Antanas Guoga Files Early Warning Report on Sol Strategies Inc.

## Antanas Guoga Boosts Stake in Sol Strategies to Nearly 20% Via Debt Settlement

**Toronto, Ontario – January 8, 2026** – Antanas Guoga, a key figure within Sol Strategies Inc. (formerly Cypherpunk Holdings Inc.), has significantly increased his ownership in the company. Filings reveal that Guoga acquired an additional 2,300,726 common shares on January 6, 2026, through a debt settlement and termination agreement executed on December 31, 2025. This transaction elevates his total holdings to 6,084,760 common shares, representing approximately 19.7% of the company’s outstanding stock on a non-diluted basis.

Prior to this latest acquisition, Guoga held a substantial 3,784,034 shares, which constituted about 13.49% of the company’s issued and outstanding common shares. The recent move effectively bolsters his insider ownership and signals a strong conviction in the company’s future prospects.

The debt settlement mechanism for acquiring these shares is noteworthy. This approach suggests a strategic restructuring of financial obligations, converting debt into equity rather than a direct cash purchase. This can be a financially prudent maneuver for both the company and the stakeholder, optimizing the balance sheet while increasing equity participation. Such debt-for-equity swaps are often employed when a company seeks to deleverage without depleting cash reserves, and when a major stakeholder is amenable to increasing their stake in exchange for settling outstanding obligations.

**Key Takeaways from the Transaction:**

* **Increased Insider Ownership:** Guoga’s stake now stands at an influential 19.7%, signaling strong insider confidence.
* **Debt Settlement Mechanism:** The acquisition via debt settlement is a strategic financial play, potentially benefiting Sol Strategies’ balance sheet.
* **Potential for Future Activity:** The filing explicitly states that Guoga may engage in further transactions, including buying or selling shares, hedging his position, or exploring other financial instruments related to the company’s stock. This suggests an active and potentially dynamic approach to his investment.

**Market Implications and Technical Analysis:**

While this filing primarily concerns insider ownership, it’s important to consider the broader market context for Sol Strategies (NYSE: STKE). The stock’s last closing price was $2.19. Trading volume on the day of this reporting was 275,423, which is closely aligned with its 20-day average of 289,743, indicating stable trading interest. However, the stock is currently trading below its 200-day moving average of $3.45, suggesting a prevailing bearish trend from a technical standpoint.

The company’s recent historical performance shows a mixed bag of operational news. A debt restructuring and partial conversion to equity around December 31, 2025, was met with a slight price dip (-1.9%), despite being categorized as positive. Full-year earnings for the same period also showed revenue growth but a dip in adjusted EBITDA, leading to a neutral sentiment and a similar price movement. Despite these headwinds, a positive monthly business update in November 2025, highlighting new institutional mandates, saw a modest price increase (+1.1%).

One particularly interesting data point is the selection as a staking provider for the VanEck Solana ETF on November 17, 2025. This was a significant strategic development, yet the stock experienced a notable drop of 8.7% on the news. This pattern of price declines following positive operational or strategic news is a divergence worth noting, suggesting that market sentiment might be driven by factors beyond direct fundamental news, or that there’s a tendency for profit-taking on such developments.

**Looking Ahead:**

Guoga’s increased stake is a significant development for Sol Strategies. Investors will be watching closely to see how this enhanced insider position influences corporate strategy and decision-making. The explicit mention of potential future transactions also adds a layer of anticipation. The market will likely weigh this increased insider conviction against the company’s recent technical performance and the historical tendency for stock price volatility despite positive news. The company’s ability to translate its strategic initiatives, such as the ETF staking mandate and ongoing business updates, into sustained share price appreciation remains a key focus for market participants.