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Canadian Solana Firm Sol Strategies Seeks Nasdaq Listing Through SEC Filing
Sol Strategies, a Canada-based firm focused on the Solana blockchain ecosystem, has submitted paperwork to the Securities and Exchange Commission (SEC) for approval to list its securities on the Nasdaq exchange. The company filed Form 40-F with the regulator, seeking an official listing under the ticker symbol STKE.
Following the announcement of the SEC filing, Sol Strategies’ stock price surged by 4.39% during Tuesday’s trading session, reaching a peak of 2.42 Canadian dollars ($1.76) before closing at 2.38 Canadian dollars ($1.73).
Despite recent gains, the company’s shares remain down 17% year-to-date. The stock has plummeted 61% from its all-time high of 6.1 Canadian dollars achieved on January 22.
As part of its strategy, Sol Strategies has been accumulating SOL tokens, with over 420,000 held as of June 2, worth approximately $61.32 million. Notably, the firm made a significant purchase on May 29, acquiring 26,478 SOL tokens for $4.7 million.
Sol Strategies plans to use its recently secured funding of up to $500 million in convertible notes issued by ATW Partners to continue accumulating SOL tokens and support its validator operations. Additionally, the company has filed a prospectus with Canadian regulators that would enable it to issue stock and raise as much as $1 billion for further investments in the Solana ecosystem.
The strategic pivot towards Solana reflects the company’s confidence in the blockchain’s potential within the industry. Analysts from Cantor Fitzgerald have expressed their opinion that companies investing in Solana may benefit from increased SOL usage in the financial sector, citing its high transaction speed and low costs as advantages for tokenized assets.
As Sol Strategies awaits SEC approval for its listing request, it remains to be seen whether this move will positively impact the company’s performance.
Source: coincentral.com
