Toronto-based Cypherpunk Holdings has been actively accumulating Solana, acquiring two validator operations and gathering over 142,000 SOL, valued at approximately $27 million. To lead its staking efforts, the company hired Kraken's former senior director of engineering and is pursuing a Nasdaq listing. Recently, Cypherpunk signed a credit facility to purchase $17.3 million in SOL tokens and announced a private placement deal for around $19 million. Like MicroStrategy’s focus on Bitcoin, Sol Strategies aims to acquire crypto as a treasury asset but adopts a more dynamic approach by also running a validator business and investing in Solana ecosystem projects. After two validator acquisitions, Sol Strategies holds 1.5 million staked SOL, ranking as the 65th largest Solana validator. Since rebranding as Sol Strategies in September, the company’s stock has surged over 1,700% amid pending Nasdaq approval. However, the anticipated approval of Solana ETFs could introduce new competition for investors.

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