Journalist
Hassan Shittu
Journalist
Hassan Shittu
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SOL Strategies Inc., a Canadian company dedicated to investing in and providing infrastructure for the Solana blockchain, has secured approval to list its common shares on the Nasdaq Global Select Market.
The company confirmed the news this week, marking it as the first Solana-focused public firm to achieve a U.S. listing.
Trading is scheduled to begin on September 9, 2025, under the ticker symbol STKE. Until then, the company’s shares will continue to trade on the Canadian Securities Exchange under the symbol HODL.
Once Nasdaq trading begins, its stock will no longer appear on the OTCQB Venture Market, where it currently trades under the symbol CYFRF. Shareholders on the OTCQB do not need to take action, as their holdings will automatically convert to the Nasdaq listing.
SOL Strategies to Begin Nasdaq Trading Under ‘STKE’ on September 9
The listing, still subject to the company’s Form 40-F registration statement becoming effective with the U.S. Securities and Exchange Commission, represents a milestone in bringing Solana-focused infrastructure to regulated American capital markets.
Chief Executive Officer Leah Wald described the approval as validation not just for the company but for Solana’s broader ecosystem.
“Joining Nasdaq aligns us with the world’s most innovative technology companies and positions us to attract the institutional investors who recognize the transformative potential of Solana’s infrastructure,” Wald said.
She added that the listing would give shareholders greater liquidity and provide the company with access to deeper capital markets as it scales validator operations and expands investments.
The approval follows a series of moves by SOL Strategies to align with Nasdaq requirements. In July, the company consolidated its shares on a one-for-eight basis, reducing its total outstanding shares from more than 176 million to about 22 million.
The consolidation was designed to meet Nasdaq’s minimum bid price requirements and resulted in proportionate adjustments to the firm’s stock options, warrants, and convertible securities.
SOL Strategies rebranded from Cypherpunk Holdings in September 2024, shifting its focus entirely to Solana, a blockchain known for high transaction speeds and low costs.
Since then, the firm has intensified its Solana acquisition strategy, reporting 254,380 SOL staked by mid-2025, roughly half of which came from third-party delegators.
By June 2025, filings revealed that the company held over 420,000 SOL, positioning it as one of the more prominent institutional holders of Solana’s native token.
Nasdaq Approval Strengthens SOL Strategies’ Role in Solana’s Institutional Growth
The company currently has 22 million common shares outstanding, alongside 12 million warrants and 5.3 million stock options. Following the consolidation, the capital structure remains active, with potential for further expansion as investor demand grows under a U.S. listing.
As a Canadian-domiciled firm, SOL Strategies qualifies as a “foreign private issuer” under SEC rules. This status exempts it from certain U.S. regulatory requirements, such as proxy solicitation rules and Section 16 filings.
The company plans to continue operating under Canadian governance standards, which do not require a majority of independent directors or separate nominating and compensation committees.
The Nasdaq debut is expected to accelerate validator growth through institutional partnerships, enhance operational scalability as demand for Solana staking rises, and strengthen the company’s position as an institutional gateway to the Solana ecosystem.
SOL Strategies first filed its Nasdaq application in December 2024, submitting a registration statement with the SEC. The Listing Qualifications Department of Nasdaq then began reviewing the application for compliance with exchange standards.
The company framed the application as a key step in attracting institutional capital and broadening its reach into U.S. markets.
With approval now secured, the company is set to open trading on one of the world’s most prominent exchanges, offering U.S. investors regulated exposure to Solana infrastructure for the first time.
SOL Strategies Emerges as Key Gateway for Institutional Solana Holdings
SOL Strategies reported a milestone in August with over C$1 billion worth of Solana delegated to its validators.
As of Aug. 31, the company managed 3.62 million SOL under delegation, including 402,623 SOL from its own treasury, valued at about C$111.7 million.
A record 8,812 unique wallets are now staking with the firm, showing growing retail and institutional participation in its validator operations.
CEO Leah Wald said the achievement reflects “the increasing scale of our operations and confidence in Solana’s ecosystem.”
The company also advanced open-source failover technology and is participating in upcoming Solana upgrades, including SIMD-326 (Alpenglow consensus) and the Block Auction Marketplace.
Partnership growth remained central. The company’s white-label validator service for Solana Mobile’s Seeker device attracted more than 3,200 wallets within a month of launch, despite devices not yet reaching most of the 150,000 pre-order customers.
Meanwhile, Cathie Wood’s ARK Invest moved 3.6 million SOL, worth roughly C$888 million, to SOL Strategies’ infrastructure in July, calling it a validation of the firm’s institutional capabilities.
Elsewhere, major players are committing billions toward Solana reserves. Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly raising $1 billion to establish a corporate treasury vehicle, while Sharps Technology announced a $400 million financing to build what it described as the world’s largest Solana treasury.
DeFi Development Corp. has also doubled its holdings to more than 2 million SOL following recent purchases.
The developments position SOL Strategies as one of the leading institutional gateways to Solana, with 8.887 million SOL now held through public entities, representing nearly 1.55% of the token’s circulating supply.
