Toronto, Ontario--(Newsfile Corp. - November 4, 2024) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL" or "the Company") today announced a strategic shift by its wholly-owned subsidiary to primarily focus on investing in the Solana blockchain network following its successful exit from Core Scientific Inc. Through Solana's efficient and scalable network, SOL Global aims to harness growth in decentralized finance and next-generation applications as part of Solana's commitment to advancing innovation and enhancing digital capabilities.
The company has changed the name of its main investing wholly-owned subsidiary 'SOL Verano Blocker 1 LLC' to 'SOL Focused Investments LLC', which will concentrate on investing directly in Solana Blockchain and Solana derived technologies in order to capitalize on the technology's growth. SOL Global will continue working on a few core assets, while the remaining investments will be sold or wound down in order to focus directly on this initiative. SOL Global's strategic move underscores its dedication to advancing in the blockchain ecosystem and AI technologies, driving growth across evolving sectors.
"We're excited to make this strategic investment in Solana, a blockchain platform with the speed, scalability, and security that aligns with our vision of the future," said Paul Kania, CFO and Interim CEO of SOL. "Our investment research found that the Solana network provides us with that greatest opportunity for growth."
SOL Global's portfolio demonstrates a successful track record in digital assets. Along with Core Scientific, SOL's investment in Tokenise International Inc., a leader in regulated tokenized security exchanges, led to a successful acquisition by VERO Labs in 2023, enhancing creator and fan engagement. SOL also invested in Bitbuy, a Canadian cryptocurrency marketplace acquired by WonderFi, strengthening SOL's foothold in crypto exchanges and marketplaces.
Further diversifying its digital assets, SOL Global invested in Build A Rocket Boy Ltd. (BARB), an independent game studio founded by Leslie Benzies. BARB's flagship game, Everywhere, introduces an immersive metaverse blending user-generated content and virtual worlds. Supported by recent Series D funding, BARB exemplifies SOL Global's commitment to fostering innovation in digital experiences.
About Solana
Investing in Solana offers several potential benefits due to its unique features and positioning within the blockchain ecosystem. Solana is known for its high transaction speed and low fees. The network can handle over 65,000 transactions per second (TPS) with an average transaction cost of less than a cent. This scalability and affordability make it attractive for various use cases, from DeFi to gaming. Solana uses a unique mechanism called Proof of History (PoH), combined with Proof of Stake (PoS), allowing it to scale without sharding. This setup helps maintain speed and efficiency while keeping the network decentralized. Solana has a thriving ecosystem with many projects, including decentralized finance (DeFi) protocols, NFTs, gaming, and Web3 applications. This growing adoption can drive demand for Solana tokens and encourage innovation within the network, potentially boosting its value. Solana's ecosystem is increasingly interoperable, with cross-chain bridges like Wormhole enabling seamless asset transfers between Solana and other blockchains, such as Ethereum. This cross-chain functionality can make Solana more versatile and attract users and developers from other networks. Solana's architecture and tools are considered more developer-friendly than some other networks, and its ease of use encourages more developers to build on the platform. This developer focus could lead to a steady influx of innovative projects, sustaining ecosystem growth.
Solana represents an ideal next step due to its burgeoning ecosystem of developers, applications, and liquidity. Solana's infrastructure is attracting a significant migration of users due to its exceptional scalability, speed, and low transaction costs, making it the top choice for DeFi applications and decentralized exchanges. As more projects adopt Solana, demand is growing for sophisticated on-chain analytics tools like block explorers, essential for interpreting the complex array of transactions in modern DeFi. Block explorers, proven to be some of the most accessed tools in crypto, provide critical visibility across the blockchain, supporting Solana's expanding composability and data requirements.
Recent data underscores the high engagement Solana-based tools receive, such as block explorers and exchanges that connect directly to Solana's ecosystem, ranking among the most visited crypto sites. This high engagement reflects Solana's accelerated adoption, positioning it as one of the most promising blockchain platforms for user retention and network expansion. By reallocating capital into Solana at this critical growth stage, SOL Global can strengthen its presence in the decentralized finance and next-gen blockchain sectors, tapping into an active, expanding network with robust future potential. This shift aligns with our forward-looking investment philosophy, ensuring exposure to high-potential digital assets as we continue to focus on value generation through strategic timing and sector innovation.
About SOL Global Investments Corp.
SOL Global is a diversified international investment and private equity holding company. Its investment partnerships range from minority positions to large strategic holdings and advisory mandates. Key business segments include electric mobility, digital asset technology, esports & gaming, new age wellness, and residential commercial real estate.
CONTACT INFORMATION
SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Phone: (212) 729-9208
Email: info@solglobal.com
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the Company's strategic investment shift to focus on the Solana blockchain network, selling or winding down its investments in non-core assets, and its expectations regarding the advantages and future growth of the Solana ecosystem. SOL Global is not an affiliate of Solana and does not produce blockchain technology.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, and changes in national or regional economic, legal, regulatory and competitive conditions.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law.
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SOURCE: SOL Global Investments Corp.
