Leah Wald, CEO of SOL Strategies, on Becoming More Than the MicroStrategy of Solana, TradFi Crypto Investments, and Solana ETFs | Ep. 433

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April 27, 2025

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Leah Wald, CEO of SOL Strategies, joined the Cryptonews Spotlight Podcast for an in-depth discussion on how SOL Strategies is becoming much more than a Solana proxy investment, why traditional ETFs aren’t enough, and how validator infrastructure and branded validators could redefine Web3 brand participation.

Wald also shared thoughts on bridging traditional finance (TradFi) investors to crypto, the future of consumer apps on Solana, and SOL Strategies’ evolving role in the ecosystem.

From Cypherpunk Holdings to the Top Solana Infrastructure Company

“As you remember, Cypherpunk Holdings was very innovative – in 2018, they put Bitcoin on the balance sheet. We wanted to keep the same roots but pivot toward Solana where the opportunity was clear.”

Leah outlined the company’s strategic pivot from Bitcoin to Solana, capitalizing on a huge early-mover opportunity in Solana infrastructure rather than just being a passive HODL vehicle.

The Success Came Faster Than Expected

“This was quite the ride. When I joined in July, we were basically starting from scratch.”

Wald admitted that SOL Strategies’ explosive growth from a penny stock to a $6+ share price happened much faster than even the team anticipated.

SOL Strategies Isn’t Just the MicroStrategy of Solana

“I think the ‘MicroStrategy of SOL’ thesis is weak. We’re a company, not just a vehicle. We generate real validator revenue and build infrastructure.”

Unlike a simple asset play, SOL Strategies is actively building revenue-generating operations like validator acquisitions and technical services.

How SOL Strategies Built a Validator Empire

“We first acquired Kojin, then Orangefin Ventures, and then Laine Stakewiz – some of the best validators in the Solana ecosystem.”

By acquiring respected validators and bringing in talent like Max (ex-Kraken engineering director), SOL Strategies cemented itself as a serious infrastructure player.

Why SOL Strategies Wins Against ETFs

“A SOL ETF will just buy and hold SOL. We build validators, generate yield, and have active business development.”

Wald explained why SOL Strategies offers more upside than passive ETFs – combining equity value creation with blockchain-native income streams.

Lessons from Running Bitcoin ETFs

“Bitcoin miners were always played more than Bitcoin ETFs – because they offered leverage and operational exposure.”

Drawing from her experience launching Valkyrie’s ETFs, Wald showed how blockchain infrastructure companies outperform pure trackers in bull markets.

Why Boomers Prefer Equities Over Tokens

“Most boomers aren’t self-custodying. They’re calling their financial advisors who prefer equities over tokens for compliance and risk reasons.”

Wald emphasized that public equities give boomers and advisors familiar tools to gain exposure to crypto without facing complex custody hurdles.

Transparency Is Non-Negotiable

“We publish all our validator revenue live on Dune. Everything is public. No earnings surprises.”

SOL Strategies puts real-time financials on-chain, showing earnings per epoch – a level of transparency unheard of for most public companies.

Solana Is Still Figuring Out Its Killer App

“Is Solana’s endgame financial rails? Gaming? Funds? We don’t know yet – but it’s the best sandbox right now.”

Wald views Solana as a live experiment with massive potential, much like Bitcoin before it found its store-of-value identity.

How SOL Strategies Partnered with Pudgy Penguins

“The amazing thing was – Pudgy Penguins didn’t just launch a token. They wanted to run a validator to secure Solana.”

In a unique move, Pudgy Penguins launched a branded validator with SOL Strategies, signaling a deeper commitment to Solana’s ecosystem.

Why Branded Validators Are the Future

“Running a validator is a new kind of brand footprint. It’s like Web2 brands launching websites – but on-chain.”

Wald believes that validators will become strategic brand assets, offering trust, transparency, and passive income for Web3-savvy companies.

White-Label Validators: A New Revenue Stream

“We’re now running five validators and offering white-label solutions for other communities.”

By offering enterprise-grade validator services, SOL Strategies unlocks new partnerships with crypto-native brands and institutional clients.

Why Solana Could Dominate Consumer Crypto

“Solana could win if the killer crypto consumer app gets built on it – faster than anything on Ethereum.”

Wald sees Solana’s speed, UX, and cost advantages making it the ideal chain for viral Web3 apps that could onboard the next generation of users.

What’s Next for SOL Strategies

“We’re building – not just buying SOL. We launched a Solana staking app, maintain major dashboards, and integrate across wallets and custodians.”

Even during choppy markets, SOL Strategies continues expanding its tech stack to stay ahead of ETF-only competition.