SOL Strategies, the first Solana-focused treasury company, has secured approval to list its shares on the Nasdaq Global Select Market. Trading will begin on Tuesday, 9 September 2025, under the ticker symbol STKE, marking the company’s long-awaited entry into the United States market.
The milestone represents a pivotal moment for both SOL Strategies and the broader Solana ecosystem, bringing greater visibility, access and institutional credibility to a network that continues to build momentum across global markets.
From Cypherpunk Holdings to Solana’s First Treasury Company
SOL Strategies traces its origins back to Cypherpunk Holdings, a Canadian crypto holding firm that struggled with underwhelming stock returns for several years. In 2024, the company rebranded into a Solana-dedicated asset treasury (DAT) under the leadership of former Valkyrie CEO Leah Wald, who was appointed to revitalise its strategy.
Wald refocused the company around Solana staking, acquiring validator businesses from Orangefin Ventures, Cogent Crypto and Laine. The firm also launched ecosystem-driven initiatives, including a Pudgy Penguins white-label validator and powering the Solana Mobile validator.
These changes transformed the company into a recognised Solana treasury, with its shares initially listed only in Canada under the ticker HODL. An additional listing under the US OTCQB market (CYFRF) will automatically transfer to Nasdaq upon the first day of trading.
Growth Story and Competitive Position
SOL Strategies’ stock price has surged nearly 900% over the past year. However, despite the impressive rally, its approximately $90 million in Solana (SOL) holdings still lags behind the three largest Solana DATs, each of which holds between $380 million and $420 million.
Industry observers note that this disparity is partly due to the company’s previous lack of US market exposure. The Nasdaq approval removes that barrier and positions SOL Strategies to compete on a level playing field with other Solana-based firms.
The firm first applied for a Nasdaq listing in December 2024 and underwent an eight-for-one reverse stock split in August 2025 to prepare for the transition. Its entry now means every Solana DAT tracked by Blockworks Research, except BIT Mining which trades on the New York Stock Exchange, will be represented on Nasdaq.
Institutional Validation for Solana
In a statement, CEO Leah Wald framed the listing as both a company milestone and a validation of Solana’s rising profile in the blockchain space.
“Above this being a huge achievement for both my team and the larger SOL Strategies community, our approval to list on Nasdaq signals to both institutional and retail investors that a Solana-focused validator and treasury company can meet the same standards of transparency, resilience and growth expected of any public company,” she said.
The Nasdaq debut will expand the company’s institutional connections and attract fresh investment into Solana’s staking economy. By combining treasury management with validator services, SOL Strategies aims to serve as a gateway for institutional investors seeking exposure to Solana.
Solana Market Outlook
The listing coincides with a pivotal moment for Solana itself. At the time of writing, SOL trades at $203.53 with a market capitalisation of $110.14 billion. Daily trading volumes exceed $16 billion, reflecting continued strong liquidity.
Technical analysts point to bullish signals in Solana’s price action. After testing support in the $202–$204 range, the token has reversed upward and is targeting $208 in the near term, suggesting growing institutional accumulation ahead of the Nasdaq event.
The increased attention from institutional players further cements Solana’s role as a key blockchain for staking, decentralised applications and next-generation financial infrastructure. With SOL Strategies joining Nasdaq, the ecosystem gains not just a company listing but a symbol of growing acceptance within mainstream capital markets.
Looking Ahead
As SOL Strategies begins trading on Nasdaq, it will continue to maintain its listings on the Canadian Securities Exchange (HODL) and transition OTCQB shares (CYFRF) seamlessly for existing investors.
For the Solana community, the listing represents more than access to Wall Street capital. It demonstrates that blockchain-native businesses can meet the highest regulatory and transparency standards demanded by public markets.
With Solana’s market momentum building and SOL Strategies now equipped to tap deeper institutional pools, the stage is set for the next chapter of growth across the ecosystem. Investors worldwide will be watching closely as Solana’s first treasury company takes its place on the Nasdaq.
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