strategies will manage the staked SOL across its validators as follows: 193,790 SOL (CAD $52,382,903) on Sol Strategies’ proprietary validator, of which 142,684 SOL is delegated by the Company. 677,136 SOL (CAD $183,034,982) on Sol Strategies’ recently acquired Cogent Crypto validator. 634,219 SOL (CAD $171,434,192) on Sol Strategies’ recently acquired Orangefin Ventures’ Solana validator. When the acquisition is completed, Sol Strategies will be the 64th largest staking validator on the Solana network according to Solana Beach data . According to a company press release , this combined portfolio enhances Sol Strategies’ revenue streams, delivering predictable staking income and further solidifying its position as a leading infrastructure provider in the Solana ecosystem. The cash and equity deal will be completed for a purchase price of USD$6,500,000 (approximately CAD $9.4 million). Sol Strategies acquires a 100% ownership interest in the validators and all ancillary rights and assets required for the management of the validators. The acquisition also includes performance-based milestones that align the interests of the Orangefin Ventures team with those of Sol Strategies and its shareholders. Solana DApp revenue has increased 15x in 2024, as it benefits from its adoption as the premier platform for launching meme coins . Sol Strategies CEO Leah Wald: ‘Cementing our leadership position in blockchain infrastructure and validator operations’ “This acquisition marks a significant step forward in cementing our leadership in blockchain infrastructure and validator operations. Orangefin Ventures’ proven reliability, exceptional performance, and scale bring immediate value to our staking operations,” said Leah Wald, CEO of Sol Strategies. Max Kaplan, newly appointed Head of Staking at Sol Strategies added: “I’m thrilled to be joining Sol Strategies to build on our shared vision of advancing Solana and blockchain infrastructure. “Bringing Orangefin Venture’s technology into Sol Strategies’ business is an opportunity I am extremely excited and optimistic about. I look forward to continuing to innovate and build high-value products for participants and shareholders alike.” Closing is expected in Q1 2025, subject to customary closing conditions, including regulatory approvals. The post Sol Strategies to Acquire 3 More Validators in $6.5m Deal, $400m Solana Staked for 9% APY appeared first on Cryptonews .

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