A publicly-traded holding firm is all-in on Solana – BitRss – Crypto World Information
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Toronto-based holding firm Cypherpunk Holdings has rebranded to Sol Methods in a pivot to a Solana-first funding strategy, the agency disclosed in the present day.
Following the rebrand, Sol Methods will start specializing in staking Solana and investing within the Solana ecosystem’s tasks and infrastructure, the corporate mentioned in a press launch. The technique shift was unanimously authorised by the corporate’s board of administrators at its July 30 shareholder assembly, Sol Methods mentioned in a press launch.
Cypherpunk Holdings has been scaling up its Solana publicity for months now — notably since ex-Valkyrie CEO Leah Wald took excessive job in early July. When it disclosed its holdings on March 31, Cypherpunk held zero SOL. By July 16 — every week after Wald took over — Cypherpunk had 63,000 SOL. On Aug. 1 — two days after Cypherpunk internally finalized its technique shift — that determine had swelled to 86,300 SOL, price some $11.6 million at present costs.
Nonetheless, rebranding the corporate round only one blockchain ecosystem is fairly eye-catching. The revamped web site reads that Sol Methods’ “edge” is investing “in the Solana ecosystem.” Sol Methods may also function a Solana validator node by means of a 3rd occasion service supplier, the corporate mentioned in a press launch.
The corporate, which started dealing in crypto in 2018, trades on the Canadian Securities Alternate and OTC market.
In feedback shared with me in the present day, Wald mentioned the technique shift wasn’t “predetermined” when she took over as CEO, including that Solana is a “high-growth” funding alternative that appeared to be the “next logical step” for Cypherpunk Holdings.
At first blush, the psychological mannequin for this rebrand could possibly be that Sol Methods is providing an upgraded model of a spot SOL ETF. Buyers within the firm’s inventory get compliant, regulated publicity to not solely the value of SOL with staking and validator income included, however to the success of Solana ecosystem tasks as properly.
Wald advised me a model of this in the present day: ETFs are simply passive spot funds, she mentioned, including: “Our approach goes beyond passive exposure as we are actively engaged in staking and exploring strategic investments.”
Plus, one thing that Ethereum ETF issuers are studying the exhausting manner is that demand for regulated crypto funding merchandise solely runs so deep. In March 2024, Cypherpunk Holdings reported roughly $23 million in belongings. Within the institutional funding world, that isn’t very a lot cash.
Maybe Wald — who had been a Cypherpunk Holdings board member since 2021 earlier than stepping in as CEO — is making the guess that Sol Methods can differentiate itself from its bigger rivals by being the very best regulated funding in a sure area of interest.
“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 mentioned.
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