Canadian Solana-Focused Investment Firm Files With SEC to List on Nasdaq and Enter US Market

Canadian Crypto Firm Seeks Nasdaq Listing With Solana-Focused Strategy

Sol Strategies, a blockchain investment company based in Ontario, has filed with US regulators to list its shares on the Nasdaq exchange.

The firm submitted a Form 40-F to the US Securities and Exchange Commission, a requirement for Canadian companies aiming to be listed on American markets.

If approved, its shares will trade under the ticker symbol STKE.

This marks the company’s first attempt to tap into the US investor base, having previously traded solely on the Canadian Securities Exchange under the ticker HODL.

What Makes Sol Strategies Stand Out?

Unlike traditional investment firms, Sol Strategies has positioned itself around the Solana blockchain, aggressively acquiring SOL tokens over recent months.

As of 2 June, the company held more than 420,000 SOL tokens, worth around $61.32 million.

Source: solstrategies.io

Of this, roughly half are actively staked to its validator operations, while the rest are held directly by the firm.

This forms part of its long-term strategy to build a Solana-focused treasury reserve.

In April, Sol Strategies issued $500 million in convertible notes to purchase and stake additional SOL tokens.

Then, in late May, it filed a prospectus with Canadian regulators, opening the door to potentially raise up to $1 billion in new capital to deepen its investments in the Solana ecosystem.

Stock Price Reacts After SEC Filing

Following the news of its SEC submission, Sol Strategies’ stock rose by 4.39% on Tuesday.

The price peaked at 2.42 Canadian dollars ($1.76) before settling at 2.38 Canadian dollars ($1.73) by the end of the session.

However, despite this short-term boost, the stock remains down 17% since the start of 2025.

It has also dropped significantly—by 61%—from its all-time high of 6.1 Canadian dollars, reached on 22 January.

Company Reports Loss Amid Expansion Plans

Earlier this month, Sol Strategies revealed a net loss of $3.5 million for the first quarter of 2025, ending on 31 March.

The financial setback has not slowed the company’s ambitions.

Analysts from Cantor Fitzgerald recently commented that firms investing in Solana could benefit as the network gains traction in financial applications due to its speed and cost efficiency.

The firm noted in its assessment on Monday,

“Solana has the potential to support tokenised finance at scale.”

How Nasdaq Compares to Sol’s Current Exchange

Sol Strategies is currently listed on the Canadian Securities Exchange, which had 762 listed securities as of 30 April.

In contrast, the Nasdaq boasts more than 3,300 listings and a total market capitalisation of $30.12 trillion, making it the world’s second-largest exchange.

A successful transition could significantly boost Sol Strategies' visibility and access to institutional capital.