Canadian-based crypto asset management firm Sol Strategies has taken an important step towards opening up to the US capital markets. The company has made its official application to the US Securities and Exchange Commission (SEC) to be listed on Nasdaq in order to grow its strategy focused on Solana (SOL). The company, which announced a new financing agreement of $500 million during the same period, aims to increase Solana assets and expand its validator infrastructure with this source.
A Nasdaq application from the Canadian company Solana
Canadian-based crypto asset management firm Sol Strategies has taken its first official step towards opening up to the US stock exchanges. On June 19, the company filed Form 40-F with the US Securities and Exchange Commission (SEC) in order to be listed on the Nasdaq Capital Market. The shares of the company, which will have the new symbol "STKE", are currently traded on the Canadian Securities Exchange under the ticker "HODL" and on the over-the-counter (OTC) markets in the US under the ticker "CYFRF". Following the filing, Sol Strategies’ Canadian share price rose 4% from $2.28 to $2.38.
Ontario-based Sol Strategies has become one of the rare institutional players to focus on Solana in recent years, moving away from major assets like Bitcoin. The company, which completely divested its Bitcoin holdings by the end of 2024, officially announced its transition to a treasury strategy focused on Solana in a shareholder letter dated January 29, 2025.
As of May 2025, Sol Strategies reportedly held a total of 420,355 SOL tokens. Of this amount, 268,671 are actively staked through the company’s own validators. This staking process, in addition to providing passive income; contributes to the Solana network, indicating the company’s role in the ecosystem. The total value of the recent purchases is calculated at approximately $4.7 million.
$500 million funding deal
In April 2025, the company signed a $500 million convertible note deal with New York-based investment firm ATW Partners. This deal gave the company the opportunity to increase Solana assets and expand its infrastructure investments without compromising its equity.
A large portion of the fund will be used to expand the company’s validator network and technological infrastructure. The convertible note structure is known for offering the flexibility to convert debt into equity depending on market conditions.
Solana price is stagnant
Despite all these positive developments, there has been no noticeable increase in Solana price. As of June 19, SOL price fell by 1.62% to $146.38. There was a decrease of approximately 9% on a weekly basis and 13.6% on a monthly basis. Despite this, Solana continues to be among the top ten cryptocurrencies with a market value of $77.2 billion.
In the meantime, we are seeing interest from institutional investors in altcoins like Solana. Companies such as Nasdaq-listed Classover Holdings and Hong Kong-based MemeStrategy have similarly announced plans to create Solana treasuries. The growing likelihood of Solana ETFs being approved in the U.S. is also supporting the interest.
