SOL Strategies Files With SEC to List on Nasdaq
The Canadian-based company has filed a Form 40-F with the SEC to list its shares on Nasdaq Exchange under the ticker “STKE”.
- Published: Jun 19, 2025 at 17:55
- Edited: Jun 19, 2025 at 17:55
SOL Strategies Inc., a publicly traded Canadian company focused on investing in, supporting, and providing infrastructure for the Solana blockchain and its ecosystem, is pursuing a cross-border listing on the Nasdaq Stock Market. As part of this effort, the company filed Form 40-F with the United States Securities and Exchange Commission (SEC) on June 18, 2025, following its initial listing application to the Nasdaq Exchange, which was submitted in December.
Form 40-F is a filing required by the U.S. Securities and Exchange Commission for companies domiciled in Canada that want to register their securities for trading in the U.S. market. Sol Strategies Inc. is currently listed on the Canadian Securities Exchange under the ticker “HODL” and trading on the OTC Pink market under the ticker “CYFRF.” The new ticker "STKE" will replace its current U.S. OTC symbol (CYFRF) once the Nasdaq listing is approved.
What Does The Filing Say?
Sol Strategies qualifies as a “foreign private issuer” under Rule 3b‑4 under the Exchange Act because it is a Canadian-based company. As such, it is permitted to follow Canadian governance norms and is exempt from specific U.S. regulatory procedures, including having a majority of the board of directors comprised of "Independent Directors" and requiring a minimum quorum for a meeting of shareholders to be 33.3% of the outstanding common shares.
The filing also states that Sol Strategies is authorized to issue an unlimited number of no‑par common shares. Holders of common shares are entitled to dividends, one vote per share, and pro rata liquidation rights.
The company revealed it had 172,240,738 Common Shares outstanding, as well as 5,329,000 options, 12,416,332 warrants, 47,365 convertible debenture units, and 1,113,669 restricted share units.
“A Pivotal Step”
The Nasdaq exchange is the world’s second-largest stock exchange by market capitalization, with over 3,000 company listings and consistently hitting more than $300 billion in daily trade volume.
Following the initial application to the exchange, Leah Wald, CEO of Sol Strategies, commented: “Submitting our Nasdaq application represents a pivotal step in our journey to bridge institutional investment with the boundless potential of the Solana ecosystem. This milestone positions us to drive transformative growth and deliver sustained value to our shareholders as we bring our strategic vision to life.”
The listing remains subject to approval by the Nasdaq listing qualifications staff and the fulfillment of all applicable Nasdaq Capital Market standards and regulatory requirements, including the SEC's declaration of the Form 40-F as effective. This filing is the company’s first attempt to enter the US market.
Alongside this milestone, the company has included a vote at its Annual General Meeting (AGM) on June 19, 2025, to approve a share price consolidation. This step is necessary to meet Nasdaq’s minimum listing requirements.
SOL Strategies’ Solana Treasury Strategy
SOL Strategies, formerly known as Cypherpunk Holdings Inc., currently holds ~420,000 $SOL (worth CAD $82 million), reinforcing its commitment to the Solana ecosystem.
The company also operates a network of Solana validators and is rapidly scaling its validator business. It recently acquired Laine, one of Solana’s most reputable staking providers.
In May, the firm announced that it had filed a preliminary short-form base shelf prospectus with securities regulators across all Canadian provinces and territories, enabling it to offer up to $1 billion in securities.
This positions SOL Strategies among a competitive field of publicly traded Solana treasury companies. For example, Upexi recently purchased 77,879 locked $SOL, bringing its total holdings to 679,677 $SOL, valued at $97 million, and making it the largest Solana treasury among publicly traded companies. Meanwhile, DeFiDevCorp has secured over 621,000 $SOL through a $5 billion equity line of credit to fund its ongoing accumulation strategy. As these firms race to amass and stake SOL, they exemplify a broader trend of institutional players vying for prime positioning within the Solana ecosystem.
Read More on SolanaFloor
U.S Senate Passes GENIUS Act For Regulation of Stablecoins
SOL Strategies Files Prospectus to Potentially Offer $1 Billion in Securities
What Does A 2025 ETF Approval Mean for Solana?
