Solana-focused investment firm Sol Strategies significantly expanded its assets by purchasing an additional 40,300 SOL between January 19 and January 31. According to the company’s press release, the approximately 9.9 million dollar purchases were made at an average price of $246.53 per token.
With this latest purchase, the Toronto-based firm now owns approximately 189,968 SOL tokens worth about 40.89 million dollars in total. The company’s average purchase price per SOL is approximately 178.39 dollars.
Last month, Sol Strategies, which applied to be listed on Nasdaq, sold $2.5 million worth of convertible bonds. The revenue was used to buy an additional 6,564.57 SOL at an average price of $265.65 per coin.
The increase in investment in SOL occurred in the midst of the recent market downturn, during which Solana’s price was trading at $215 at the time of writing this article and experienced a decline of 8.5% last week due to fluctuations in the cryptocurrency market.
Formerly known as Cypherpunk Holdings, Sol Strategies is managed by Leah Wald, former co-founder of Valkyrie Investments. The company operates validators not only on Solana, but also on Sui, Monad, and ARCH, diversifying its blockchain infrastructure investments.
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