Institutional Capital Opens New Gateway as Solana Ecosystem Hits $12B TVL

Nasdaq has approved the listing of common shares of SOL Strategies Inc. (CSE: HODL) on the Nasdaq Global Select Market, marking a significant step for the Canadian firm focused on the Solana blockchain ecosystem. The shares are expected to begin trading on September 9, 2025, under the ticker symbol “STKE,” while continuing to trade on the Canadian Securities Exchange under the symbol “HODL.” The company will no longer be listed on the U.S. over-the-counter market under the ticker “CYFRF.” The transition is intended to provide increased visibility to institutional investors, enhance liquidity for shareholders, and expand access to capital markets.

SOL Strategies, formerly Cypherpunk Holdings, rebranded around its Solana-focused strategy and has been accumulating Solana (SOL) tokens since the second quarter of 2024. As of August 31, 2025, the company held 435,064 SOL tokens, valued at approximately CAD$122 million. The firm emphasizes that the Nasdaq listing is a strategic milestone that not only benefits the company but also validates the broader Solana ecosystem. The CEO, Leah Wald, noted that the listing will enable the firm to scale its validator operations and expand investments within the Solana infrastructure while attracting institutional participation.

The Nasdaq listing is anticipated to accelerate validator growth through institutional partnerships and improve the firm’s operational scalability as demand for Solana staking increases. The company has positioned itself as a leading institutional gateway into the Solana network, aiming to facilitate access to the blockchain’s infrastructure through regulated and transparent markets. The listing process remains conditional on the satisfaction of all regulatory requirements, including the declaration of effectiveness of the company’s Form 40-F Registration Statement by the U.S. Securities and Exchange Commission (SEC).

Coinciding with the listing, the Solana ecosystem saw a surge in institutional interest, with the total value locked (TVL) hitting a record high of $12.11 billion as of September 9. This represents a 15% increase over the past 30 days, driven by growth across major DeFi protocols. Protocols such as Jupiter, Jito, and Kamino have contributed significantly to this rise. Institutional investors, including Forward Industries, have committed substantial capital to Solana treasuries, further reinforcing the network’s appeal as a high-performance blockchain. Forward Industries alone has invested $1.6 billion in SOL through private placements with firms such as Galaxy Digital, Jump Crypto, and Multicoin Capital.

The growing institutional presence has also prompted regulatory developments. The U.S. SEC issued a statement concluding that liquid staking tokens are not securities by default, clearing a regulatory hurdle for the approval of staking-enabled ETFs. VanEck and Jito have since filed for a JitoSOL-backed ETF, marking a potential turning point in how institutional capital can be deployed within the Solana ecosystem. These moves suggest a broader trend of institutional adoption, which could further enhance the credibility and scalability of Solana’s infrastructure.

SOL Strategies is part of a broader momentum in the Solana ecosystem, where companies and investors are increasingly recognizing the blockchain’s potential for growth. As the first Solana-focused firm to secure a Nasdaq listing, the company is positioned to benefit from increased liquidity and investor confidence. The broader ecosystem, including DeFi protocols and institutional players, continues to expand, with recent data showing a 6% rise in TVL to $12.2 billion and a 4% increase in Solana’s overall ecosystem market cap to $283 billion. This development signals a maturing market that is attracting both retail and institutional attention, potentially reshaping how digital assets are traded and integrated into global financial systems.