VANCOUVER, British Columbia – March 27, 2024 – Neptune Digital Assets Corp. (TSX-V: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company”), one of the first publicly traded blockchain companies in Canada, is pleased to announce a growth milestone for its proof-of-stake operations with the acquisition of 26,964 Solana (SOL) tokens, a leading proof-of-stake (PoS) blockchain protocol.
Neptune successfully negotiated a strategic purchase of 26,964 Solana, one of the fastest-growing blockchain ecosystems, at USD$64 per SOL token, representing a 67% discount to current market value of USD$193 (at time of writing) per SOL. This investment underscores Neptune’s commitment to identifying and capitalizing on high-potential opportunities within the digital asset space. Neptune’s new Solana balance is now 31,181 tokens, all of which are staked and earning rewards.
As part of its growth strategy, Neptune has been actively growing its staking business line, where it either delegates tokens or operates nodes to secure PoS blockchain networks and earn rewards. These rewards contribute to Neptune’s revenue streams, enhancing value for shareholders. With Solana’s PoS mechanism, Neptune anticipates generating approximately a 7.5% annual yield from its Solana staking line. The Solana tokens acquired by Neptune will be locked and staked. The tokens will be released as follows:
- 80% will be released linearly on a monthly basis until January 2028;
- 20% will be released in March 2025;
- Solana will be staked and earn staking rewards during the lock period (current yield is approximately 7.5%, however this is subject to fluctuation).
Cale Moodie, CEO of Neptune, commented, “Our growing focus on proof-of-stake cryptocurrencies such as Solana, Polkadot, and Atom aligns with our commitment to generating sustainable revenue streams in the rapidly evolving blockchain ecosystem. Solana’s staking rewards, combined with its robust infrastructure, present an attractive opportunity for Neptune to generate revenue while contributing to the security and decentralization of the Solana network. This is a remarkable opportunity to grow our assets and revenues at a substantial discount to prevailing market prices.”
Solana has emerged as a leader in the blockchain industry, offering lightning-fast transaction speeds and low fees, making it a strong platform for decentralized applications (dApps) and decentralized finance (DeFi) projects. With this strategic investment, Neptune positions itself at the forefront of innovation within the blockchain space.
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the anticipated yield from Solana, the continued growth and sucess of Solana; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.