delerious1
2 weeks ago
Sol Strategies Enters Into Definitive Agreement For The Acquisition Of High-Performance Validators From Cogent Crypto
Canada NewsWire
TORONTO , Nov. 14, 2024 /CNW/ - Sol Strategies Inc. (CSE: HODL) (OTC Pink: CYFRF) (formerly, Cypherpunk Holdings Inc., "Sol Strategies" or the "Company"), a publicly traded, Canadian holding company that invests in the Solana blockchain and ecosystem, today announced it has entered into a definitive agreement dated November 14, 2024 (the "Definitive Agreement") for the acquisition of four validators (each a "Validator") and certain assets related to the Validators from Cogent Crypto , a high-performance validator operating within the Solana ecosystem (the "Acquisition").
The Acquisition would increase the amount of SOL delegated to Sol Strategies-owned Solana validators to 948,804 SOL (CAD $285,866,889 ), an increase of 699,012 SOL (CAD $210,570,732 ), enabling Sol Strategies to earn validation commission on this delegation.
Three other validator assets to be acquired on the SUI, MONAD, and ARCH network have cumulative delegations of CAD $181,444,889.40 .
Validators play a crucial role in maintaining transaction integrity and network stability while enabling yield generation through staking—a role Cogent Crypto has distinguished itself in with exceptional reliability and technical rigor. The Acquisition positions Sol Strategies to capitalize on Cogent Crypto 's proven success and further the growth of the Company's staking operations with the addition of new, high-quality validator infrastructure.
CAD to USD calculations in this news release are based on quotes from Google Finance as at November 14, 2024 . SOL to CAD and SUI to CAD calculations are based on Coin Base converter as of November 13, 2024 .
Leah Wald , CEO of Sol Strategies commented: "For this next phase of Sol Strategies, we are focused on making the Company's first acquisition to advance the Company's long-term growth strategy. This acquisition will meaningfully expand Sol Strategies' staking capabilities, which underpins Solana 's reputation as a next generation blockchain for institutional and decentralized applications alike. By building on Cogent Crypto 's established role in the ecosystem, Sol Strategies is positioned to support the future of decentralized finance and drive long-term value creation for shareholders."
Acquisition Terms
Pursuant to the terms of the Acquisition, Sol Strategies will acquire a 78% interest in a Validator on the Solana blockchain and a 100% ownership interest in Validators on the SUI blockchain, Monad blockchain, and Arch blockchains including main networks and test networks, and all accounts, information, data, infrastructure, intellectual property, rights, authorities and other property and components required for or associated with the access, management, operation and other use or exploitation of such Validator in the business of Cogent Crypto (the "Purchased Assets"). Sol Strategies will assume full operational control of Cogent Crypto 's Validators effective immediately on the closing of the Acquisition (the "Closing").
Under the Definitive Agreement and in consideration for the Purchased Assets, the Company will (i) pay USD $1,000,000 in cash on Closing, (ii) issue 1,162,000 common shares of Sol Strategies (each a "Common Share") on Closing (valued at a price of CAD $1.20 per Common Share), and (iii) issue 18,592,000 Common Shares (valued at a price of CAD $1.20 per Common Share) over a period of three years from Closing on specific dates prescribed in the Definitive Agreement (the "Remaining Share Consideration"). The Common Shares issued as consideration for the Acquisition are subject to a statutory four-month hold period upon issuance and certain mutually agreed to trading restrictions.
On each business day prior to the issuance of the Remaining Share Consideration if the total amount of Solana staked to the Solana Validator is 5% or more less than the amount of Solana staked at Closing the Remaining Share Consideration to be paid on the applicable payment date prescribed in the Definitive Agreement shall be reduced by an equal percentage difference.
The Acquisition remains subject to customary closing conditions, including the approval of the Canadian Securities Exchange.
The Company will not be assuming any long-term debt, and no finder's fees are payable in conjunction with the Acquisition.
About Sol Strategies
Sol Strategies is a publicly traded holding company committed to the continued development of the Solana blockchain and ecosystem through its private equity and financial markets activities. Sol Strategies seeks to leverage investment opportunities in staking rewards and Solana -based projects, allowing shareholders to indirectly participate in decentralized finance. The Company is headquartered in Toronto, Canada , and is publicly listed on the Canadian Securities Exchange under the ticker HODL and on the OTC market under the ticker CYFRF.
To learn more about Sol Strategies, please visit www.solstrategies.io . A copy of this news release and all the Company's related material documents regarding the Company may be obtained under the Company's SEDAR+ profile at www.sedarplus.ca .
ThSeeker
3 years ago
Investment of CAD $630k into Cryptocurrency Hedge Fund 168 Trading
TORONTO, ONTARIO, March 15, 2022. - Cypherpunk Holdings Inc. (CSE: HODL, OTC: KHRIF) (“Cypherpunk” or, the "Company"), a sector leader for blockchain, metaverse, privacy and cryptography focused investments, is pleased to announce a new investment of CAD $630k (USD $500k) into 168 Trading Limited.
