Canadian company Sol Strategies, focused on the Solana (SOL) ecosystem, has submitted compliance documents to the U.S. Securities and Exchange Commission (SEC) to apply for a listing on Nasdaq.
The company's submitted Form 40-F indicates that if approved by regulators, Sol Strategies will trade on the Nasdaq under the stock code STKE.
It is understood that Canadian companies wishing to list their securities on U.S. exchanges must submit Form 40-F to the SEC.
Nasdaq, as the second-largest exchange in the world, has a market capitalization of up to $30.12 trillion and hosts over 3,300 listed companies. In contrast, the Canadian Securities Exchange, where Sol Strategies is currently listed, has only 762 securities (as of April 30), and the company trades under the code "HODL."
After the SEC application was submitted, Sol Strategies' stock price rose by 4.39% during Tuesday's trading.
On that day, the stock price peaked at CAD 2.42 (USD 1.76), closing at CAD 2.38 (USD 1.73).
However, Google Finance data shows that the stock has fallen 17% year-to-date and is down 61% from its all-time high of CAD 6.1 reached on January 22.
Earlier this month, the Canadian company reported a net loss of $3.5 million for the quarter ending March 31, 2025.
Sol Strategies has been actively accumulating SOL tokens as a key component of its SOL reserve strategy.
According to data from the company's official website, as of June 2, the company holds over 420,000 SOL tokens, valued at approximately $61.32 million.
On May 27, Sol Strategies revealed that it had submitted a prospectus to Canadian regulators, which could allow the company to issue its own stock and raise up to $1 billion to invest in the Solana ecosystem.
In April of this year, the company issued $500 million in convertible bonds to purchase and stake SOL tokens.
Analysts at Cantor Fitzgerald noted on Monday that companies investing in SOL will benefit from increased financial industry usage of SOL. Analysts highly praised the Solana network's high speed and low-cost characteristics, believing these advantages are extremely beneficial for the development of tokenized assets.
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Original text: “Canadian Sol Strategies applies to SEC for Nasdaq listing”
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