Solana (SOL) treasury company SOL Strategies has received approval to list its common shares on the Nasdaq, as announced on September 5. The company anticipates trading to begin on September 9 under the ticker symbol “STKE,” while maintaining its Canadian Securities Exchange listing under “HODL.”
With this development, shares will no longer trade on the OTCQB Venture Market, and existing shareholders will be automatically converted to the Nasdaq listing without needing to take any action. CEO Leah Wald expressed excitement about the listing, stating that it aligns the company with innovative technology firms and positions them to attract institutional investors who recognize Solana’s transformative potential.
The move comes after SOL Strategies transformed from a diversified crypto holding company to a Solana-first investment vehicle following a strategy shift approved at a shareholder meeting on July 30, 2024. The rebranding coincided with the appointment of Wald as the new CEO, accelerating the company’s accumulation of SOL tokens and ecosystem investments.
This milestone for the Toronto-based company follows its strategic rebrand from Cypherpunk Holdings and pivot to Solana-focused investments. The approval also reflects broader institutional interest in Solana exposure, with firms like Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seeking around $1 billion to create the largest dedicated SOL treasury through a public company vehicle. Cantor Fitzgerald leads the effort, which involves acquiring a listed entity to establish an institutional-grade Solana treasury.
In addition to SOL Strategies, other companies are also operating SOL treasuries through public markets. Upexi holds over $100 million in SOL, while DeFi Development Corp reports 846,000 SOL with plans to compound through staking yields.
The Nasdaq listing is expected to accelerate validator growth through institutional partnerships, enhance operational scalability due to growing demand for Solana staking, and solidify SOL Strategies’ position as the leading institutional gateway to the Solana ecosystem.