TL;DR
- SOL Strategies, a Canadian blockchain investment firm focused on the Solana ecosystem, has filed with the U.S. SEC to list on the Nasdaq under the ticker STKE.
- The company saw its stock rise over 4% following the announcement, despite reporting a Q2 net loss.
- With more than 420,000 SOL tokens in reserve, the firm continues expanding its validator footprint and seeks up to $1 billion in funding to deepen its Solana involvement.
SOL Strategies, a Toronto-based digital asset firm, has submitted Form 40-F to the U.S. Securities and Exchange Commission, taking the first major step toward a potential Nasdaq listing. If approved, the company will trade under the ticker STKE while maintaining its presence on the Canadian Securities Exchange (CSE) as HODL and on the OTC market as CYFRF.
The move underscores SOL Strategies’ ambition to operate within the world’s most competitive equity market and tap into broader institutional capital. The Nasdaq, home to more than 3,300 listings and over $30 trillion in market cap, offers unmatched visibility for tech and crypto-aligned firms.
Nasdaq Filing Marks Strategic Expansion Into U.S. Capital Markets
CEO Leah Wald described the filing as a key moment in aligning the firm’s long-term vision with the potential of Solana’s blockchain. Although the company reported a Q2 loss of CAD 4.8 million ($3.5 million), it posted a massive revenue jump to CAD 2.54 million ($1.85 million), up from just CAD 67,000 a year prior. Most of this growth stems from staking and validator operations within the Solana network.
Shares of SOL Strategies jumped 4.39% after the Nasdaq filing, closing at CAD 2.38. Despite the bounce, the stock remains down 17% year-to-date and 61% below its January 2024 peak.
Aggressive Solana Strategy Backed by Capital Raises and Validator Growth
SOL Strategies has accumulated over 420,000 SOL tokens, currently valued at around $61 million, and plans to acquire additional validators to bring its delegated stake to nearly 1.5 million SOL. The expansion includes a $750,000 initial payment and a $5 million share issuance over three years, contingent on network growth.
In May, the firm filed a Canadian prospectus that could allow it to raise up to $1 billion to expand its Solana-focused investments. It also issued $500 million in convertible notes to acquire more SOL and SUI while reducing exposure to Bitcoin.
Many analysts noted that companies embedded in the Solana ecosystem stand to benefit from the network’s rapid transaction speed and low costs, traits increasingly favored in tokenized finance applications.
