Sol Strategies, a Canadian firm that focuses on the Solana ecosystem, has filed compliance documents with the US Securities and Exchange Commission to get listed on Nasdaq.
The Form 40-F filing reveals that if the firm received approval from the agency, it would trade under the STKE ticker symbol on the Nasdaq exchange.
Companies domiciled in Canada are required to file Form 40-F with the SEC if they want their securities to be listed on US exchanges.
The Nasdaq exchange is the second largest exchange in the world with a market capitalization of $30.12 trillion and more than 3,300 company listings, while the Canadian Securities Exchange, where Sol Strategies is currently listed under the tick “HODL,” has 762 total securities as of April 30.
Sol Strategies stock gains 4.4%
Following the SEC filing, Sol Strategies’ stock saw a spike of 4.39% in Tuesday’s trading session.
The stock peaked at 2.42 Canadian dollars ($1.76) and ended the trading day at 2.38 Canadian dollars ($1.73).
However, the stock is down 17% year-to-date, and has fallen 61% from its all-time high of 6.1 Canadian dollars, which it reached on January 22, according to Google Finance.
Earlier this month, the Canadian firm reported a net loss of $3.5 million during the quarter ending March 31, 2025.
Solana treasury reserve strategy
Sol Strategies has been aggressively accumulating Solana (SOL) tokens as part of its Solana treasury reserve strategy.
As of June 2, the company held more than 420,000 SOL tokens, worth approximately $61.32 million, according to the company’s website.
Related: SOL price rally to $200 brewing, but 3 key catalysts must happen first
On May 27, Sol Strategies revealed that it had filed a prospectus with Canadian regulators, which could see the company issue its own stock to raise as much as $1 billion in the near future to invest in the Solana ecosystem.
In April, the company issued convertible notes worth $500 million to buy and stake SOL tokens.
On Monday, analysts from Cantor Fitzgerald stated that companies that invest in Solana stand to benefit from the increased use of SOL in the financial industry. The analysts touted the Solana network’s high speed and low cost, which could be beneficial for tokenized assets.
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