SOL Strategies, a Canadian company focused on investments in the Solana blockchain ecosystem, has been approved to list its common shares on the Nasdaq Global Select Market. Trading is expected to commence on September 9, 2025, under the ticker symbol STKE. This marks a significant milestone as the first Solana treasury company to be listed on Wall Street.

The company will maintain its presence on the Canadian Securities Exchange (CSE) under its existing symbol, HODL. Upon the Nasdaq listing, SOL Strategies' shares will no longer be traded on the OTCQB Venture Market, where it was listed under the symbol CYFRF. Existing OTCQB shareholders do not need to take any action, as their shares will automatically transition to the Nasdaq listing. The Nasdaq listing is still contingent upon meeting final regulatory requirements, including the effectiveness of its Form 40-F Registration Statement with the U.S. Securities and Exchange Commission (SEC).

According to the company, the move to Nasdaq provides access to deeper capital pools and increased visibility to institutional investors. CEO of SOL Strategies, Leah Wald, stated that the Nasdaq listing places the company alongside major tech players, facilitating the attraction of significant investors who recognize Solana's potential. Wald also noted the listing enhances liquidity for current shareholders.

SOL Strategies is dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem. The company focuses on operating and scaling Solana validators, supporting network performance and security, and pursuing strategic opportunities within decentralized finance (DeFi). SOL Strategies offers shareholders exposure to Solana through direct investing and staking activities. It operates a validator node, which verifies transactions and produces new blocks, earning rewards in additional SOL tokens based on validator performance and the amount staked.

The company was previously known as Cypherpunk Holdings Inc. and initially focused on Bitcoin treasury management. In late October 2024, the company began shifting its strategy toward Solana.

SOL Strategies holds a significant amount of SOL tokens, with holdings reported to be 0.68% of the cryptocurrency's supply, equivalent to 370,420 SOL tokens. The company raised $500 million in convertible notes in April to purchase SOL tokens.

News of the Nasdaq listing led to a surge in SOL Strategies' share price on the Canadian Securities Exchange. The company reported a net loss of approximately $3.5 million for the second quarter of 2025.

Solana is a high-speed, low-cost blockchain designed for scalability, enabling thousands of transactions per second and supporting a wide range of decentralized applications. As of September 2025, Solana has attracted over 10,000 active developers and has over $8 billion in Total Value Locked (TVL) in its DeFi ecosystem. In early September 2025, an overwhelming majority of a 52% stake participating in the governance process voted to upgrade the network to the consensus protocol Alpenglow, which is expected to significantly reduce transaction finality.