SOL Strategies Becomes First Solana Treasury Firm to List on NASDAQ

SOL Strategies opened trading on the NASDAQ today under the ticker STKE, becoming the first Solana treasury company to make it to Wall Street.

SOL Strategies Lists on NASDAQ

The firm invited anyone to join its digital “on-chain bell ringing,” letting participants record their presence permanently on Solana. Wald said the goal was to create a celebration that matches the open nature of crypto, where anyone can take part rather than just a few invited guests.

For context, SOL Strategies first launched in 2018 under the name Cypherpunk Holdings. Back then, the company focused on privacy coins, blockchain innovation, and Bitcoin. Interestingly, at one point, it ranked among the top 20 institutional holders of Bitcoin, but despite that, its returns stalled, and the company needed a new direction.

SOL Strategies’ Pivot to a Solana Treasury

This change arrived in mid-2024 when Leah Wald, already a board member and formerly the head of Valkyrie Investments, stepped in as CEO.

Under her leadership, shareholders approved a full pivot toward Solana. Notably, by September 2024, the firm rebranded as SOL Strategies Inc. and committed to building a Solana-first treasury backed by staking and validator operations.

By 2025, the company doubled down on its Solana accumulation strategy. In May, it purchased more than 122,000 SOL worth about $20 million, followed days later by another 26,000 tokens. Its holdings neared 420,000 SOL by the end of that month

Around the same time, SOL Strategies filed a $1 billion prospectus to raise funds for validator expansion and further Solana acquisitions. In August, it raised another $125 million in fresh equity, giving it even more firepower to grow.

As of August 31, 2025, SOL Strategies controls about 435,064 SOL worth over $93 million. This position makes it the third-largest corporate Solana holder worldwide

Its approach resembles MicroStrategy’s strategy with Bitcoin, but SOL Strategies doesn’t just hold tokens. In addition to the accumulation pattern, it actively runs validators and earns staking rewards. Following its listing on NASDAQ, SOL Strategies’ HODL stock on the Canadian Securities Exchange spiked 4% today, crossing CA$13.