Chiara Bianchi
SOL Strategies has secured approval to list its shares on Nasdaq under the ticker STKE, PRIME has learned exclusively. The company, formerly known as Cypherpunk Holdings, rebranded in September 2024 to become the first Solana-focused digital asset treasury (DAT). Until now, its stock traded only in Canada, limiting investor access compared to newer U.S.-based Solana treasuries.
After years of lackluster returns, Cypherpunk Holdings appointed former Valkyrie CEO Leah Wald as chief executive in 2023. Wald restructured the company into a Solana DAT months before Wall Street’s treasury boom. Since then, SOL Strategies has emphasized Solana staking, acquiring validator operations from Orangefin Ventures, Cogent Crypto, and Laine. The firm also expanded its footprint by launching validators tied to Pudgy Penguins and Solana Mobile.
Surging Stock but Smaller Treasury
SOL Strategies’ stock has climbed nearly 900% in the past year, though its $90 million in SOL holdings remains modest compared to the three largest Solana DATs, each with $380–$420 million in assets. Analysts suggest the gap is largely due to the company’s previous lack of access to U.S. markets.
The Nasdaq approval follows a December 2024 application and steps such as an eight-for-one reverse stock split in August.
A Milestone for Solana Treasuries
With this approval, every Solana DAT tracked by PRIME Research will trade on Nasdaq, except BIT Mining, which remains on the NYSE.
“This milestone is not just for our team but also for the broader SOL Strategies community,” Wald said. “Being listed on Nasdaq shows that a Solana validator and treasury firm can meet the same standards of transparency and growth as any public company, while proving our model resonates across both the Solana ecosystem and traditional finance.”
