- SOL Strategies submitted a 40-F form to the U.S. Securities and Exchange Commission, allowing it to trade on Nasdaq with the stock ticker STKE.
- The company holds 420,355 SOL, of which 268,671 SOL were actively staked to its validators as of May 2025.
- SOL Strategies received $500 million in funding from ATW Partners to expand Solana holdings.
On June 19, SOL Strategies submitted a 40-F form registration to the U.S. Securities and Exchange Commission (SEC), planning to trade on the Nasdaq Capital Market with the stock ticker "STKE". This is a necessary step for a Canadian company to list securities in the United States, marking its first direct entry into the U.S. financial market.
Previously, SOL Strategies traded on the Canadian Securities Exchange with the code "HODL" and on the U.S. over-the-counter market (OTCQB) with the code "CYFRF". If the Nasdaq listing is approved, it will provide the company with broader visibility and opportunities for participation from U.S. institutional investors.
Source: Google Finance
The Ontario-based company is positioned as one of the few asset management firms focused on Solana. After the announcement, SOL Strategies' stock price rose 4.4% on June 19. According to Google Finance data, its Canadian-listed stock price increased from 2.28 to 2.38, rising 10 points that day.
Current Solana Holdings and Staking Operations
As of May 29, SOL Strategies held a total of 420,355 Solana (SOL) tokens, including 269,258 SOL directly held and 268,671 SOL staked through the company's validator nodes. The combined value of these assets is subject to market fluctuations, but the latest disclosed purchase value is $4.7 million.
Staking is an important part of the company's long-term strategy, aimed not only at accumulating Solana but also enhancing its position by participating in network security and validation. Staked tokens generate interest income for the company while supporting Solana's Proof of Stake (PoS) system. This makes SOL Strategies one of the larger institutional SOL holders outside of the foundation and ecosystem funds.
Additionally, the company began divesting from Bitcoin investments at the end of 2024 and fully transitioned to Solana in early 2025. This strategic shift was formally announced in the shareholder letter on January 29, confirming Solana as the company's future asset management model.
$500 Million Financing Agreement with ATW Partners
In April 2025, SOL Strategies announced a convertible bond agreement with New York investment firm ATW Partners for up to $500 million. These funds will be used to further accumulate Solana tokens and strengthen the company's validator node infrastructure.
Through capital injection, the company can expand its Solana exposure without immediately diluting equity. The convertible bond structure is flexible, allowing future debt to be converted into equity based on market conditions and performance milestones. According to the agreement, funds will also be used to expand the company's technology stack and validator node operations, which are core to its staking income model.
This financing initiative reflects the growing institutional interest in blockchain native asset management strategies and aligns with the market trend of digital asset companies seeking traditional capital to expand their decentralized network influence.
Solana Price Performance During the Application Period
Despite the company's Nasdaq listing application and expanded asset reserves, the short-term price fluctuation of Solana's native token SOL was minimal. After the announcement, Solana's price rose slightly by 0.3% intraday but remained overall in a downward trend.
As of June 19, Solana's price was $146.38, down 1.62% for the day. Over the past week, SOL has declined by approximately 9%, and over the past month, it has fallen 13.6%. Currently, Solana's market capitalization is around $77.2 billion, ranking in the top ten of cryptocurrency market capitalizations.
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