Sol Strategies Inc. (OTCQB: SOLSF), a Canadian financial technology firm specializing in the Solana ecosystem, has filed Form 40-F with the U.S. Securities and Exchange Commission (SEC) to facilitate a listing on the Nasdaq exchange.

If approved, the company will trade under the ticker symbol “STKE” on Nasdaq. The Form 40-F is a standard requirement for Canadian-registered companies seeking to list their securities on U.S. exchanges.

Currently, Sol Strategies is listed on the Canadian Securities Exchange (CSE) under the ticker “HODL,” a marketplace home to significantly fewer companies (762 as of April 30) compared to Nasdaq’s nearly 3,300 listings and a market cap exceeding $30 trillion.

Market Reaction Following Filing

Shares of Sol Strategies experienced a notable 4.39% intraday spike in trading Tuesday following the SEC filing. The stock reached a peak intraday price of 2.42 Canadian dollars ($1.76) before closing at 2.38 Canadian dollars ($1.73).

Year-to-date, the stock is down 17%, and has fallen 61% from its all-time high of 6.1 Canadian dollars, as per Google Finance data.
The company reported a net loss of $3.5 million for the quarter ended March 31, 2025.

Solana Treasury Reserve Strategy & Financing Goals

Sol Strategies has demonstrated an aggressive strategy focused on accumulating Solana (SOL) tokens. As of June 2, the company held approximately 420,000 SOL tokens, valued at about $61.32 million.

The company’s stated objective involves building a substantial treasury reserve using Solana tokens as part of its investment thesis. Earlier this month (May 2025), Sol Strategies announced plans to submit a prospectus for a potential public offering, seeking to raise up to $1 billion via its own securities to fund further expansion within the Solana ecosystem. In April, the firm issued $500 million in convertible notes specifically for buying and staking SOL.

Analyst commentary highlights potential opportunities for companies investing in Solana, citing the network’s high throughput and low transaction costs as advantageous for tokenized assets. A recent note from Cantor Fitzgerald suggested exposure to Solana infrastructure could benefit from increased financial sector adoption of SOL.