Ep 43 — Why it's not NAV but Native Yield with Leah and Max from Sol Strategies

While everyone's been copying MicroStrategy's Bitcoin strategy, Sol Strategies took a different approach. CEO Leah Wald and CTO Max Kaplan join me to discuss why they're building actual infrastructure around Solana instead of just holding tokens. Sol Strategies is a publicly listed company (CSE: HODL) - formerly Cypherpunk Holdings - that transformed from one of the first Bitcoin treasury vehicles in North America into a comprehensive Solana infrastructure company.

Sol Strategies now manages more than $500 million worth of SOL through its validators.

🎯 Inside the Episode:

• Why Sol Strategies chose Solana over Bitcoin & Ethereum

• How they generate yield through staking & validators

• Why native yield changes everything for crypto treasury companies

• Why premium to NAV won't last forever (and what comes next)

• The future of tokenised stocks and Solana DeFi

• Why institutional investors are finally paying attention

• Breakdown of Solana's performance vs. Hyperliquid

• What will change with new Solana validator clients like Firedancer & Alpenglow

Timestamps —

0:00  Introduction & The Vision for Solana Investment

5:40  Sol Strategies’ Journey and Investment Thesis

11:58  Market Dynamics and Fundraising

19:16 Why Sol Strategies is Bullish on Solana

27:10 Hyperliquid vs Solana

30:33 How is Solana going to get better?

34:39  The Future of On-Chain Assets & Revenue Diversification

👥 Guest:

Leah Wald – CEO at SOL Strategies Twitter: https://x.com/leahwald

Max Kaplan – CTO at SOL Strategies Twitter: https://x.com/maxekaplan

🎙️ Host: Saurabh Deshpande – DCo Podcast

Twitter: https://x.com/desh_saurabh

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