SOL Strategies Inc., a Canadian company formerly known as Cypherpunk Holdings, has successfully received Nasdaq approval and has been trading on the Nasdaq Global Select Market under the ticker STKE since September 9, 2025. The listing on the Canadian Securities Exchange remains under the symbol HODL, and the OTC code CYFRF is automatically converted into Nasdaq shares.
What does this mean for SOL Strategies and the ecosystem?
- The company became the first company fully focused on Solana to enter the main American stock market of restrained institutional standards (Nasdaq Global Select).
- SOL Strategies has about 435 000 SOL (≈ $90 – $120 million) on its balance sheet. According to CoinCentral, STKE shares soared by 9.21% on the day of their debut, reaching over $8 after an initial opening of about $13, and then stabilizing around $8.30.
- The company launched an innovative on-chain bell ringing ceremony: users could “ring” the Solana blockchain through a transaction, and the meeting with investors and partners took place live on X Spaces.
Strategic overview
This is a major step forward for SOL Strategies in several areas.:
- Access to the US market and institutional investors, improved visibility and liquidity of stocks.
- Confirmation of the company’s institutional quality, taking into account the requirements of Nasdaq Global Select for corporate governance and capitalization.
- Participation in the world of the Solana structure, where large companies control millions of SOLS: Upexi (≈ 1.9 million SOL), DeFi Development (≈ 1.18 million SOL) and other players are actively competing for status in the ecosystem.
Volatility and market reaction
However, not everything went smoothly: against the background of the news, shares collapsed by 42% one day after the start of trading, reflecting the instability of the market of crypto-fintech companies. CEO Leah Wald’s comments confirmed the focus on a long-term strategy, despite short-term price fluctuations.
Output
Listing SOL Strategies on Nasdaq is not just about achieving individual stocks. This is a signal of the institutional maturity of Solana-oriented businesses, a bridge between crypto and the traditional market. The company gets access to deep capital, while at the same time experimenting with on-chain communications and involving the community in market rituals. Despite the risk of volatility, this event strengthens SOL Strategies’ position as one of the leading players in the Solana Treasury race.