About 168 Trading Limited
168 Trading Limited is a Gibraltar based Private Fund trading cryptocurrency and related derivatives. Their core strategies are arbitrage positions, term structure trading through futures contracts and overnight funding management. The Fund employs proprietary quantitative analysis and algorithms to achieve the goal of consistent profitability.
Cypherpunk Holdings CEO Jeff Gao led the move to diversify the company’s treasury management away from passive storage and made the following comments in relation to the partnership with 168 Trading.
“The time when publicly traded companies can get by as a vehicle for passively holding crypto is behind us. What will set Cypherpunk apart from the rest of the industry is our focus on surgically targeting pockets of excess returns in crypto volatility space and our focus on risk-adjusted returns as a metric for treasury management excellence. Going forward, Cypherpunk’s strategy will include operating a diversified portfolio of niche and highly technical strategies within the nascent cryptocurrency markets, some of which will be operated by third parties. We plan to engage partners with extensive trading experience who can perform crypto research for the purpose of profiting off volatility via directionally neutral strategies across exchanges and instruments. I am looking forward to keeping our shareholders and investors informed as the Company undergoes a pivotal transformation."
ThSeeker
3 years ago
Wasabi Dividend and Disposal of Animoca Brands Shares
TORONTO, ONTARIO, February 22, 2022. - Cypherpunk Holdings Inc. (CSE: HODL, OTC: KHRIF) (“Cypherpunk” or, the "Company"), a sector leader for blockchain, metaverse, privacy and cryptography focused investments, is pleased to announce recent events related to the Company’s portfolio.
The Company recently sold an additional 350,000 ordinary shares of Animoca Brands Corporation Limited (“Animoca”) at an average price of CAD $3.73 for a total proceeds of CAD $1,305,500.
Cypherpunk still holds 1.2m Animoca shares and continues to pursue a strategic relationship with Animoca as per the Company’s recently closed investment into TheGoats.io. In total the Company has realized a profit of 265% on its shares sold over the last 5 months.
Dividend from Wasabi Wallet
The Company is also pleased to announce the receipt of a dividend for the Fiscal Year 2021 from its portfolio company zkSnacks Limited, the developer of Bitcoin wallet “Wasabi Wallet''. Wasabi Wallet is an industry leading desktop wallet software that enables users to enhance their privacy while transacting on the Bitcoin Blockchain.
This is the second dividend received from Wasabi that was paid entirely in Bitcoin, totalling 3.06 BTC with a recorded value of CAD $168,810. Wasabi declared a 68 BTC dividend in January 2022, compared to a 60 BTC dividend in January 2021, representing a 13.3% increase.
In November 2019, Cypherpunk Holdings acquired ordinary shares of zkSnacks from its founding shareholders, representing 4.5% of the issued and outstanding ordinary shares of zkSnacks, for an aggregate purchase price of $337,500 USD. Jeff Gao, CEO of Cypherpunk commented: “Wasabi is highly profitable and is paying out just under half its net profits in dividends. To date Cypherpunk Holdings has received 5.76 bitcoins in dividend from Wasabi and we expect this trend to continue.”
ThSeeker
3 years ago
Cypherpunk Holdings Announces Strategic Review and Investment Focus for 2022
Toronto, Ontario--(Newsfile Corp. - December 10, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) (OTC Pink: KHRIF) ("Cypherpunk" or, the "Company"), a sector leader for cryptocurrency, privacy and cryptography-focused investments, is pleased to announce the outcome of its strategic review and its investment focus for the coming 12 months.
Following the appointment of Jeffrey Gao as CEO and Tony Guoga as Executive Chairman, the Company has worked to redefine its mission, its vision and what it stands for. The outcome of that strategic review resulted in the distillation of its lines of effort into three key areas of focus. These areas of focus represent what the Company believes to be the central organs of value and alpha generation across the crypto ecology.
The areas of focus are:
1. HODL metaverse - The Company plans to assess and pursue opportunities for making private equity investments, in areas such as utility tokens and NFTs, gaming, entertainment and social re-engineering to discover and collaborate with projects that the Company believes fundamentally demonstrate their positive economics and depth of value.
2. HODL staking - Engaging in (1) treasury risk-management via carefully vetted third party vendors, and (2) actively managing the Company's cryptocurrency portfolio to generate yield through staking and liquidity provisioning.
3. HODL mining conduit - Cypherpunk seeks to become the bridge between blockchain networks and energy-efficient mining outfits. The Company plans to grow its blockchain networks through investments in cost-effective mining pools and jointly-operated business arrangements. The Company's strategic prerogatives for mining are: (1) innovations in energy efficiency per unit value generated, and (2) building end-to-end verticals that link blockchain ecosystems with ESG-compliant mining solutions.
With these areas of focus, Cypherpunk is evaluating an active pipeline of potential deals.