A publicly-traded holding company is all-in on Solana

Cypherpunk Holdings has rebranded to Sol Strategies in a pivot to a Solana-first investment approach

article-image

Sol Strategies CEO Leah Wald | DAS 2022 New York by Blockworks

share


Today, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Lightspeed newsletter


Toronto-based holding company Cypherpunk Holdings has rebranded to Sol Strategies in a pivot to a Solana-first investment approach, the firm disclosed today.

Following the rebrand, Sol Strategies will begin focusing on staking Solana and investing in the Solana ecosystem’s projects and infrastructure, the company said in a press release. The strategy shift was unanimously approved by the company’s board of directors at its July 30 shareholder meeting, Sol Strategies said in a press release.

Cypherpunk Holdings has been scaling up its Solana exposure for months now — particularly since ex-Valkyrie CEO Leah Wald took over the top job in early July. When it disclosed its holdings on March 31, Cypherpunk held zero SOL. By July 16 — a week after Wald took over — Cypherpunk had 63,000 SOL. On Aug. 1 — two days after Cypherpunk internally finalized its strategy shift — that figure had swelled to 86,300 SOL, worth some $11.6 million at current prices. 

Still, rebranding the company around just one blockchain ecosystem is pretty eye-catching. The revamped website reads that Sol Strategies’ “edge” is investing “in the Solana ecosystem.” Sol Strategies will also operate a Solana validator node through a third party service provider, the company said in a press release.

The company, which began dealing in crypto in 2018, trades on the Canadian Securities Exchange and OTC market.

In comments shared with me today, Wald said the strategy shift wasn’t “predetermined” when she took over as CEO, adding that Solana is a “high-growth” investment opportunity that seemed to be the “next logical step” for Cypherpunk Holdings.

At first blush, the mental model for this rebrand could be that Sol Strategies is offering an upgraded version of a spot SOL ETF. Investors in the company’s stock get compliant, regulated exposure to not only the price of SOL with staking and validator revenue included, but to the success of Solana ecosystem projects as well. 

Wald told me a version of this today: ETFs are just passive spot funds, she said, adding: “Our approach goes beyond passive exposure as we are actively engaged in staking and exploring strategic investments.” 

Plus, something that Ethereum ETF issuers are learning the hard way is that demand for regulated crypto investment products only runs so deep. In March 2024, Cypherpunk Holdings reported roughly $23 million in assets. In the institutional investment world, that isn’t very much money. 

Perhaps Wald — who had been a Cypherpunk Holdings board member since 2021 before stepping in as CEO — is making the bet that Sol Strategies can differentiate itself from its larger competitors by being the best possible regulated investment in a certain niche.

“As the only publicly traded company in North America focused on the Solana ecosystem, we are providing exposure to Solana’s growth and innovation prior to Solana-specific ETFs [being] approved in either the US or Canada,” Wald said.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

article-image

Momentum’s back — BTC leads, risk assets follow

article-image

Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro

article-image

Cryptocurrency and stock traders alike had a lot to unpack Wednesday