Spetz (SPTZ), doing business as SonicStrategy, has announced It’s receiving $40 million in convertible funding from the foundation behind the Sonic blockchain, Sonic Labs.
The financing comes in the form of a six-month, zero-coupon convertible note issued in Sonic’s native S tokens. If SonicStrategy uplists from the Canadian Securities Exchange to the Nasdaq or a similar U.S. exchange and raises at least $40 million in outside capital, the debt can convert to common stock at $4.50 per share.
Those shares will be locked for three years. Sonic Labs’ token contribution will be locked for four years.
SonicStrategy plans to use the capital to support its treasury, validator operations and blockchain investments. The companies expect the deal to close within five business days under Canadian Securities Exchange rules.
The investment is part of Sonic’s broader push into the U.S., following community approval for a $150 million expansion plan. That initiative includes efforts to create an exchange-traded fund and pursue a private investment in public equity (PIPE) vehicle.
Sonic Labs CEO Michael Kong said SonicStrategy acts as a link between the blockchain and traditional finance. “”This investment reflects our confidence in their execution and their ability to provide institutional-grade infrastructure for the Sonic ecosystem,” Kong said in a press release.
Sonic’s S tokens are up around 0.4% in the last 24 hours, while based on the CoinDesk 20 (CD20) index the wider crypto market rose 1.3% in the same period.
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Francisco Rodrigues
https://www.coindesk.com/business/2025/09/02/sonic-labs-commits-usd40m-to-sonicstrategy-as-it-eyes-nasdaq-listing-u-s-expansion
2025-09-02 16:09:00
