SOL Strategies Secures $500M to Boost Solana Holdings and Validator Support

SOL Strategies, a Canadian firm managing Solana (SOL) treasury assets, has submitted a Form 40-F application to the U.S. Securities and Exchange Commission (SEC), aiming to list its common shares on the Nasdaq Capital Market under the ticker symbol “STKE.” This move marks SOL Strategies’ first attempt to enter the U.S. market, potentially increasing its exposure amid America’s growing pro-crypto environment.

SOL Strategies Seeks Nasdaq Listing

Previously trading on the Canadian Securities Exchange (CSE) under the ticker “HODL” and on the OTCQB as “CYFRF,” SOL Strategies is now pursuing SEC approval to register its shares for U.S. trading. The Form 40-F filing, made on June 19 from the Ontario-based company, is a crucial regulatory step toward this goal, though it is still pending SEC approval.

Market Reaction and SOL Price Movement

Following the announcement, SOL Strategies’ stock surged 4.3%, with HODL stock rising from $2.28 to $2.38 according to Google Finance. In contrast, the native Solana (SOL) token showed only a slight price increase of 0.3% shortly after the news. As of press time, SOL’s price has declined 1.62% to $146.38, continuing a downward trend of nearly 9% over the past week and 13.6% over the last month. Solana’s market capitalization currently stands at approximately $77.2 billion.

SOL Holdings and Growth Plans

As of May 29, SOL Strategies reported holding 420,355 SOL tokens, including 269,258 SOL owned outright and 268,671 SOL staked via the company’s validators. This followed a recent purchase of 26,478 SOL for $4.7 million. Earlier in April, the firm secured up to $500 million through a convertible note agreement with ATW Partners to fund further SOL accumulation and support validator infrastructure.

Transition from Bitcoin to Solana Focus

Formerly known as Cypherpunk Holdings Inc., SOL Strategies transitioned from a Bitcoin-centric treasury to focus exclusively on Solana starting late October 2024. This strategic pivot was officially communicated in their Q4 Shareholder Letter dated January 29, 2025, signaling the abandonment of Bitcoin holdings in favor of expanding their Solana portfolio.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.