A Canadian investment firm, SOL Strategies (CSE: HODL), announced a massive $500 million convertible note deal with ATW Partners.
SOL Strategies will use the entire $500 million facility to buy and stake Solana, and will run its validator nodes.
Solana's recent surge in price and growing developer activity has attracted institutional investors, making it a serious competitor to Ethereum.
The deal is bypassing regulatory requirements and is seen as a signal of confidence in Solana's future performance and the broader crypto market rally.