Cypherpunk Holdings rebrands to Sol Strategies, shifts focus to Solana

Canadian blockchain firm Cypherpunk Holdings has rebranded itself as Sol Strategies, focusing its investment strategy on Solana.

Sol Strategies has announced its decision to invest in Solana (SOL), including projects built on the blockchain network and staking, the Toronto-based firm announced on September 12.

Cypherpunk Holdings, now Sol Strategies, began operations in 2018 and is publicly listed on the Canadian Securities Exchange. The company also trades on the OTC market.

Cypherpunk Holdings becomes among the first public companies to hold Bitcoin

Sol Strategies was one of the first public companies to invest in Bitcoin (BTC), but the bear market saw Cypherpunk Holdings liquidate its BTC and ETH holdings.

The company’s activities included venture capital and private equity investments, and these milestones occurred at a time when exchange-traded funds were not present in the crypto space.

With the board and shareholders approving the rebranding on July 30, 2024, the primary focus will now be on the Solana ecosystem.

Sol Strategies CEO Leah Wald said in a statement that this transformation will allow the company to capitalize on Solana’s growth potential.

“The transition to Sol Strategies signifies our strategic evolution for our Company as we focus on taking Solana to the public markets and creating value for our shareholders.”

Leah Wald, CEO, Left Strategies

Sol Strategies Solana holdings

Sol Strategies (formerly Cypherpunk Holdings) has appointed Leah Wald as CEO and president in July 2024. Wald is a crypto veteran, having served as the former CEO of digital asset management firm Valkyrie.

The company’s SOL shares have risen significantly since Wald’s appointment and the shareholder rebranding vote. Notably, the firm will no longer own Solana as of March 31, 2024.

As of July 16, over 63,000 SOL were held on Coinbase, and this number increased to over 86,290 SOL as of July 31, 2024.

As of the last update at the end of July, Sol Strategies purchased Solana at an average price of $143. SOL currently trades around $135 and has struggled to rally since dropping above $200 in April.