SOL Strategies files for Nasdaq listing

SOL Strategies has filed Form 40-F with the U.S. Securities and Exchange Commission (SEC). The Canadian company plans to register its securities with the agency and list them on the Nasdaq Exchange under the symbol STKE.

The Form 40-F is a requirement by the SEC for Canadian firms seeking to register securities for trading in the U.S. market. While the agency reviews the application, SOL Strategies’ common stock will continue trading on the OTC market under the ticker CYFRF and on the Canadian Securities Exchange (CSE) under the ticker HODL.

SOL Strategies moves to U.S. markets

The Nasdaq exchange is the second largest exchange in the world with a market capitalization of $30.12 trillion and more than 3,300 company listings, while the CSE has 762 total securities as of April 30. CEO of Capital Management, Anthony Pompliano, argued that too many crypto-related public companies have been boxed out of the U.S. market due to the regulatory environment.

After the SEC filing, SOL Strategies’ stock surged by 4.39% in Tuesday’s trading session. The stock reached 2.42 Canadian dollars ($1.76) and ended the trading day at 2.38 Canadian dollars ($1.73). According to Google Finance, the stock is down 17% year-to-date and has fallen 61% from its all-time high of 6.1 Canadian dollars, which it reached on January 22.

“Submitting our Nasdaq application represents a pivotal step in our journey to bridge institutional investment with the boundless potential of the Solana ecosystem. This milestone positions us to drive transformative growth and deliver sustained value to our shareholders as we bring our strategic vision to life.”

-Leah Wald, CEO of SOL Strategies.

SOL Strategies also reported a net loss in the second quarter, even as revenue from staking and validating surged. The firm reported a net loss of CAD 4.8 million ($3.5 million) for Q2 2025, while revenue for the period surged to CAD 2.54 million ($1.85 million) from CAD 67,000 in the same period a year earlier.

The company rebranded from Cyberpunk Holdings in September and has since focused on Solana’s blockchain. SOL Strategies has been accumulating SOL as part of its Solana treasury reserve strategy and operating a Solana validator. 

SOL Strategies doubles down on Solana 

According to SOL Strategies’ website, as of June 2, it held more than 420,000 SOL tokens, worth approximately $61.32 million. On December 2, 2024, the company announced a letter of intent detailing plans to acquire additional validators to strengthen its position in the Solana ecosystem.

The initiative would increase the SOL delegated to the company’s validators by 554,714, reaching 1,493,378 SOL, valued at CAD 470.4 million. The transaction also includes a $750,000 cash payment (or equivalent in SOL or USDC) upon closing and $750,000 in common shares issued at the agreement’s signing price. The firm said it will issue an additional $5 million in shares over three years, contingent on performance targets.

On May 27, the crypto company disclosed that it had filed a prospectus with Canadian regulators, which could see the company issue its stock to raise as much as $1 billion shortly to invest in the Solana ecosystem. Wald said “filing a base shelf prospectus supports the company’s growth strategy by providing us with the flexibility to access capital as future opportunities arise in the Solana ecosystem.”

In May, SOL Strategies also issued convertible notes worth $500 million to buy and stake SOL tokens. The firm also stacked more SOL and added SUI, dramatically reducing its Bitcoin holdings.

Analysts from Cantor Fitzgerald said on Monday that companies investing in Solana benefit from the increased use of SOL in the financial industry. The analysts hailed the Solana ecosystem’s high speed and low cost, which could benefit tokenized assets.

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