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The move was made official through a Form 40-F filing with the U.S. Securities and Exchange Commission (SEC), signaling the company’s intent to step onto the U.S. public stage while maintaining compliance under Canadian disclosure rules. Sol Strategies currently holds over 420,000 SOL tokens—valued at approximately $72 million—positioning it as one of the largest institutional Solana holders in the public market.

Already listed on the Canadian Securities Exchange, Sol Strategies has taken a two-pronged approach to Solana: building a treasury and operating validators. Its aggressive accumulation strategy echoes the playbook of firms like MicroStrategy, which has amassed over $62 billion in Bitcoin, and reflects the growing appeal of crypto-native assets as long-term balance sheet holdings.

CEO Leah Wald, who recently announced a $500 million convertible note facility with ATW Partners in April, described the financing as “unprecedented in the Solana ecosystem.” The firm also filed a $1 billion shelf prospectus with Canadian regulators in May, hinting at future expansion and capital-raising efforts.

However, Sol Strategies is entering an increasingly crowded field. Nasdaq-listed DeFi Development Corp. currently leads the public Solana race, holding over 620,000 SOL worth roughly $87 million. That firm was recently forced to pull back a $1 billion registration attempt after the SEC flagged incomplete financial disclosures—a reminder of the regulatory minefield firms must navigate when integrating crypto into their core treasury strategies.

Despite the risks—from cybersecurity and compliance hurdles to crypto market swings—Sol Strategies sees Solana as a long-term asset worth holding. The sixth-largest cryptocurrency is currently trading at $145.99, down 8.1% this week amid broader market headwinds.

Market watchers interpret Sol Strategies’ Nasdaq filing as another signal that institutional interest in Solana and related blockchain infrastructure is growing—though not without scrutiny. As the regulatory landscape evolves $BTC