Sol Strategies plans Nasdaq listing after 2,336% stock surge since July on Canadian exchange

“Retaining dual listings allows us to increase liquidity and ensure that our stock remains accessible to investors in multiple markets,” Leah Wald, who joined Sol Strategies as chief executive in July, told The Block in a direct message. “It allows us to capitalize on investment opportunities within the Solana ecosystem as they arise and ensures that we can cover operational expenses without liquidating our long-term holdings.”

Additionally, a Nasdaq listing would provide access to a broader investor base, increased liquidity and greater brand visibility. 

Staking has become an integral part of Sol Strategies’ strategy. Nearly one million SOL tokens valued at over $300 million have been delegated to its fleet, including what appears to be its entire SOL stockpile. 

From BTC to SOL

Cypherpunk Holdings was one of the earliest publicly traded holding companies to purchase bitcoin in a bid to offer a path for investors who wanted exposure to the cryptocurrency without needing to physically hold the asset. 

But now that bitcoin exposure is readily available — via crypto exchanges and a litany of brokerages, as derivatives products bundled into exchange-traded products, among other options — the company is seemingly betting there will be increasing demand for exposure to the Solana ecosystem. 

Since Wald took the helm, the company has gradually reduced its once sizable BTC stockpile and other investments. The company now holds just about 3 BTC, down from the hundreds of coins it previously owned. 

“The decision to sell bitcoin was aligned with our strategic pivot toward the Solana ecosystem,” Wald said. “The proceeds were used to build our SOL position and invest in validators, as we believe Solana’s scalability and developer activity position it as a key driver of blockchain adoption. This shift reflects our commitment to aligning our assets with our investment thesis.”

“Additionally, we’re considering different ways to collaborate with the developer communities to foster innovation,” Wald said. “Initiatives like grants, partnerships, and educational programs are areas we may pursue to further strengthen the ecosystem.”

While HODL is a crypto meme mostly associated with the Bitcoin community (the phrase is linked to an infamous drunken misspelling on the Bitcoin Talk forum), the firm has no plans to change its ticker on the CSE if it lists on Nasdaq. However, in the United States, HODL is the ticker for the VanEck Bitcoin ETF.

Wald said the expression HODL still represents maintaining “resilience and a long-term vision,” which are core factors in the firm’s mission.

“On a personal level, I’ve gained a deeper appreciation for the importance of focus and adaptability as we navigate this pivot,” Wald said about her first six months as CEO. “As a company, we’ve learned that clear communication with our investors and partners is key to building trust and aligning on our long-term vision.”