Exclusive: Nasdaq approves SOL Strategies listing

SOL Strategies received approval to list its shares on Nasdaq under the ticker STKE, Blockworks has learned exclusively.

The shares, according to the press release, are expected to start trading on Sept. 9.

SOL Strategies became the first Solana treasury company after rebranding from Cypherpunk Holdings in September 2024. Its stock currently only trades in Canada, however, and the company’s net asset value has been passed by a trio of newer US-based Solana DATs.

Following years of uninspiring stock returns, the Canadian crypto holding company Cypherpunk Holdings tapped board member and ex-Valkyrie CEO Leah Wald as CEO last summer. After taking the reins, Wald remade the company into a Solana DAT — several months before DAT mania took hold of Wall Street.

Read more: Meet Sol Strategies: The MicroStrategy of Solana

SOL Strategies has particularly honed in on Solana staking. The company acquired Solana validators from Orangefin Ventures, Cogent Crypto, and Laine. It has hired multiple staking-focused executives and has made more ecosystem-focused staking moves like launching a Pudgy Penguins white label validator and powering the Solana Mobile validator.

SOL Strategies’ stock is up almost 900% over the past year, but its roughly $90 million in SOL holdings makes it significantly smaller than the three largest Solana DATs, which all hold between $380 and $420 million in SOL. That’s likely been partly due to SOL Strategies’ lack of access to the US market. 

The company first applied for a Nasdaq listing in December 2024. In the interim, it has been progressing through requisite procedural steps, such as when it underwent an eight-for-one reverse stock split in August.

SOL Strategies’ listing means every Solana DAT tracked by Blockworks Research will trade on Nasdaq with the exception of BIT Mining, which trades on the New York Stock Exchange.

“Above this being a huge achievement for both my team and the larger SOL Strategies community, our approval to list on Nasdaq signals to both institutional and retail investors that a Solana-focused validator and treasury company can meet the same standards of transparency, resilience, and growth expected of any public company. It also demonstrates that our approach to business is resonating within both the Solana ecosystem and the traditional capital markets,” Wald said.

Get the news in your inbox. Explore Blockworks newsletters:

• The Breakdown : Decoding crypto and the markets. Daily.
• 0xResearch : Alpha in your inbox. Think like an analyst.
• Empire : Crypto news and analysis to start your day.
• Forward Guidance : The intersection of crypto, macro and policy.
• The Drop : Apps, games, memes and more.
• Lightspeed : All things Solana.
• Supply Shock : Bitcoin, bitcoin, bitcoin.