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

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