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ToggleCEO Leah Wald steps down as SOL Strategies CEO amid Solana steep decline.
The crypto market continues to be shaken as Solana (SOL) drops more than 6.7%, leading to a lot of turmoil in major investment firms. Recently, Leah Wald, CEO of SOL Strategies (ticker STKE), announced her resignation after about 18 months in this position.
The official announcement was made earlier this week, confirming that Michael Hubbard, Chief Strategy Officer and Board Member, will serve as interim CEO.
Leah Wald's Journey and the Turning Point with Solana
Leah Wald joined the Toronto-based company in July 2024, when it was still called Cypherpunk Holdings. She then launched a strategy focused heavily on Solana , one of the fastest-growing blockchains at the time. Before that, Wald was CEO of Valkyrie Investments, the issuer of the first Bitcoin Futures Contract ETF listed on Nasdaq.
Under Wald’s leadership, SOL Strategies restructured its portfolio, selling a large stake in Animoca Brands along with its Bitcoin holdings to focus on buying the SOL Token . At the same time, the company also rebranded to reflect its new direction.
Chia on social network X, Wald wrote: “After completing big goals, I feel now is the right time to open the next chapter. From October 1, I will explore new opportunities in the fields of artificial intelligence and financial technology.”
SOL Strategies and the Solana race among listed companies
It is worth noting that SOL Strategies was one of the first public companies to raise Capital through loans and debt issuance to invest in cryptocurrencies, ahead of names like DeFi Development Corp. or Upexi. However, according to data from The Block, new entrants such as Sharps Technology or Forward Industries have now surpassed STKE in terms of SOL holdings.
As of September 23, 2025, SOL Strategies owns more than 435,000 SOL, worth approximately $89 million at current market prices. Meanwhile, Solana is down to around $221, amid a sharp decline in the global crypto market.
In addition to directly investing in SOL, SOL Strategies also operates a validator business – providing infrastructure for validating transactions on the Solana network. This recently surpassed CAD 1 billion in assets entrusted, coming from over 7,000 independent user wallets. This is an important milestone, showing that the company still holds a significant position in the Solana ecosystem, despite the leadership change.
