Solana Treasury Firm Sol Strategies Files for Nasdaq Listing at $63M SOL

Solana treasury firm Sol Strategies has filed Form 40-F with the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq under the ticker “STKE”. This is to open up to global investors and increase institutional confidence in Solana (SOL) as a long term strategic asset. Sol Strategies stock, currently listed on the Canadian Securities Exchange under the ticker “HODL”, rose 4.2% after the announcement and closed at $2.38.

The firm holds 420,000 SOL, worth approximately $63 million at current prices. If approved, this would make Sol Strategies one of the first publicly traded companies in North America with a pure Solana treasury focus. Their strategy is similar to MicroStrategy’s Bitcoin play – raise capital through equity or bond issuance and redirect it towards token acquisition and staking.

Why Firms are going to Solana

According to Cantor Fitzgerald, institutional interest is shifting towards Solana over Bitcoin or Ethereum. This is mainly due to Solana’s native staking feature which allows treasury holders to earn extra yield. The blockchain’s speed, low fees and growing DeFi ecosystem is further solidifying its appeal to corporate treasuries.

Sol Strategies has been aggressively buying Solana in recent months:

• May 27, 2025: Filed a prospectus with Canadian regulators to issue up to $1 billion in HODL shares for SOL acquisition.

• April 2025: Raised $500 million through convertible notes, used immediately to buy and stake SOL tokens.

This rapid accumulation shows corporate conviction in Solana as more than a speculative asset, but as a yield generating, long term treasury reserve.

Corporate SOL Demand Heating Up

Sol Strategies isn’t alone. Other firms are moving fast into the Solana ecosystem.

• Classover Holdings (Nasdaq listed) plans to raise $500 million for a Solana Treasury, funded via a convertible note agreement.

• MemeStrategy (Hong Kong based) became the first public company to confirm a Solana reserve plan, buying 2,440 SOL for HKD 2.9 million (~USD 370,000).This is a big deal. Regulatory clarity and a spot Solana ETF is looking more and more likely. Under this administration companies are looking at alternative digital assets beyond Bitcoin and Solana stands out for staking and infrastructure.

Bottom Line: Sol Strategies going Nasdaq is a big moment in digital asset strategy. With a $63 million Solana treasury and $1 billion in capital to raise, this could be the trigger for broader institutional adoption of SOL if regulatory momentum continues.