SOL Strategies Inc. (CSE: HODL), a Vancouver-based company focused on the growth and development of the Solana (SOL) network, announced that it filed a preliminary short-form base shelf prospectus with the securities regulators in Canada to issue up to $1 billion in securities over the next 25 months.
The company intends to either tap into the common shares, warrants, subscription receipts, units, debt securities, or a combination to raise the funds. Through leveraging the capital markets, SOL Strategies plans to invest more in the Solana network ahead.
“The filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem. This strategic move enhances our ability to act decisively when compelling investment opportunities present themselves,” Leah Wald, CEO of SOL Strategies, noted.
As Coinpedia previously reported, SOL Strategies has strengthened its balance sheet through Solana acquisitions in the past. As of this writing, the company held about 389,675 SOL coins, with the majority acquired YTD.
Impact of SOL Strategies Plan on Solana Price
The relentless support of the Solana network from SOL Strategies has played a crucial role in the altcoin’s bullish sentiment. Furthermore, on-chain data shows that the Solana network has a significantly higher number of users compared to its direct competitors such as Ethereum (ETH), and Tron (TRX), among others.
As Bitcoin (BTC) price teases a rally towards a new all-time high (ATH) in the near future, SOL price has attracted more whale investors and FOMO traders. Moreover, the notable adoption of the Solana-based memecoins in the recent past has helped increase the overall SOL utility.
From a technical analysis standpoint, the SOL price is well positioned for a rally beyond $200 in the coming days following a notable bullish momentum in the past two months.
