Canadian digital asset firm Sol Strategies has filed for listing on the Nasdaq Capital Market amid its US market expansion strategy.
Key Takeaways:
Sol Strategies has filed to list on Nasdaq under the ticker “STKE” as part of its U.S. expansion. The firm holds over 420,000 SOL tokens and is positioning itself as a blockchain-focused investment vehicle. Sol Strategies will follow Canadian governance standards and remain exempt from certain US rules.The company, which currently trades on the Canadian Securities Exchange (CSE), aims to have its common shares listed under the ticker “STKE” on Nasdaq, according to a Form 40-F registration statement filed with the U.S. Securities and Exchange Commission.
The listing comes as Sol Strategies reveals it holds over 420,000 SOL tokens, which makes the firm one of the more prominent institutional holders of Solana’s native asset.
Source: SECSol Strategies Eyes Growth as Digital Asset Investment Vehicle
Sol Strategies is positioning itself as a digital asset investment vehicle with a focus on emerging blockchain technologies.
In its filing, the company cited expectations of further growth driven by Solana’s growing market share in asset tokenization and the digital asset infrastructure landscape.
The company also revealed it has 172.2 million common shares outstanding, along with a range of convertible securities—including over 12 million warrants and 5.3 million stock options.
These figures point to a potentially active capitalization table, should investor interest pick up following a successful U.S. listing.
Sol Strategies qualifies as a “foreign private issuer” under SEC rules, which exempts it from certain U.S. regulatory requirements, including proxy solicitation rules and Section 16 filings.
It intends to continue following Canadian governance practices under the CSE framework, which differ in several ways from U.S. standards.
For instance, its board does not require a majority of independent directors, and it does not maintain separate nominating or compensation committees as mandated by Nasdaq for domestic issuers.
Despite the listing ambitions, the firm acknowledged a range of risks, including the evolving nature of crypto regulation, potential volatility in digital asset prices, and the uncertainty surrounding classification of certain tokens under securities laws.
SOL Strategies Files $1B Shelf Prospectus for Future Growth
In May, SOL Strategies filed a preliminary shelf prospectus in Canada on May 27, aiming to raise up to $1 billion.
While the company has no immediate fundraising plans, the filing is a strategic move to create financing flexibility as it targets expansion within the Solana ecosystem.
Once approved, the shelf will allow SOL Strategies to offer a mix of securities, ranging from common shares to debt instruments, over time without re-filing for each issuance.
In April, the company also secured a $500 million convertible note facility from ATW Partners in April. Proceeds will be used to acquire and stake SOL tokens on SOL Strategies’ own validators.
The notes are interest-bearing in SOL and performance-linked, aligning the firm’s capital strategy with Solana’s staking economy.
In another development, SOL Strategies has signed an MOU with Superstate to explore issuing tokenized company shares on the Solana blockchain.
The initiative, still subject to regulatory review, would mark one of the first attempts to move public equity on-chain.
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