Canadian listed company Sol Strategies (HODL) is moving towards Nasdaq, planning to list with the ticker STKE. The company's stock price has surged over 2,000% since its transformation, and a successful US listing could open up the world's largest capital market, adding ammunition for continued Solana (SOL) accumulation.
From Pure Holding to a Hybrid Model of 'Validating and Staking'
Sol Strategies is not just holding cryptocurrencies, but building a "token holding + infrastructure" model.
The latest data shows that the company holds approximately 420,355 SOL (about 100 million Canadian dollars), while operating a Solana validation node and staking tokens to obtain additional SOL rewards.
Validation nodes are responsible for confirming transactions and producing blocks, while staking locks tokens to enhance network security, both becoming channels for the company to steadily acquire tokens.
Significance of US Listing: Capital Efficiency and Market Visibility
If successfully listed on Nasdaq, Sol Strategies hopes to reach a broader range of US institutional and retail investors, enhance fundraising speed, and further expand SOL acquisition and staking scale.
In April this year, Sol Strategies signed a $500 million convertible note agreement, with the first $20 million used to purchase SOL. Recently, the company submitted a short-term basic comprehensive fundraising prospectus in Canada, planning to raise up to $1 billion within two years to fully expand the Solana ecosystem.
Growth and Risks Coexist
According to a previous Cointelegraph report, Sol Strategies' staking and validation revenue rose to 2.54 million Canadian dollars in the second quarter of 2025, but operational, administrative, and equity incentive expenses from expansion led to a quarterly net loss of 4.8 million Canadian dollars. Liquid staking token unlocking and price volatility may also affect revenue stability.
In summary, Sol Strategies' US listing is another step in connecting traditional finance with the blockchain economy. If fundraising goes smoothly, the company will have more resources to expand its Solana footprint, and investors can participate in SOL's potential growth through a familiar stock format. However, if the crypto market fluctuates, the stock price could also face a significant setback, which is a potential risk.
