Ex-Valkyrie CEO Leah Wald's Investment Firm Buys Four Validators, Including Solana Network's, for Nearly $18M
Analysis
Price Impact
MedThe acquisition of solana validators by sol strategies, a firm led by a prominent figure in the crypto industry, could signal growing institutional interest in the network, potentially leading to increased demand for sol.
Trustworthiness
MedThe acquisition is a significant investment for sol strategies, indicating their belief in the potential of solana. however, it's important to note that the firm's share price has seen significant gains this year, which could potentially influence their investment decisions.
Price Direction
BullishIncreased institutional interest in solana could drive demand for the token, potentially pushing the price higher. however, the overall market sentiment and broader economic conditions can also influence sol's price.
Time Effect
LongThe impact of the acquisition on sol's price is likely to unfold over a longer period as the institutional interest in solana grows and the network gains wider adoption.
Original Article:
Article Content:
Finance Election 2024 Ex-Valkyrie CEO Leah Wald's Investment Firm Buys Four Validators, Including Solana Network's, for Nearly $18M The firm will buy validators for SOL, SUI, MONAD and ARCH networks. By Aoyon Ashraf Nov 14, 2024 at 8:30 p.m. UTC Election 2024 coverage presented by Stand with crypto Former Valkyrie CEO Leah Wald, now boss of Sol Strategies. (Sol Strategies) Sol Strategies ( HODL.TO ), a crypto investment firm led by Leah Wald, the former boss and co-founder of Valkyrie Investments, bought four validators for nearly $18 million in cash and shares. The Toronto-based firm, formerly known as Cypherpunk Holdings, will buy the validators from Cogent Crypto, a high-performance validator operating within the Solana ecosystem, according to a statement on Thursday. The total value of the investment is nearly $18 million, broken into three tranches: $1 million cash and about $1 million in company shares at the closing of the deal, and the rest distributed over three years in shares, Sol Strategies said. Unmute Web3 Games Funding Stabilizing at $1B in 2024 05:50 Trump Announces Department of Government Efficiency, DOGE Skyrockets 01:45 Bitcoin Tops $93K Lifetime High As U.S. Demand Surges 01:29 DOGE Ascends Over 100% in Past Week, Traders Set $1 Price Target 02:47 Bitcoin Nears $90K; FTX Sues Binance, CZ For $1.8B The firm will buy validators of Solana (SOL) , Sui (SUI) , Monad {{MONAD}} and ARCH {{ARCH}} networks from Cogent Crypto, with most dollars focused on SOL. Validators are entities that process transactions and help maintain the security of proof-of-stake blockchains, such as Solana and Ethereum, by staking or pledging certain amounts of the network's cryptocurrencies. Essentially, validators work like miners on a proof-of-work blockchain, such as Bitcoin. Sol Strategies has been actively investing in the digital assets sector for several years and has various investments, including Animoca Brands. The company shifted its strategy from just investing in digital assets to Solana after hiring Leah Wald to provide investors with exposure to indirectly participate in staking rewards and Solana-based projects. The company recently said it holds about 130 million SOL, worth C$32.2 million ($22.9 million). Read more: Ex-Valkyrie CEO Leah Wald to Take Reins of Crypto Investment Firm Cypherpunk The Solana network, which hosts numerous meme coins, has recently started to catch institutional investors' interest. The layer 1 blockchain saw many giant financial institutions, such as Franklin Templeton , Citibank and Société Générale , announce new Solana-based projects last September during Breakpoint, the network’s biggest yearly conference. "This acquisition will meaningfully expand Sol Strategies' staking capabilities, which underpins Solana’s reputation as a next generation blockchain for institutional and decentralized applications alike," said Leah Wald, CEO of Sol Strategies. The shares of the investment firm rose more than 900% this year, while Solana rose 113%, according to TradingView data. Read more: ‘It’s So Early’: How Solana Is Competing With Ethereum for Institutional Interest Edited by Stephen Alpher. Disclosure Please note that our privacy policy , terms of use , cookies , and do not sell my personal information have been updated . CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one. Aoyon Ashraf Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets Follow @ Aoyon_A on Twitter Read more about Solana Acquisitions Validators Leah Wald