Solana Whales Are Showing No Signs of Slowing Down After Two Entities Bought the Dip

Two cryptocurrency entities, SOL Strategies and DeFi Dev Corp, have significantly increased their holdings of Solana (SOL) tokens. Together, they have added 200,000 SOL to their portfolios.

Canadian investment firm SOL Strategies has announced the purchase of 122,524 SOL at an average price of $148.96 per token. The total value of the latest tranche comes to $18.2 million.

This purchase follows the recent unveiling of a $500 million convertible note to buy SOL at the end of April. According to the company statement, this is the first tranche from the $500 million funding. It is also part of the company’s broader strategy to expand its validator operations and footprint in the Solana ecosystem.

“With the closing of our initial $20 million tranche for the ATW facility and the start of our U.S. routing and payments services later this year, we are executing exactly as promised— strategically acquiring SOL to expand our validator operations and ecosystem position,” said SOL Strategies CEO, Leah Wald.

The company is also planning to invest in promising Solana-based technology startups as part of its broader strategy in the fast-growing cryptocurrency sector.

After the latest purchase, SOL Strategies’s total holdings amount to 391,782 SOL, valued at $55.6 million at current prices.

Meanwhile, publicly traded firm DeFi Dev Corp has disclosed the acquisition of 82,404 SOL from an undisclosed vendor. The company disclosed the purchase in a press statement, adding that it paid a total of $11.2 million for the new batch of Solana tokens.

The purchase brings DeFi Dev Corp’s total holdings to 400,091 SOL, valued at around $58.5 million. However, DeFi Dev Corp says the newly acquired tokens will be staked on its validators, earning native yield for investors.

“We are pleased to announce the acquisition of additional Solana tokens, which will be staked on our validators to earn yield for our investors,” said Edward Barbieri, CEO of DeFi Dev Corp. “We believe that Solana is a promising blockchain with a strong ecosystem of developers and users.”

As a result of the companies’ latest purchases, speculation of a growing SOL arms race is brewing in cryptocurrency circles. Both firms have been open about their plans to invest heavily in SOL over the coming months.