Canada-based Solana Treasury firm – Sol Strategies – has recently filed with the U.S. Securities and Exchange Commission (SEC) seeking permission for a Nasdaq listing. Sol Strategies stock price, trading on the Canadian Securities Exchange under the HODL ticker, surged by more than 4.2%, trading at $2.38 level. Currently, the firm already has a treasury of 420,000 SOL, worth $63 million as of the current SOL price.
Solana Treasury Firm Eyes Nasdaq Listing
Sol Strategies filed Form 40-F with the US SEC on Wednesday, seeking regulatory approval from the securities regulator, for trading under the STKE ticker on the Nasdaq Exchange. Listing on the Nasdaq platform will give the company greater visibility among global investors. In the future, the company might take the path of MicroStrategy with equity dilution and bond issuance, and divert the funds raised into acquiring more Solana (SOL).
A recent report from Cantor Fitzgerald noted that corporates will be more interested in building a Solana Treasury instead of a Bitcoin treasury or an Ethereum treasury. This is because, with Solana exposure, these firms have the opportunity to earn additional yield through staking.
Sol Strategies has been actively increasing its Solana (SOL) holdings as part of a broader strategy to build its Solana treasury reserves. Last month, on May 27, the company announced it had submitted a prospectus to Canadian regulators, paving the way for a potential $1 billion HOLD stock issuance aimed at further investing in the Solana ecosystem. Earlier in April, Sol Strategies raised $500 million through convertible notes, which it used to purchase and stake SOL tokens.
Corporate Rush for SOL Increases
With the crypto regulatory environment becoming more and more accommodating under the Trump administration, more and more corporations are getting comfortable with seeking exposure to alternative asset classes, including Solana.
Earlier this month, Nasdaq-listed Classover Holdings announced plans to raise $500 million to build its own Solana Treasury. This ed-tech firm has already signed a convertible note financing agreement to raise these funds.
Earlier this week, Hong Kong-based MemeStrategy became the first publicly listed company to announce a Solana reserve plan. The firm has acquired 2,440 Solana (SOL) tokens for an investment of HKD 2.9 million. The recent rush comes amid the improving odds of spot Solana ETF in the market.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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