SOL Strategies Inc. (NASDAQ: STKE), a Canadian investment company focused on accumulating Solana (SOL), announced on Wednesday its closure of an upsized private placement. The company reported that it raised C$30 million after selling nearly 4.4 million shares for C$6.85 per unit.
With the proceeds locked, the company intends to strengthen its Solana treasury. According to Michael Hubbard, the company’s interim CEO, the proceeds will enable a purchase of about 80k SOL coins, which will further be delegated to its validators to earn passive staking rewards.
SOL Strategies Strengthens a Growing Solana Market
The demand for Solana by institutional investors seeking to build a robust treasury has surged in the recent past. According to aggregate market data from CoinGecko, a total of nine entities from three different countries hold around 13.5 million Solana coins, valued at about $2.9 billion.
Forward Industries is one of the largest Solana treasury companies with a net holding of over 6.8 million SOLs, valued at around $1.6 billion. Other notable Solana treasury companies include DeFi Development, Upexi, Sharps Technology, and BIT Mining.
Earlier on Wednesday, Beijing-based VisionSys AI unveiled a plan to purchase $2 billion worth of Solana starting with $500 million.
What’s Next for SOL Price?
Solana price rebounded around 7% on Wednesday to reach a range high of about $220 during the mid North American session. The large-cap altcoin, with a fully diluted valuation of about $134 billion, is about to experience a parabolic rally amid the October bullish sentiment.
Crypto analyst Ali Martinez believes that SOL price is well primed to reach a new all-time high in the near future after rebounding from a crucial support level around $205.