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
CEO Leah Wald called the launch a moment for the entire community rather than a closed-door celebration. Notably, she explained that while NASDAQ’s traditional bell-ringing ceremony happens in Times Square with a limited guest list, SOL Strategies wanted to do things differently.
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.
Reacting, Matthew Sigel, head of digital asset research at Bitwise, pointed out that making it onto NASDAQ’s Global Select Market and earning SOC 2 certification gave SOL Strategies major credibility. He said those achievements will attract institutional capital and help the firm grow its staking flows.
Nasdaq Global Select listed ✅
SOC 2 Certified ✅Huge accomplishments that give institutional credibility and will help attract staking flow. 👏 https://t.co/wrSmFrSzlD
— matthew sigel, recovering CFA (@matthew_sigel) September 9, 2025
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.
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