Canada’s Sol Strategies files with SEC to list on the Nasdaq
Sol Strategies’ stock price rose by more than 4% following the announcement that it has filed to be listed on the Nasdaq exchange.
Sol Strategies, a firm based in Canada and focused on the Solana ecosystem, has submitted the necessary compliance documents to the US Securities and Exchange Commission (SEC) aiming for Nasdaq listing. The Form 40-F filing reveals that, upon approval, Sol Strategies would trade under the ticker symbol STKE on the Nasdaq platform.
Canadian companies must file Form 40-F if they intend to list their securities on US exchanges like Nasdaq. Nasdaq, the world’s second-largest exchange, boasts a market cap of $30.12 trillion with over 3,300 listings, compared to the Canadian Securities Exchange where Sol Strategies currently trades as HODL, hosting 762 securities as of April 30.
Sol Strategies stock gains 4.4%
After filing with the SEC, Sol Strategies’ stock surged by 4.39% during the trading session. The peak was 2.42 CAD ($1.76) closing at 2.38 CAD ($1.73). Although up, the stock is down 17% year-to-date and has dipped 61% from the 6.1 CAD high set on January 22, according to Google Finance.
This month, the company reported a net loss of $3.5 million for Q2 ending March 31, 2025.
Solana treasury reserve strategy
Sol Strategies is actively acquiring Solana (SOL) tokens to boost its treasury. By June 2, it held over 420,000 SOL, valued at $61.32 million, according to the company’s website.
Relating developments include the company’s recent filing of a prospectus with Canadian regulators, potentially issuing up to $1 billion in stock to further invest in Solana. Prior to that, it issued $500 million in convertible notes for SOL purchases and staking.
Analysts from Cantor Fitzgerald highlighted that investments in Solana could benefit from the network’s high efficiency and low transaction costs, potentially aiding financial tokenization.
