Solana is Global with Alex Scott Max Kaplan - SOL Strategies
Dec 1, 2025
In this engaging discussion, Max Kaplan, CTO of SOL Strategies and former Kraken engineer, shares insights on the transformative journey of SOL Strategies from Cypherpunk Holdings. He explains the advantages of Digital Asset Treasuries (DATs) over traditional ETFs, emphasizing their potential for higher returns. Max also touches on his unique path to the crypto world, the state of Solana's validator economics, and the advancements like Application Controlled Execution (ACE). Lastly, he highlights the discrepancies institutions often make regarding Solana and Ethereum.
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Public Company Pivoted To Solana
- Sol Strategies pivoted from Bitcoin to Solana in September 2024 and combined a public treasury with a tech business model.
- The company uses validator revenue to grow SOL per share and avoid diluting shareholders.
When To Choose A DAT Over An ETF
- Choose a DAT if you want leveraged upside through growing SOL-per-share beyond staking rewards.
- Recognize DATs carry higher upside and higher downside versus one-to-one ETFs.
Reddit Post Led To Kraken Job
- Max joined Kraken after posting open-source work on Reddit and later left to run validators on Solana.
- He founded Orangefin, grew it into a top validator, then sold it to Sol Strategies and joined as CTO.