Canadian Solana Treasury Firm SOL Strategies Debuts on Nasdaq – Crypto News – Crypto News
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Canadian Solana Treasury Firm SOL Strategies Debuts on Nasdaq Canadian Solana Treasury Firm SOL Strategies Debuts on Nasdaq

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Canadian Solana Treasury Firm SOL Strategies Debuts on Nasdaq – Crypto News

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3 months ago

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The Toronto-based blockchain investment firm is trading under the ticker STKE.

SOL Strategies Inc., formerly Cypherpunk Holdings, is live on the Nasdaq Stock Exchange under the ticker STKE, becoming one of the few Solana-focused treasury companies listed on a major U.S. exchange.

The company’s shares will continue to trade on the Canadian Securities Exchange under HODL, while those on the OTCQB Venture market under CYFRF will automatically convert to the Nasdaq listing. STKE opened at around $12.85 this morning and is currently trading at $8.18, per Google Finance.

STKE Chart

SOL Strategies is currently one of the largest Solana (SOL) holding companies in North America, boasting roughly 393,000 SOL tokens valued at about $83 million. SOL is currently changing hands at $214, up 4% over the past week, per The Defiant’s price page.

The Nasdaq listing is a big step for SOL Strategies, making the company more visible to investors and giving shareholders an easier way to trade their shares. SOL Strategies CEO Leah Wald said it puts the company among top tech firms and opens new ways for institutions to invest in Solana.

“Joining Nasdaq aligns us with the world’s most innovative technology companies and positions us to attract the institutional investors who recognize the transformative potential of Solana’s infrastructure,” said Wald, per the official announcement. “This listing provides our shareholders with enhanced liquidity while giving us access to deeper capital markets as we continue scaling our validator operations and expanding our ecosystem investments.”

The listing is expected to help SOL Strategies grow its validator network and boost its Solana staking capacity, the announcement noted. Currently, around 67% of SOL is staked, per Coinbase.

Solana Treasury Race Heats Up

SOL Strategies is part of a growing group of companies building Solana treasuries. Upexi, Inc. (NASDAQ: UPXI) leads the pack with 1.9 million SOL (about $319.5 million). In second place is DeFi Development Corp (NASDAQ: DFDV), which holds 1.18 million SOL ($198.9 million).

Meanwhile, Torrent Capital has 40,039 SOL (around $6.7 million). Together, these firms control over 3.5 million SOL, or about 0.65% of the circulating supply and about 0.58% of the total supply, according to CoinGecko.

Most recently, on Sept. 8, Forward Industries announced a Solana-focused treasury strategy, securing a $1.65 billion private investment in public equity (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” said Michael Pruitt, CEO of Forward Industries, according to a press release. “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”

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