Key Insights:
- Canadian investment firm Sol Strategies has filed with the SEC to list its stock on Nasdaq.
- The Nasdaq listing could massively increase Sol Strategies’ access to institutional capital and even boost Solana (SOL) market inflows.
- Despite a challenging year for its stock, Sol Strategies appears highly committed to its Solana treasury strategy.
Canadian investment firm Sol Strategies is making headlines this week.
The firm has just submitted a filing with the U.S. Securities and Exchange Commission (SEC) to list its stock on the Nasdaq exchange. This move shows a major milestone in the firm’s growth, as well as its commitment to the Solana network.
The announcement has so far energized both investors and the Solana community. Here’s how this move could be setting the stage for what could be another win for crypto-aligned equity listings.
From Canada to Wall Street
Sol Strategies, which currently trades under the ticker “HODL” on the Canadian Securities Exchange (CSE), has submitted a Form 40-F with the SEC.
This filing is a necessary step for Canadian-domiciled companies seeking to list on major U.S. exchanges like Nasdaq.
Canadian Stock Exchange-listed company Sol Strategies has filed with the U.S. Securities and Exchange Commission to trade on Nasdaq under the ticker symbol “STKE.” The company has been accumulating SOL as a treasury asset and operating Solana validators, with current holdings…
— Wu Blockchain (@WuBlockchain) June 19, 2025
If approved, the company would begin trading under the new ticker symbol “STKE.”
This would place it among over 3,300 companies already listed on Nasdaq, which collectively boast a market cap of more than $30 trillion.
In contrast, the CSE is much smaller and has listed only 762 securities as of April this year. The possible uplisting of this company to the Nasdaq could allow Sol Strategies much better access to institutional capital.
The company will enjoy better capital exposure in the United States, and inflows into the Solana market could skyrocket.
Sol Strategies Gains and Market Performance
News of the SEC filing immediately boosted investor confidence. On the day of the announcement, Sol Strategies’ stock rose 4.39% and peaked at 2.42 Canadian dollars ($1.76) before closing at 2.38 CAD ($1.73).
Boosted investor confidence in SOL, Source: Google Finance
This bounce stood as a rare moment of relief for investors, considering the rocky year the stock had endured so far. The stock had been down 17% year-to-date and 61% off its all-time high of 6.1 CAD from January.
Earlier in June, the company reported a quarterly net loss of $3.5 million for the period ending March 31. Despite the financial setback, Sol Strategies continues to invest aggressively in Solana. Sol Strategies has been dubbed the “MicroStrategy of Solana” for good reason.
Just as MicroStrategy is known for stockpiling Bitcoin as part of its treasury reserve, Sol Strategies is doing the same with Solana’s native token, SOL.
As of June 2, the firm holds over 420,000 SOL tokens, worth more than $61 million.
This accumulation isn’t just speculative. The firm is also a Solana validator, which means it contributes to network security while earning rewards through staking.
In May, Sol Strategies filed a prospectus with Canadian regulators, which shows that it has plans to raise up to $1 billion in future stock offerings. Even before that in April, the firm issued $500 million worth of convertible notes to purchase more SOL tokens.
Sol Strategies’ confidence in Solana seems to be echoed by institutional voices. Analysts at Cantor Fitzgerald recently highlighted the potential benefits for companies investing in Solana. They cited the blockchain’s ability to handle up to 65,000 transactions per second and its cost-efficiency as key strengths.
What It Means for Solana
The possibility of a Nasdaq listing comes at a time when SOL’s price has been relatively stable. As of mid-June 2025, the cryptocurrency is trading around $146.40.
It recently reclaimed the midpoint of its Bollinger Band, which means that the $140 price level is a major support.
Solana and its Bollinger bands, Source: TradingView
Technical indicators show that the cryptocurrency is trading within a neutral trend for now, and has resistance near $170, as well as bullish targets around $190.
Looking further ahead, analysts believe that if current trends continue, SOL could reach an average price of $325 by year-end.
Some bullish scenarios even put its peak somewhere around $400. However, risks like regulatory changes or network issues could pull it back to $250.
Sol Strategies’ continued buying and staking could offer indirect price support for SOL. If the firm attracts more institutional investors and retail traders by listing on Nasdaq, demand for Solana tokens might rise in parallel.
