Solana News Today: Solana's First Treasury Play Joins Nasdaq's Elite Ranks

SOL Strategies Inc. has received Nasdaq Global Select Market approval for its common shares, with trading set to begin on September 9 under the ticker symbol “STKE.” The Toronto-based firm, previously known as Cypherpunk Holdings, is now positioned as the first Solana-focused treasury company to secure a Nasdaq listing. The move follows a strategic rebranding centered around Solana blockchain infrastructure and token investments [3]. As of August 31, the company held 435,064 SOL tokens, valued at approximately CAD$122 million, and as of June 2025, it reported holding over 420,000 SOL tokens worth around $61.32 million [3]. The firm’s three-pronged approach includes direct token acquisition, validator node operations, and strategic investments within the Solana ecosystem. Validator nodes verify transactions and produce new blocks, earning additional SOL tokens as rewards. Despite generating over $2.5 million in staking revenue during the second quarter of 2025, the company continues to operate at a loss due to high operational costs [3]. SOL Strategies’ shares will continue to trade on the Canadian Securities Exchange under the symbol “HODL,” while trading on the U.S. over-the-counter (OTC) market, previously under “CYFRF,” will cease. Shareholders holding OTC shares will automatically convert to the Nasdaq listing without needing to take any action [1]. The company’s transition to Nasdaq is expected to enhance liquidity and provide access to deeper capital markets, facilitating the scaling of validator operations and ecosystem investments. CEO Leah Wald emphasized that joining Nasdaq “aligns us with the world’s most innovative technology companies and positions us to attract the institutional investors who recognize the transformative potential of Solana’s infrastructure.” She also noted that the listing “provides our shareholders with enhanced liquidity while giving us access to deeper capital markets as we continue scaling our validator operations and expanding our ecosystem investments” [3]. In addition to the Nasdaq listing, SOL Strategies has secured a $500 million convertible note facility and plans to raise up to $1 billion CAD through a preliminary base shelf prospectus [3]. The company’s stock has shown remarkable performance, surging over 1,775% in the past 12 months on the CSE, making it one of the best-performing crypto stocks in 2025 [3]. The Nasdaq listing is expected to further accelerate validator growth through institutional partnerships, enhance operational scalability as demand for Solana staking increases, and strengthen the firm’s role as a leading gateway to the Solana ecosystem for institutional capital. The company operates as an independent entity within the Solana blockchain ecosystem and explicitly disclaims any affiliations or partnerships with the Solana Foundation [3]. Source: [1] SOL Strategies Wins Nasdaq Listing, Shares to Trade ... (https://www.coindesk.com/business/2025/09/05/sol-strategies-wins-nasdaq-listing-shares-to-trade-under-stke) [2] Nasdaq Approves SOL Strategies Global Select Market ... (https://solstrategies.io/nasdaq-approves-sol-strategies-global-select-market-listing/) [3] SOL Strategies Secures Nasdaq Approval for STKE Trading ... (https://finance.yahoo.com/news/sol-strategies-secures-nasdaq-approval-230844511.html)