Company Eyes U.S. Market Expansion as SOL Holdings Surpass $61M
Sol Strategies, a Canadian digital asset firm focused on the Solana ecosystem, has filed regulatory documents with the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq Stock Market, signaling a major step toward expanding its presence in the United States.
The company submitted a Form 40-F filing to the SEC, a requirement for Canadian-domiciled companies seeking to list their securities on U.S. exchanges. If approved, Sol Strategies will trade under the ticker symbol STKE on Nasdaq.
Stock Rises After SEC Filing Announcement
Following the announcement on Tuesday, Sol Strategies’ shares on the Canadian Securities Exchange (CSE) rose by 4.39%, peaking at 2.42 Canadian dollars ($1.76) before closing at CA$2.38 ($1.73).
Despite the positive market response, the company’s stock is still down 17% year-to-date and 61% below its all-time high of CA$6.10, reached on January 22, according to data from Google Finance.
The listing effort comes amid broader efforts to attract institutional investors and raise capital for continued investment in Solana (SOL) and related blockchain technologies.
Sol Strategies Deepens Bet on Solana
Sol Strategies is one of a growing number of publicly listed companies building crypto treasuries, with a strategic focus on accumulating and staking Solana tokens.
As of June 2, the company reported holding more than 420,000 SOL tokens, valued at approximately $61.32 million at current market prices, according to its official website.
“We believe Solana represents the future of scalable, low-cost financial infrastructure,” a company spokesperson said in a recent statement.
Capital Raising Efforts Underway
In line with its aggressive crypto treasury strategy, Sol Strategies recently filed a prospectus with Canadian regulators that could allow the company to issue up to $1 billion in new equity, with proceeds earmarked for further investment in the Solana ecosystem.
This follows the company’s earlier move in April to issue $500 million in convertible notes, with proceeds used to purchase and stake SOL tokens, further solidifying its commitment to long-term Solana exposure.
The company has positioned itself as a hybrid between a crypto-native investor and a traditional financial instrument, blending equity fundraising with blockchain infrastructure plays.
Financial Performance and Challenges
While the firm has made headlines for its strategic moves in crypto, it has also faced financial headwinds. In its most recent earnings report for the quarter ending March 31, 2025, Sol Strategies posted a net loss of $3.5 million.
Analysts note that these losses are not unusual for early-stage companies building blockchain infrastructure portfolios, though continued performance will likely depend on broader crypto market dynamics and investor appetite.
Analyst Views on Solana’s Potential
Sol Strategies’ bet on Solana has drawn attention from financial analysts. On Monday, analysts at Cantor Fitzgerald said firms investing in SOL may benefit from the blockchain’s growing institutional and financial applications.
“Solana’s high throughput and low transaction fees make it ideal for tokenizing real-world assets and powering DeFi,” Cantor’s report noted.
“Firms aligned with this technology stand to capture early-mover advantages.”
The analysts also noted that the growing number of Solana-based treasuries suggests increasing confidence in the network’s long-term value proposition, despite volatility.
Why Nasdaq?
Listing on the Nasdaq, the world’s second-largest stock exchange with a market capitalization exceeding $30 trillion, would allow Sol Strategies to gain greater visibility and liquidity among U.S. institutional investors.
In contrast, the Canadian Securities Exchange (CSE)—where Sol Strategies currently trades under the ticker HODL—hosts a more limited pool of companies, with 762 total securities listed as of April 30.
Moving to Nasdaq also aligns with a broader trend of crypto-linked companies such as Coinbase, Marathon Digital, and Riot Platforms seeking access to U.S. capital markets and broader investor bases.
Conclusion
Sol Strategies’ filing with the SEC to list on the Nasdaq marks a significant step in its evolution from a Canadian crypto-native company to a North American blockchain investment vehicle. With over $61 million in SOL reserves, a planned $1 billion capital raise, and strong interest from analysts, the company is betting big on Solana’s role in the future of finance.
Whether the firm’s Nasdaq ambitions are approved — and whether investors continue to reward its crypto-focused strategy — will likely depend on broader market conditions, regulatory clarity, and the continued adoption of Solana’s technology across decentralized and traditional finance.
