Solana-focused Canadian funding firm Sol Methods bought 40,300 SOL between Jan. 19 and Jan. 31, for about $9.9 million at a mean worth of $246.53 per token.

The Toronto-based firm, which runs three mainnet Solana validators, stated that it now holds 189,968 SOL value roughly $40.89 million bought at a mean worth of C$256.21 per SOL, or round US$178.39 per token, in keeping with a press release.

Final month the agency, which has submitted an utility to checklist on the Nasdaq, bought $2.5 million of convertible debentures so as to add a further 6,564.57 SOL at a mean worth of $265.65 per token. Solana worth, on the time of writing, was buying and selling at $215 after shedding greater than 8.5% of its worth over the previous week amid a wider cryptocurrency market downturn.

Sol Methods, previously often called Cypherpunk Holdings, is led by former Valkyrie Investments co-founder Leah Wald. It has acquired validators not solely on Solana but in addition on Sui (SUI), Monad (MONAD), and ARCH (ARCH). Validators course of transactions to assist safe Proof-of-Stake blockchains by staking sure quantities of those networks’ cryptocurrencies.

Based on its web site, Sol Methods additionally holds 3.168 BTC value $315,800 on the time of writing because it shifted its funding technique from accumulating BTC to SOL.

Learn extra: ‘It’s So Early’: How Solana Is Competing With Ethereum for Institutional Interest