SOL Strategies Unveils Historic $500M Convertible Note Plan to Expand Solana Holdings

Canadian-based SOL Strategies has entered into a financing agreement with ATW Partners, an independent investment firm, to issue convertible notes of up to $500 million in value. The proceeds will be used exclusively to acquire Solana (SOL) tokens and allocate them to staking, generating yield through on-chain participation.

Interest payments to noteholders will be sourced from the staking rewards themselves. This issuance structure represents a first within the digital asset sector, where staking income is used as the basis for paying returns on a structured financial product.

Payouts will be made in SOL tokens, representing up to 85% of the gross revenue earned through staking the underlying assets.

The contract stipulates quarterly disclosure, along with the flexibility to fine-tune staking terms in real time.

Notably, investors will retain the right to convert their notes into actual company shares, based on the market price at the time of conversion—a mechanism that introduces both adaptability and greater operational clarity.

The initial tranche, valued at $20 million, is scheduled to close by May 1, 2025. The remaining capital will be issued in multiple phases, conditional upon fulfillment of the criteria set forth in the agreement.

The deal was executed under Canadian legal jurisdiction, outside the United States, and is therefore not subject to registration under the U.S. Securities Act of 1933, nor does it impose direct regulatory obligations on the issuer from U.S. authorities.

Cohen & Company Capital Markets served as the deal’s placement agent and received a 4% fee based on the initial tranche amount.

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According to Leah Wald, CEO of SOL Strategies, this transaction marks the largest capital infusion into the Solana ecosystem to date.

Through this move, the company aims to contribute meaningfully to:

• expanding Solana’s infrastructure,
• reinforcing the network’s operational stability, and,
• advancing the growth of decentralized applications built on the platform.

By securing up to half a billion dollars in strategic capital, we are doubling down on our conviction in Solana and our commitment to being the leading institutional staking platform. Every dollar deployed is immediately yield-generating, and accretive to both our balance sheet and our validator business,

Wald commented.

Analysts agree: strong institutional backing could give a real boost to SOL demand, with a possible price uptick that catches the attention of even more market participants.

On the corporate side, SOL Strategies is already making preparations for a potential NASDAQ listing, fitting into a bigger strategy to list on other international exchanges down the line.

Such an agreement speaks not only to the market’s confidence in Solana’s long-term vision, but also hints at a broader shift in how capital engagement is structured in the blockchain economy—potentially setting a more defined model for future funding rounds.

Concurrently, the Solana Foundation is actively building capacity across continents, hiring globally to further strengthen the architecture and reach of the network. 

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