Sol Strategies has filed a Form 40-F with the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq Capital Market under the ticker “STKE.”
As of June 2025, the firm holds more than 420,000 SOL tokens, worth over $61 million. This makes it one of the most prominent institutional holders of Solana’s native asset.
The Nasdaq application comes as part of an ambitious U.S. expansion. If approved, Sol Strategies’ shares will be available to a much larger and more diverse investor base, leveraging Nasdaq’s $30 trillion market capitalization and global reach.
The company’s CEO, Leah Wald, called the move “a pivotal step in our journey to bridge institutional investment with the boundless potential of the Solana ecosystem,” emphasizing the firm’s commitment to driving growth and value for shareholders.
Sol Strategies Focuses on Solana
Sol Strategies has attracted attention for its Solana treasury reserve strategy, having previously divested its Bitcoin holdings to concentrate on SOL. Recently, the company issued $500 million in convertible notes to acquire and stake even more SOL, aligning its capital strategy with the Solana staking economy.
The firm also filed a $1 billion shelf prospectus in Canada in May, giving it the flexibility to raise funds for further expansion and investment in Solana-based projects. Its focus on Solana positions it to benefit from the blockchain’s rapid growth in asset tokenization and digital infrastructure.
Navigating US Regulations
Sol Strategies meets SEC regulations as a “foreign private issuer” since it is a Canadian-domiciled business. It can maintain Canadian governance norms and is exempt from specific U.S. regulatory procedures, including Section 16 filings and proxy solicitation rules, due to this status.
As required for U.S. domestic issuers, Sol Strategies’ board does not have to have a majority of independent directors and does not have distinct nominating or remuneration committees.
The listing qualifications section of the Nasdaq and the SEC must both examine and approve the Nasdaq listing application. Trading on the CSE and OTC exchanges will continue until Sol Strategies is approved.
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