blockworks.co
SOL Strategies received approval to list its shares on Nasdaq under the ticker STKE, Blockworks has learned exclusively.
SOL Strategies became the first Solana treasury company after rebranding from Cypherpunk Holdings in September 2024. Its stock currently only trades in Canada, however, and the company’s net asset value has been passed by a trio of newer US-based Solana DATs.
Following years of uninspiring stock returns, the Canadian crypto holding company Cypherpunk Holdings tapped board member and ex-Valkyrie CEO Leah Wald as CEO last summer. After taking the reins, Wald remade the company into a Solana DAT — several months before DAT mania took hold of Wall Street.
SOL Strategies has particularly honed in on Solana staking. The company acquired Solana validators from Orangefin Ventures, Cogent Crypto, and Laine. It has hired multiple staking-focused executives and has made more ecosystem-focused staking moves like launching a Pudgy Penguins white label validator and powering the Solana Mobile validator.
SOL Strategies’ stock is up almost 900% over the past year, but its roughly $90 million in SOL holdings makes it significantly smaller than the three largest Solana DATs, which all hold between $380 and $420 million in SOL. That’s likely been partly due to SOL Strategies’ lack of access to the US market.