Blockchain Company Invests Recovered Funds in Solana

Sol Strategies, an independent blockchain company formerly revered to as Cypherpunk Holding, has invested more in its Solana holding, depositing its recovered US $611,494 from Lucy Labs Flagship Offshore Fund SPC.

The fund came from the Lucy Labs capital held at the now bankrupt FTX Trading Ltd.

According to Sol Strategies, the recovery amounts to 122% of the company’s original investment of a US $500,000, which was written off in December 2022 due to the Chapter 11 bankruptcy protection filed by the company.

Due to this, Sol Strategies decided to add the fund to its Solana investment holdings. As it is now, Sol Strategies holding stays around 100,763.0230 SOL ($20.8 million), and held in its Coinbase custody, plus the SOL used for staking.

The acquisition price of the SOL acquired by Sol Strategies is around US$142.43, excluding commission and staking costs, Sol Strategies has said in a statement. Previously Sol Strategies held 86,294.0575 SOL ($21.6 million) and has generated a gross revenue of 1,430 SOL ($282,910) from staking. Since it commenced its staking in June 2024, Sol Strategies has netted a gross profit of $266,680.

Beyond SOL, the company also has a Bitcoin holding of 56.2406 bitcoin, approximately $4.8 million. It also has a cash of $1,795,000 with a private equity/venture capital investment of approximately $442,000.

Speaking on the development, Leah Wald, CEO of Sol Strategies said “The recovery of the claim is a welcome addition to our available funds and underscores Sol Strategies’ commitment to maintaining a solid financial foundation. Coupled with our increased SOL holdings, these recovered assets are expected to be allocated within the Solana ecosystem.”

Previously, Today’s Gazette reported that the largest decentralized trading platform on Solana, Jupiter Exchange, acquired SolanaFM, a prominent blockchain explorer, enhancing Jupiter’s data and infrastructure capabilities.