SOL Strategies: Solana ETF Lands on Nasdaq

SOL Strategies, a publicly traded company focused on Solana-related treasury management and infrastructure, announced Friday that it has secured approval to list its common shares on the Nasdaq Exchange in the United States.

The Canada-based business anticipates its debut on the Nasdaq will occur on September 9, trading under the ticker STKE. It will remain listed on the Canadian Securities Exchange as HODL, but will cease trading on the OTCQB Venture Market. Shareholders currently holding OCTQB shares will have them automatically converted to the Nasdaq listing.

“This Nasdaq listing opens doors to larger capital pools, enhances visibility among institutional investors, and unlocks new partnership possibilities that were previously unavailable,” Leah Wald, President and CEO of SOL Strategies, explained to Decrypt. “For our shareholders, it offers improved liquidity, wider participation from investors, and the increased credibility that comes with being associated with Nasdaq. We are broadening access and building a stronger platform that delivers long-term value to our shareholders.”

The Nasdaq listing is still contingent upon fulfilling specific listing requirements and regulatory approvals, as well as the SEC’s effective registration of the company’s common shares.

Following the listing, the company plans to expedite the expansion of its Solana validator operations, aiming to attract increased institutional investment.

As of August 31, SOL Strategies held 435,064 SOL, valued at approximately $89 million based on current market prices. Furthermore, their validators have accumulated over 3 million staked SOL, worth roughly $741 million.

The $89 million in Solana reserves positions the company third among SOL treasuries of publicly listed companies, according to figures compiled by CoinGecko. Only Upexi and DeFi Development Corp, each holding around $400 million in Solana, hold larger amounts.

Shares of HODL on the Canadian Securities Exchange saw a significant increase, rising almost 20% to reach $10.21 CAD, which is about $7.37 USD.

The corporation reported annualized quarterly revenue growth to approximately $8.7 million USD in the second quarter, a notable jump from the roughly $3.5 million reported in the fourth quarter of 2024, as detailed in a recent presentation for investors.

“Being listed places SOL Strategies on the same global stage as a number of extremely innovative public companies,” stated Wald to Decrypt. “For us, the objective is to demonstrate to the market that we intend to actively participate and contend for a leading position within the public markets.”

Editor’s note: This article was updated post-publication with comments received from Wald.