Toronto, Canada-based investment firm Cypherpunk Holdings has once again increased its exposure to Solana SOL -9.95% , according to its latest public filing. Since mid-July, the firm has purchased about 23,000 additional SOL — bringing its total to 86,294 tokens ($21.6 million).

Last month, The Block was the first to report that Cypherpunk had 10xed its SOL bag to ​​63,000 tokens (worth $14 million at the time) from its initial investment of 6,131 tokens. As recently as the end of the first quarter of 2024, it held no SOL.

The move is part of a significant shift in focus for the company, which was one of the first publicly traded firms to buy bitcoin to act as a proxy for investing in crypto. 

Cypherpunk also reduced its once sizable bitcoin holdings by about 110 BTC, and currently holds just over 52 bitcoin ($5.2 million). It used about 45 of those bitcoin to exercise a buy order of 20,000 SOL options while the rest were sold for a profit, according to its public filing. The firm purchased its first bitcoin in 2018.

When Leah Wald took the reins as CEO in early July, she told The Block that bitcoin was “far and away” the firm’s largest holding. A multi-million dollar investment in metaverse company Animoca Brands was not far behind. It now appears, however, that the firm is taking a different track by reducing its exposure to bitcoin and selling off its $5.6 million worth of Animoca shares.

While the nominal value of Cypherpunk’s bitcoin investment is more than double its stake in solana, it’s clear the firm is doubling down on the highly performant smart contract blockchain. Its Solana validator, which stakes the majority of the firm’s solana, has earned over 230 SOL worth about $57,639 worth of token rewards since beginning that process on June 14. 

“The Solana ecosystem is presenting a lot of interesting opportunities,” Wald previously told The Block in an interview. “There's a lot of community activity on the chain at the moment and I do believe that a blockchain’s growth can be directly correlated to community and developer activity.”

In addition to $4.9 million in cash, Cypherpunk holds $50,000 in other assets like Chia Network and $442,000 in private equity and venture capital investments in companies, including bitcoin wallet firm NGRAVE.

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