SOL Strategies Inc. has received Nasdaq approval to list its shares under ticker “STKE” starting September 9, 2025, marking a historic milestone as the first Solana-focused treasury company to achieve major US exchange status.
SOL Strategies Inc., formerly Cypherpunk Holdings Inc., has secured approval from Nasdaq for listing its common shares on the Global Select Market under the ticker symbol “STKE,” with trading set to commence on September 9, 2025.
The Toronto-based company will maintain its existing listing on the Canadian Securities Exchange under the symbol “HODL” while discontinuing trading on the OTC Market, such as the OTCQB, where it previously traded under the symbol “CYFRF.” Current OTCQB shareholders need not take any action as their shares will automatically convert to the Nasdaq listing.
SOL Strategies Becomes First Solana Treasury Company to Reach Nasdaq
SOL Strategies has positioned itself as a publicly traded gateway to the Solana blockchain ecosystem, focusing on validator operations and strategic SOL token holdings. The company currently holds over 420,000 SOL tokens valued at approximately $61.32 million as of its June filing. CEO Leah Wald emphasized the significance of this milestone in the press release, stating that joining Nasdaq “aligns us with the world’s most innovative technology companies and positions us to attract the institutional investors who recognize the transformative potential of Solana’s infrastructure.”
The listing represents validation for the entire Solana ecosystem, as SOL Strategies becomes the first Solana-focused treasury company to achieve Nasdaq status.
The company operates through a three-pronged approach: direct SOL token acquisition, validator node operations for staking rewards, and strategic investments within the Solana ecosystem. SOL Strategies runs validator nodes that verify transactions and produce new blocks, earning rewards in additional SOL tokens based on performance. Despite generating over $2.5 million in staking revenue during the second quarter of 2025, the company continues to operate at a loss due to high operational costs.
However, SOL Strategies has secured significant funding capacity, including a $500 million convertible note facility, and plans to raise up to $1 billion CAD through a preliminary base shelf prospectus.
Stock Surges 1,775% as Crypto Companies Rush to US Exchanges
SOL Strategies stock has demonstrated exceptional performance, gaining over 1,775% in the past 12 months on the CSE, which is why it was selected as one of the best crypto stocks in 2025. The company’s transition to Nasdaq is expected to enhance liquidity and provide access to deeper capital markets for the continued scaling of validator operations.
The move is part of a broader trend among cryptocurrency companies seeking US exchange listings. Similar firms, such as Circle, eToro, and Galaxy Digital, have recently completed successful transitions to major US exchanges.
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