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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Sol Strategies, a Canadian company focused on investing in and supporting the Solana blockchain ecosystem, formally applied for listing on the Nasdaq Stock Market on December 5.
This development marks a big step in the company’s plan to attract institutional investors and broaden its market reach. The company will continue trading on OTC and Canadian exchanges.
Nasdaq Listing in Sight: Sol Strategies Prepares for Next-Level Expansion
According to the announcement, Nasdaq’s listing qualifications department is now reviewing the application to ensure compliance with all Nasdaq Capital Market standards.
Sol Strategies must also file a registration statement with the U.S. Securities and Exchange Commission (SEC) and receive its approval before listing.
“Submitting our Nasdaq application represents a pivotal step in our journey to bridge institutional investment with the boundless potential of the Solana ecosystem,” Leah Wald, CEO of Sol Strategies, said. “This milestone positions us to drive transformative growth and deliver sustained value to our shareholders as we bring our strategic vision to life.”
While the application is being reviewed, Sol Strategies’ common stock will continue trading on the OTC market under the ticker “CYFRF” and on the Canadian Securities Exchange (CSE) under the ticker “HODL.”
On December 2, 2024, Sol Strategies announced a letter of intent detailing plans to acquire additional validators to strengthen its position in the Solana ecosystem.
The transaction would increase the SOL delegated to the company’s validators by 554,714 SOL, reaching 1,493,378 SOL—valued at CAD $470.4 million.
The deal includes a USD $750,000 cash payment (or equivalent in SOL or USDC) upon closing and USD $750,000 in common shares issued at the agreement’s signing price.
An additional USD $5 million in shares will be issued over three years, contingent on performance targets.
Is Sol Strategies the MicroStrategy of Solana? A Look at Their Crypto Playbook
In September, the company rebranded from Cypherpunk Holdings and has since focused on Solana’s blockchain, known for its high-speed transactions and low fees. It has intensified efforts to purchase and stake Solana’s native token, SOL.
Since starting its SOL acquisition strategy in Q2 2024, under the leadership of former Valkyrie CEO Leah Wald, the firm now stakes 254,380 SOL, with half coming from third-party delegators.
This staking activity has already generated 1,430 SOL (around $242,000) in revenue, with profits reinvested into acquiring more SOL.
Sol Strategies’ approach parallels MicroStrategy’s pivot to Bitcoin in 2020, with both firms leveraging crypto as a treasury management tool.
Just as MicroStrategy’s Bitcoin holdings became a proxy for investors seeking exposure to the asset, Sol Strategies aims to offer similar exposure to Solana.
In June, while still operating as Cypherpunk Holdings, the company became one of the first publicly traded firms to add SOL to its balance sheet.
This move has positioned its stock as a vehicle for traders to gain indirect exposure to Solana, one of the fastest-growing blockchains, without directly buying the token.
