Solana (SOL) treasury company SOL Strategies secured approval to list its common shares on the Nasdaq, according to a Sept. 5 announcement.
The company expects trading to commence on Sept. 9, under the ticker symbol “STKE” while maintaining its Canadian Securities Exchange listing under “HODL.”
Shares will no longer trade on the OTCQB Venture Market, and existing shareholders will be automatically converted to the Nasdaq listing without requiring any action.
CEO Leah Wald said:
“Joining Nasdaq aligns us with the world’s most innovative technology companies and positions us to attract institutional investors who recognize the transformative potential of Solana’s infrastructure.”
She added that the listing provides shareholders with enhanced liquidity, while giving the firm access to deeper capital markets.
SOL Strategies completed its transformation from a diversified crypto holding company to a Solana-first investment vehicle after unanimously approving the strategy shift at its shareholder meeting on July 30, 2024.
The rebranding coincided with the appointment of Wald as new CEO in early July, which accelerated the company’s accumulation of SOL tokens and ecosystem investments.
The green light marks a significant milestone for the Toronto-based company following its strategic rebrand from Cypherpunk Holdings and pivot to Solana-focused investments.
Institutional interest in Solana treasuries grows
The approval arrives amid broader institutional interest in Solana exposure, with Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seeking approximately $1 billion to assemble the largest dedicated SOL treasury through a public company vehicle.
Cantor Fitzgerald serves as lead banker for the effort, which contemplates acquiring a listed entity to create an institutional-grade Solana treasury.
Other companies also operate SOL treasuries through public markets, including Upexi, which has holdings surpassing $100 million, and DeFi Development Corp, reporting 846,000 SOL with plans to compound via staking yields.
SOL Strategies expects the Nasdaq listing to accelerate validator growth through institutional partnerships, enhance operational scalability as demand for Solana staking increases, and strengthen its position as the leading institutional gateway to the Solana ecosystem.