Solana’s Canada-based ‘Strategy’ firm files with U.S. SEC to trade on Nasdaq

Canadian Solana Treasury firm, SOL Strategies, has submitted an application to the U.S. SEC in hopes of gaining permission to trade on the Nasdaq exchange under the ticker STKE.

According to the recently filed official document, SOL (SOL) Strategies intends to trade Common Shares without par value under the the trading symbol “STKE” on the Nasdaq Capital Market. Initially, the company’s common stock was trading under the “HODL” symbol on the Canadian Securities Exchange and under “CYFRF” on the OTCQB.

On June 19, the Ontario-based filed a Form 40-F application with the U.S. financial watchdog. A Form 40-F filing with the U.S. SEC is a necessary requirement for companies seeking to register securities for trading in the U.S. market.

The form is still awaiting approval from the SEC. This is the first time the Solana Treasury firm plans to enter the U.S. market, which could potentially grant them more exposure into America’s increasingly pro-crypto movement.

After news of the filing broke, SOL Strategies’ stock saw an increase in value by 4.3% as of June 19. According to data from Google Finance, HODL stock rose 10 points to 2.38 from 2.28.

In contrast, the news of SOL Strategies’ SEC filing barely affected the price of Solana. Shortly after the news went viral, SOL jumped slightly by 0.3% in the past hour.

At press time, SOL has gone down 1.62%, continuing its descent from a few days prior. SOL is currently trading at $146.38. The token has declined nearly 9% in the past week and 13.6% in the past month. Its market cap stands at $77.2 billion.

How much Solana are in SOL Strategies’ holdings?

On May 29, SOL Strategies reported that it had purchased 26,478 SOL for $4.7 million. This recent purchase brings its total holdings to approximately 420,355 SOL, consisting of 269,258 SOL owned and 268,671 tokens actively staked to the company’s validators.

Back in April, SOL Strategies announced that it had secured funds of up to $500 million via a convertible note agreement with ATW Partners. The firm plans to use the capital to accumulate more SOL tokens and support validator operations.

Formerly operating under the name Cypherpunk Holdings Inc., SOL Strategies initially shifted from a Bitcoin (BTC)-focused treasury and began accumulating Solana in late October 2024. Just a month prior, the company rebranded and changed its name to SOL Strategies.

However, the official announcement that they were discarding its Bitcoin treasury strategy in favor of Solana in their Q4 Shareholder Letter filed January 29, 2025.