11:49 AM EST, 02/14/2025 (MT Newswires) -- Sol Strategies ( CYFRF ) , an infrastructure provider for the Solana blockchain ecosystem, on Friday entered into a non-binding letter of intent to buy one of Solana ecosystem's largest validators for $48.7 million.

The company said the proposed transaction would increase the amount of SOL delegated to Sol Strategies ( CYFRF )-owned Solana validators to over 2.9 million SOL ($800 million), an increase of over 1.2 million SOL, enabling the company to earn revenue on this delegation.

Sol Strategies ( CYFRF ) expects yearly contribution to net income from the proposed deal to be $8.6 million.

Shares of the company were last seen down $0.12, or 3.2%, to $3.66 on the Canadian Securities Exchange.

Price: 3.65, Change: -0.13, Percent Change: -3.44