Solana’s Institutional Race Kicks Off with Nasdaq Debut

Sol Strategies, a Canadian company focused on Solana blockchain infrastructure and investment, has begun trading on Nasdaq under the ticker STKE, marking a milestone as the first Solana-focused public company to secure a U.S. listing. The firm holds $94 million in Solana (SOL) treasury assets and maintains a dual listing on the Canadian Securities Exchange (CSE) under the symbol HODL.

The Nasdaq debut followed a strategic one-for-eight share consolidation, which reduced outstanding shares from 176 million to 22 million to meet listing requirements. This move also streamlined the company’s capital structure, which now includes 22 million common shares outstanding, 12 million warrants, and 5.3 million stock options.

SOL Strategies hosted an on-chain bell ringing ceremony at stke.community to commemorate its Nasdaq debut. This event featured live discussions on X Spaces with company leadership and industry partners. Participants could commemorate their involvement through permanent Solana blockchain transaction memos, blending traditional financial traditions with blockchain innovation.

Operating as a “foreign private issuer” under U.S. Securities and Exchange Commission (SEC) rules, the firm is exempt from certain regulatory requirements, such as proxy solicitation rules and Section 16 filings. This classification enables the company to continue operating under Canadian governance standards without needing a majority of independent directors.

The firm, formerly known as Cypherpunk Holdings, rebranded in September 2024 to focus entirely on Solana blockchain infrastructure and investment. It now manages 3.62 million SOL under delegation, including 402,623 SOL from its treasury, valued at approximately C$111.7 million. Record participation from 8,812 unique wallets staking with the firm highlights growing institutional interest in Solana. Notably, Cathie Wood’s ARK Invest transferred 3.6 million SOL (C$888 million) to SOL Strategies’ infrastructure in July.

SOL Strategies is entering a competitive landscape as institutions increasingly allocate capital to Solana treasuries. For instance, Forward Industries, a publicly traded firm, announced a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital to develop a Solana-focused treasury strategy. Kyle Samani, co-founder of Multicoin, will join Forward Industries as Chairman of the Board of Directors after the transaction closes. Galaxy Digital will contribute institutional infrastructure such as trading, lending, and staking services, while Jump Crypto will provide technical expertise, including the development of the Firedancer validator client.

Other players in the institutional Solana arms race include DeFi Development Corporation, which recently raised $122.5 million in debt financing led by Cantor Fitzgerald and now holds 1.27 million SOL valued at $248 million. This surge in institutional Solana treasury activity underscores the blockchain’s growing appeal among large investors seeking exposure to high-performance decentralized finance ecosystems.