- Sonic Labs invested in SonicStrategy via a convertible debenture that represents about 126 million S tokens, valued at $40 million at issuance.
- The debenture conversion into equity depends on a successful NASDAQ uplisting; until then, SonicStrategy cannot sell or transfer the tokens.
- SonicStrategy has raised about $9 million in outside capital and has bought S tokens only on the open market; it has not sold any tokens.
- The debenture term was extended by three years to give more time to meet NASDAQ requirements amid slower market conditions.
- The company runs validators that support the Sonic network and aims to grow S per share over time; the Canada-to-U.S. listing path mirrors moves by firms like SOL Strategies and DeFi Technologies.
Sonic Labs says it placed a convertible debenture into SonicStrategy to provide regulated exposure to the Sonic ecosystem without requiring token custody or direct on-chain management. The arrangement links traditional capital markets to on-chain participation and is contingent on a NASDAQ uplisting.
The debenture covers roughly 126 million S tokens and was valued at $40 million at issuance. Conversion to company equity can occur only if SonicStrategy achieves a NASDAQ listing. Until conversion, SonicStrategy is contractually barred from selling, transferring, or disposing of those tokens.
If the NASDAQ listing does not happen before the debenture term ends, the tokens must be returned to Sonic Labs and burned, the company said. To allow more time for meeting listing requirements amid slower market conditions, Sonic Labs and SonicStrategy extended the debenture term by three years.
SonicStrategy operates independently under CEO Dustin Zinger. The company has raised about $9 million from outside investors and has acquired S tokens only through open-market purchases. It runs validators—servers that help secure the blockchain by confirming transactions—and has not sold any S tokens, aiming to increase S per share over time.
The structure intends to provide compliant capital inflows that support validator infrastructure and ecosystem development. The firms note the Canada-to-U.S. progression is a common route for digital asset treasuries, citing recent examples such as SOL Strategies and DeFi Technologies that moved from Canadian listings toward U.S. markets.
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