Solana-Based SOL Strategies Seeks SEC Nod to Launch STKE Shares on Nasdaq

Key Insights:

• SOL Strategies filed a Form 40-F with the SEC to list its STKE shares on the Nasdaq Capital Market.
• The firm holds 420,355 SOL, including 269,258 owned and 268,671 actively staked to its validators.
• SOL Strategies secured up to $500M from ATW Partners to boost Solana purchases and validator support.

Canadian crypto treasury firm SOL Strategies filed a Form 40-F with the U.S. Securities and Exchange Commission on June 19, 2025.

The application aimed to register its common shares for public trading on the Nasdaq Capital Market under the ticker “STKE.” SOL Strategies, formerly Cypherpunk Holdings Inc., already traded on the Canadian Securities Exchange (as HODL) and the OTCQB Market (as CYFRF).

SOL Strategies Seeks Nasdaq Entry After SEC Filing to Expand Solana Holdings

In a recent Form 40-F filing dated June 19, SOL Strategies submitted a formal application to the SEC to register its common shares for public trading on the Nasdaq exchange. The filing is a standard requirement for Canadian companies seeking to list securities on U.S. markets. The Ontario-based firm’s intention is to make its shares, listed as STKE, accessible to American investors on the Nasdaq Capital Market.

The announcement coincides with a modest rally in the company’s Canadian-listed HODL shares, which rose by 4% following the filing. As of June 19, the stock was trading at 2.38 CAD, up from 2.28 the previous day.

However, this move did not significantly influence Solana (SOL) price, which remained in a downward trend at $145, down 1.2% for the day.

The SEC listing effort follows a strategic pivot by the company that began in late 2024, when it shifted its treasury focus from Bitcoin to Solana.

SOL Strategies Holds Over 420,000 SOL

SOL Strategies presently owns around 420,355 Solana tokens of which 269,258 are directly owned by it, with 268,671 staked to the manager-controlled validator nodes. The last purchase was made on May 29 when the company reported having bought 26,478 SOL at the price of 4.7 million dollars. This deal was part of its continued initiative to build up SOL as its main digital asset.

The firm has branded itself as a special-purpose Solana treasury, having decided to rebrand in late 2024 from Cypherpunk Holdings Inc. This aligned the firm’s treasury with its operational support of the Solana blockchain through staking infrastructure.

In support of its long-term accumulation plan, SOL Strategies has secured a convertible note facility of up to $500 million through a partnership with ATW Partners. The capital is intended to be used to acquire additional Solana tokens and strengthen the company’s validator ecosystem.

Additionally, odds for a Solana ETF have been rising recently as CoinShares became the eighth firm to file with the SEC. Analysts suggest approval could come within weeks, especially as the SEC reviews multiple updated filings.

Solana Price Market Response

The cryptocurrency market showed limited reaction to the news of SOL Strategies’ SEC filing.Solana price recorded a slight gain of 0.3% immediately after the announcement but has since then taken a downward direction.

At the time of writing, Solana price was $145, an 8% decline over the past 7 days. Technical signals, however, show a cooling down drive in the Solana market.

Despite the recent bullish move by Sol Strategies, a recent report shows a whale unstaked 11,445 SOL worth $2.01 million and transferred it to Binance. This activity, paired with a double top formation near $183 and an overbought stochastic reading, signals a bearish setup that could pressure Solana price in the short term.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.