Sol Strategies: Canadian Solana Powerhouse Guns for Nasdaq Glory via SEC Filing

Sol Strategies—the Toronto-based firm betting big on Solana's high-speed blockchain—just fired the starting gun on its Nasdaq ambitions. Their SEC filing signals a bold play for mainstream legitimacy in a market still wary of crypto's wild swings.

Why Nasdaq? Because nothing screams 'we're grown-ups now' like submitting to quarterly earnings calls and Wall Street's relentless scrutiny. The move could funnel institutional money into Solana's ecosystem—if the SEC doesn't throw its trademark regulatory wrench in the gears first.

Watch this space: If Sol Strategies pulls this off, it'll be one giant leap for crypto-kind. If not? Just another case of 'traditional finance eats the disruptors for breakfast.' Either way—popcorn ready.

TLDR

• Sol Strategies, a Canadian Solana-focused firm, filed Form 40-F with the SEC to list on Nasdaq under ticker symbol STKE
• The company’s stock price increased 4.4% following the filing announcement on Tuesday
• Sol Strategies currently holds over 420,000 SOL tokens worth approximately $61.32 million as of June 2
• The company reported a net loss of $3.5 million in Q1 2025 and is down 17% year-to-date
• Sol Strategies previously raised $500 million through convertible notes in April to buy and stake SOL tokens

Sol Strategies, a Canadian company focused on the solana blockchain ecosystem, has submitted paperwork to the Securities and Exchange Commission seeking approval to trade on the Nasdaq exchange. The Ontario-based firm filed Form 40-F documents on June 19, which would allow it to trade under the ticker symbol STKE.

The filing represents the company’s first attempt to enter the US market after operating exclusively on Canadian exchanges. SOL Strategies currently trades under the symbol HODL on the Canadian Securities Exchange, which has 762 total securities listed as of April 30.

The Nasdaq exchange is the world’s second-largest stock exchange with a market capitalization of $30.12 trillion and more than 3,300 company listings. Companies based in Canada must file FORM 40-F with the SEC to list their securities on US exchanges.

Following news of the SEC filing, Sol Strategies stock gained 4.39% during Tuesday’s trading session. The stock reached a peak of 2.42 Canadian dollars ($1.76) before closing at 2.38 Canadian dollars ($1.73).

Despite the recent gains, the stock remains down 17% year-to-date. The company’s shares have fallen 61% from their all-time high of 6.1 Canadian dollars reached on January 22, according to Google Finance data.

Sol Strategies reported a net loss of $3.5 million for the quarter ending March 31, 2025. The company has been implementing what it calls a “Solana treasury reserve strategy” by accumulating SOL tokens.

Building a Solana Treasury

As of June 2, Sol Strategies held more than 420,000 SOL tokens valued at approximately $61.32 million. The company’s holdings consist of 269,258 SOL tokens owned directly and 268,671 tokens actively staked to the company’s validators.

The firm made its most recent purchase on May 29, acquiring 26,478 SOL tokens for $4.7 million. This purchase added to the company’s growing Solana treasury as part of its focused investment strategy.

In April, Sol Strategies secured funding of up to $500 million through convertible notes issued by ATW Partners. The company plans to use this capital to continue accumulating SOL tokens and support its validator operations.

Sol Strategies filed a prospectus with Canadian regulators on May 27 that could allow the company to issue stock and raise as much as $1 billion. The funds WOULD be used to make additional investments in the Solana ecosystem.

Company Background and Strategy Shift

Sol Strategies was formerly known as Cypherpunk Holdings Inc. and initially focused on Bitcoin treasury management. The company began shifting its strategy toward Solana in late October 2024, shortly after rebranding to its current name.

The official announcement of the company’s transition from bitcoin to Solana came in its Q4 Shareholder Letter filed on January 29, 2025. The strategic pivot reflects the company’s belief in Solana’s potential within the blockchain ecosystem.

Analysts from Cantor Fitzgerald stated on Monday that companies investing in Solana could benefit from increased SOL usage in the financial industry. The analysts highlighted Solana’s high transaction speed and low costs as advantages for tokenized assets.

The SEC filing for Nasdaq listing is currently awaiting approval from regulators. Sol Strategies holds over 420,000 SOL tokens as of June 2, 2025.