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SOL Strategies raising $1 billion for solana opportunities

“We’re building with conviction and readiness,” the firm’s CEO told Sherwood News.

5/29/25 3:23PM

While everyone is mimicking Michael Saylor’s bitcoin corporate treasury mission (not always successfully), some companies are deciding to focus on altcoins like solana.

SOL Strategies, a Canadian publicly listed company, filed an initial prospectus “allowing for up to $1B USD in potential financings,” a press release announced.

Leah Wald, SOL Strategies CEO, told Sherwood News that as institutional interest in solana continues to grow, the preliminary base-shelf prospectus provides the flexibility to raise capital efficiently as opportunities arise.

“This structure positions us to strategically support long-term innovation and growth across the solana ecosystem. We’re building with conviction and readiness as solana becomes a foundational layer in the future of blockchain-enabled finance,” she said.

In parallel, the company also said it had acquired 26,478.37 solana on May 26 and sold its remaining 3.21 bitcoin.

“These transactions align with the Company’s focused strategy of concentrating its digital asset holdings in SOL to support its validator operations and long-term investment approach in the Solana ecosystem,” according to a separate press release.

Solana is the sixth-largest crypto, with an $89 billion market cap. Other companies have also focused on the asset for their corporate treasury.

On May 15, DeFi Development Corp. marked its 11th solana purchase since it started its solana treasury strategy in April. The company now holds 609,190 solana, “the largest SOL position of any publicly traded company,” a press release asserted.

Ryan Gorman, chief strategy officer at Uranium Digital, an institutional spot market for trading uranium that’s built on solana, told Sherwood that solana has always had a robust ecosystem, despite the depths of the crypto winter, and builders never abandoned it.

“If everyone is on the MSTR bitcoin trade, it becomes crowded,” he said. “Companies are wise to look further afield when considering growth and multiple potential.”

Gorman added that looking at other protocols, solana remains the most compelling from a speed, cost, and reliability perspective.

“It is wise to bet on solana’s future, and it makes sense for SOL Strategies to go all in right now,” he said.

Standard Chartered initiated coverage of solana earlier this week, saying it was “a fast, cheap alternative to Ethereum: as a result, it has dominated memecoin trading,” though it did warn that the crypto may be a “one-trick pony.”

Sage D. Young

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy8h

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”