Solana News Today: Solana’s First Treasury Firm Takes Flight on Nasdaq

SOL Strategies Inc., a Toronto-based digital asset firm focused on the Solana blockchain, has secured approval from Nasdaq for a listing of its common shares on the Global Select Market under the ticker symbol “STKE,” with trading set to begin on September 9, 2025. The company will maintain its listing on the Canadian Securities Exchange under the symbol “HODL” while ceasing operations on the U.S. OTCQB, where it previously traded under “CYFRF.” Current OTCQB shareholders will not need to take action, as their shares will automatically convert to the Nasdaq listing. The move marks a milestone for the firm, now the first Solana-focused treasury company to achieve a U.S. listing [1].

The company, formerly known as Cypherpunk Holdings, has rebranded to focus exclusively on the Solana ecosystem. As of June 2025, it held over 420,000 SOL tokens, valued at approximately $61.32 million. By August, that number had increased to 435,064 SOL tokens, valued at around CAD$122 million [2]. Its operations revolve around three core strategies: direct token acquisition, validator node operations for staking rewards, and strategic investments within the Solana ecosystem. Validator node operations, which verify transactions and produce new blocks, have generated over $2.5 million in staking revenue in Q2 2025, though the firm continues to report losses due to high operational costs [1].

CEO Leah Wald emphasized that the Nasdaq listing aligns the company with leading technology firms and positions it to attract institutional investors who recognize the potential of Solana’s infrastructure. She added that the listing provides shareholders with enhanced liquidity and access to deeper capital markets, which will be critical as the company scales validator operations and expands investments in the ecosystem [3]. The listing is also seen as validation for the broader Solana blockchain ecosystem [6].

The company’s stock has surged in recent months, gaining over 1,775% in the past 12 months on the Canadian Securities Exchange. This performance, coupled with its strategic pivot toward Solana, has positioned it as one of the top-performing crypto stocks of 2025. The Nasdaq listing is expected to further enhance liquidity and provide access to capital that will be essential for continued growth. SOL Strategies has also secured a $500 million convertible note facility and plans to raise up to $1 billion CAD through a preliminary base shelf prospectus [1].

As the firm prepares for its Nasdaq debut, it is also navigating broader developments within the Solana ecosystem. Recent upgrades, such as the Alpenglow protocol, have significantly enhanced the blockchain’s speed and throughput, reducing transaction finality from over 12 seconds to 150 milliseconds [5]. These improvements aim to bolster Solana’s competitiveness in the DeFi and institutional markets. However, recent onchain metrics show a decline in activity, with Solana’s transaction count dropping by 99% over the past 30 days and DEX volumes falling by 65% in the latest reporting period [4]. Despite these challenges, the company remains optimistic that the Nasdaq listing will accelerate institutional adoption and operational scalability in the months ahead [6].

Source:

[1] title1 (https://finance.yahoo.com/news/sol-strategies-secures-nasdaq-approval-230844511.html)

[2] title2 (https://www.coindesk.com/business/2025/09/05/sol-strategies-wins-nasdaq-listing-shares-to-trade-under-stke)

[3] title3 (https://finance.yahoo.com/news/sol-strategies-wins-nasdaq-listing-191929801.html)

[4] title4 (https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs)

[5] title5 (https://coinmarketcap.com/academy/article/solana-alpenglow-upgrade-approved-by-validators)

[6] title6 (https://finance.yahoo.com/news/sol-strategies-takes-wall-street-213259345.html)