What happened?
Cathie Wood’s ARK Invest has chosen SOL Strategies as its new Solana staking provider, marking a significant step into institutional-level crypto staking. This means ARK’s Digital Asset Revolutions Fund will move its Solana validator operations to SOL Strategies, alongside the custodian BitGo. The fund has about 3.59 million SOL tokens delegated, valued at around C$888 million (US$647.2 million).
Who does this affect?
This change primarily impacts ARK Invest and its third-party investors who are part of the Digital Asset Revolutions Fund. It also affects SOL Strategies, as this partnership validates their infrastructure and enhances their market credibility. Additionally, the broader crypto community and institutional investors are also stakeholders due to the increased focus on crypto-native yield strategies.
Why does this matter?
The decision by ARK Invest to partner with SOL Strategies could have significant market implications, as it underscores the growing institutional interest in blockchain and staking solutions. Such a move might increase credibility and attract more investors to the Solana ecosystem, potentially boosting SOL token value. Furthermore, for SOL Strategies, this partnership could lead to expanded business opportunities and accelerate its plans for a U.S. market listing via Nasdaq.