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Canadian Solana Firm Sol Strategies Aims for Nasdaq Listing through SEC Filing
Sol Strategies, a Canadian firm focusing on the Solana blockchain ecosystem, has submitted paperwork to list its shares on the Nasdaq exchange. The company filed Form 40-F with the Securities and Exchange Commission (SEC) to obtain approval for the listing.
As per the filing, it is seeking to trade under the ticker symbol STKE. This move marks the company’s first attempt at entering the US market after exclusively operating on Canadian exchanges. At present, Sol Strategies trades under HODL on the Canadian Securities Exchange, which has a total of 762 listed securities as of April 30.
The decision comes following a significant surge in Solana’s potential within the financial sector due to its high transaction speed and low costs for tokenized assets. Analysts at Cantor Fitzgerald earlier emphasized that companies investing in Solana could benefit from increased SOL usage.
Sol Strategies has accumulated over 420,000 SOL tokens as of June 2, valued at around $61.32 million. The firm aims to continue staking SOL tokens and supporting its validator operations using the funds raised through convertible notes up to $500 million issued by ATW Partners in April.
In a significant move, Sol Strategies filed a prospectus with Canadian regulators on May 27, enabling it to issue stock and raise as much as $1 billion. The company plans to utilize these funds for additional investments within the Solana ecosystem.
Sol Strategies started shifting its strategy toward Solana in late October 2024 after rebranding from Cypherpunk Holdings Inc., a company initially focused on Bitcoin treasury management.
Source: coincentral.com
