Sol Strategies has announced the acquisition of three Solana validators from Orangefin Ventures for $6.5 million. This acquisition will enhance Sol Strategies' staking operations, increasing its total staked SOL to 1,505,145 SOL, valued at approximately CAD $406.8 million.
The deal also brings Max Kaplan, the founder of Orangefin Ventures, on board as the new head of staking for Sol Strategies. The acquisition is expected to be finalized in the first quarter of 2025, pending customary closing conditions and regulatory approvals.
Following the completion of this deal, Sol Strategies will manage a diversified portfolio of staked SOL across its validators. This strategic expansion positions Sol Strategies as the 64th largest staking validator on the Solana network. The acquisition is expected to enhance Sol Strategies' revenue streams and market position by delivering predictable staking income.
Leah Wald, CEO of Sol Strategies, emphasized the significance of this acquisition in reinforcing the company's leadership in blockchain infrastructure and validator operations. Max Kaplan expressed his enthusiasm about joining Sol Strategies and his belief in the potential for innovation and the development of high-value products.
The Solana blockchain has witnessed a remarkable surge in decentralized application (DApp) revenue, increasing by 15 times in 2024. Sol Strategies' expansion of its validator operations aligns with the growing demand for staking services within the Solana network. The acquisition of Orangefin Ventures' validators strengthens Sol Strategies' operational capabilities and reflects the broader trend of investment in blockchain infrastructure.