Sol Strategies, a Canadian firm focused on the Solana ecosystem, has formally filed documents with the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq Capital Market under the ticker "STKE." Currently trading on the Canadian Securities Exchange (CSE) under "HODL," the listing aims to expand the company’s presence in the U.S. market.
The company holds over 420,000 SOL tokens valued at approximately $61.32 million, making it one of the largest institutional holders of Solana’s native cryptocurrency. This aggressive accumulation of SOL tokens is part of Sol Strategies’ treasury reserve strategy. In April 2025, the firm issued $500 million in convertible notes to acquire and stake SOL tokens, aligning its investment strategy with Solana’s staking economy.
In May, Sol Strategies filed a preliminary shelf prospectus in Canada to raise up to $1 billion to further invest in the Solana ecosystem. The shelf prospectus, once approved, will allow the company flexibility to issue various securities including common shares and debt instruments without repetitive refiling.
The company qualifies as a "foreign private issuer" under SEC rules, exempting it from certain U.S. regulatory requirements. Despite ambitions for Nasdaq listing and growth, Sol Strategies acknowledged risks including crypto regulation evolution, market volatility, and classification uncertainties under securities laws.
Analysts from Cantor Fitzgerald highlighted that increased adoption of Solana in financial services due to its high speed and low costs could benefit companies invested in SOL, potentially enhancing Sol Strategies’ value proposition. Additionally, Sol Strategies signed a memorandum of understanding with Superstate to explore issuing tokenized company shares on the Solana blockchain, potentially marking one of the first public equity moves onto a blockchain platform.