Canadian digital asset firm Sol Strategies has taken steps to enter the U.S. equity markets by filing for a Nasdaq listing while expanding its Solana-based holdings.
Preparation for Nasdaq Listing
On June 19, Sol Strategies filed a Form 40-F with the U.S. Securities and Exchange Commission. This is a mandatory requirement for Canadian companies looking to list their securities in the U.S. The firm aims to trade on the Nasdaq Capital Market under the ticker symbol 'STKE'. This will mark its first direct entry into American financial markets. Previously, Sol Strategies traded under the ticker 'HODL' on the Canadian Securities Exchange and 'CYFRF' on the OTCQB. If approved, the Nasdaq listing could provide broader visibility and access to institutional investors in the U.S. After the announcement, Sol Strategies’ stock jumped by 4.4%.
Current Solana Holdings and Staking Operations
As of May 29, Sol Strategies reported holding a total of 420,355 SOL tokens, including 269,258 SOL directly owned and 268,671 SOL actively staked through the firm’s validators. The staking element is part of the firm’s long-term strategy to accrue Solana while also engaging in network security and validation. Such activities make Sol Strategies one of the larger institutional holders of SOL. Additionally, the company fully exited Bitcoin by early 2025, confirming Solana as its treasury model in a January 29 shareholder letter.
Funding Deal Worth $500 Million with ATW Partners
In April 2025, Sol Strategies announced that it had secured a convertible note agreement worth up to $500 million with ATW Partners, a New York-based investment firm. This funding is intended to support further accumulation of Solana tokens and bolster the company’s validator infrastructure. The convertible note structure allows flexibility in converting future debt into equity depending on market conditions. According to the agreement, the funds are also earmarked for expanding the company’s technology stack and validator operations.
Sol Strategies has taken significant steps to strengthen its position in the digital asset market, focusing its strategy around Solana tokens while awaiting approval for its Nasdaq listing.
