May 01, 2025

ATW Partners provides up to US$500 million convertible note facility to SOL Strategies Inc.

Goodmans LLP acted for ATW Partners in connection with a convertible note facility pursuant to which ATW will provide funding of up to US$500 million to SOL Strategies Inc. (formerly, Cypherpunk Holdings Inc).

This facility marks a first-of-its-kind in digital asset financing: capital is exclusively earmarked for purchasing SOL tokens, to be staked on validators operated directly by SOL Strategies, with yield shared between the parties. The first tranche of US$20 million was completed in May, with additional capacity of up to US$480 million available in subsequent drawdowns, subject to certain conditions.

SOL Strategies is a publicly traded Canadian investment company dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem.

ATW Partners is a New York-based investment manager of a family of private equity funds that invests in innovative companies across both public and private markets.

"Goodmans' organisation, communication and coordination gives confidence that they are in control and understand every aspect of very complex and sophisticated transactions." — Chambers Canada
"We work with a number of law firms and this department in particular provides timely, proactive and well articulated legal advice." — Chambers Canada
"Goodmans is able to pull together teams to make sure 100% coverage of all risks is obtained. The firm is able to guide us through complex negotiations and interpret complex issues and documents." — Chambers Canada
Primarily recognized for its advice to corporate borrowers, where it routinely handles high-value transactions, it also has an increasingly prominent lender-side practice, with its recent work spanning advice to financial institutions and alternative lenders. — The Legal 500 Canada
The team's work has a significant emphasis on corporate lending, acquisition finance and real estate financing transactions. The department demonstrates considerable experience in managing cross-border transactions. — Chambers Canada
Goodmans LLP’s banking and finance team ‘positions its clients to make informed business decisions’. — The Legal 500 Canada
The banking and finance team at Goodmans has experienced counsels at all relevant levels, from senior partners to junior associates. — Chambers Canada
Clients note, "A very responsive team, which works well under tight timelines, provides quality work with minimal back and forth, and demonstrates attention to detail." — The Legal 500 Canada
...its borrower-side work and involvement in complex restructuring-related matters is particularly impressing. — The Legal 500 Canada
Clients note, "The team is extremely commercially oriented and able to get to the crux of the issue right away." — Chambers Canada
Clients note, "The firm provides sound advice on various complex and time-sensitive transactions including explaining our options and the related pros and cons to each decision." — Chambers Canada
Clients note, the Goodmans team takes a "Pragmatic, commercial view towards getting the transaction closed in a smooth, efficient manner," adding "Partners remain deeply engaged through the transaction." — IFLR1000
One client noted, "They bring a solid, pragmatic and commercial approach to dealing with key legal issues, are flexible and easy to work with, and are client focused." — Chambers Global
Clients remark, "#1 in senior housing sector expertise. #1 in helping network. Very professional and responsive. Great quality work.” — IFLR1000
On the Banking and Finance group, interviewees say: "Goodmans has an amazing team that is very responsive, knowledgeable, reliable and pleasant." — Chambers Global

Practices

Industries

ATW Partners provides up to US$500 million convertible note facility to SOL Strategies Inc.

Site Search

ATW Partners provides up to US$500 million convertible note facility to SOL Strategies Inc.

Expertise

Featured Work