SOL Strategies Seeks Nasdaq Listing, Stock Surges 4%

- SOL Strategies aims to expand its U.S. market presence by filing to list on Nasdaq. - The company's stock price surged over 4% following the announcement. On June 19, 2025 (UTC), SOL Strategies, a Canadian firm focused on the Solana ecosystem, filed a Form 40-F with the U.S. Securities and Exchange Commission (SEC). The company seeks to list its common shares on the Nasdaq Stock Market under the ticker symbol STKE. This strategic move aims to expand its presence in U.S. capital markets. This development was reported on June 19 by CoinDesk, Cointelegraph, FXLeaders, CoinCodex, and AInvest. Following the announcement, SOL Strategies' stock price jumped over 4%. The company's stock currently lists on the Canadian Securities Exchange (CSE) under the ticker HODL and on the OTC market as CYFRF. For the second quarter of 2025, SOL Strategies reported a net loss of CAD 4.8 million ($3.5 million). Despite this loss, the company's revenue surged to CAD 2.54 million ($1.85 million) during the same period, representing a significant increase from CAD 67,000 in Q2 2024, an increase primarily driven by its staking and validating activities within the Solana ecosystem. Sources indicated the company incurred a comprehensive loss of CAD 32.5 million for Q2 2025, largely caused by unrealized losses on cryptocurrency holdings; however, its staking and validating income rose 104% to CAD 2.53 million. SOL Strategies, formerly Cypherpunk Holdings Inc., rebranded in September 2024 to reflect its new strategic focus on the Solana blockchain, a strategy that includes accumulating SOL for its treasury reserve and operating Solana validators. As of June 2, 2025, SOL Strategies held over 420,000 SOL tokens, valued at approximately $61.32 million. The company has been actively increasing its SOL holdings; for instance, in May 2025, it purchased 122,524 SOL for $18.25 million. To fuel its growth and investments in the Solana ecosystem, SOL Strategies undertook significant capital-raising efforts. For example, in April 2025, the company issued $500 million in convertible notes to buy and stake SOL tokens and completed an initial $20 million closing of this facility in May 2025. Additionally, in May 2025, SOL Strategies filed a preliminary base shelf prospectus with Canadian regulators, allowing the company to potentially raise up to $1 billion in future offerings to further invest in the Solana ecosystem. Furthermore, in December 2024, the company announced plans to acquire additional validators, an acquisition that would significantly increase the SOL delegated to its validators. Cantor Fitzgerald analysts expressed a positive outlook on companies investing in Solana, citing the Solana network's high speed, low cost, and growing use in the financial industry, particularly for tokenized assets. Consequently, Cantor Fitzgerald initiated coverage on SOL Strategies with an "Overweight" rating. On June 19, at 21:11 UTC, CoinMarketCap reported that Solana (SOL) was trading at $145.58, and its 24-hour trading volume showed a 0.77% decrease. At the same time, CoinMarketCap also reported that Sui (SUI) was trading at $2.833, with its 24-hour trading volume showing a 0.847% increase.