Solana-focused Canadian investment company Sol Strategies purchased 40,300 SOL between Jan. 19 and Jan. 31, for approximately $9.9 million at an average price of $246.53 per token.

The Toronto-based company, which runs three mainnet Solana validators, said that it now holds 189,968 SOL worth roughly $40.89 million purchased at an average price of C$256.21 per SOL, or around US$178.39 per token, according to a press release.

Last month the firm, which has submitted an application to list on the Nasdaq, sold $2.5 million of convertible debentures to add an additional 6,564.57 SOL at an average price of $265.65 per token. Solana price, at the time of writing, was trading at $215 after losing more than 8.5% of its value over the past week amid a wider cryptocurrency market downturn.

Sol Strategies, formerly known as Cypherpunk Holdings, is led by former Valkyrie Investments co-founder Leah Wald. It has acquired validators not only on Solana but also on Sui (SUI), Monad (MONAD), and ARCH (ARCH). Validators process transactions to help secure Proof-of-Stake blockchains by staking certain amounts of these networks’ cryptocurrencies.

According to its website, Sol Strategies also holds 3.168 BTC worth $315,800 at the time of writing as it shifted its investment strategy from accumulating BTC to SOL.

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