SOL Strategies approved to uplist shares from OTC to the Nasdaq exchange

Amid growing institutional recognition of Solana's infrastructure, SOL Strategies has received final approval to list its common shares on the Nasdaq Capital Market under the ticker STKE. The firm, which has a market cap of around $167 million, has traded on the OTC exchange under the ticker CYFRD.

The exact timing of the uplisting is not yet known, and shares will continue to trade on the Canadian Securities Exchange (ticker HODL) until then, according to a release shared with The Block.

Formerly known as Cypherpunk Holdings, Sol Strategies invests in the Solana blockchain and ecosystem. The company's validator-driven model recently surpassed CAD $1 billion in delegated assets. The company said Monday it also reached an all-time high of 7,068 unique wallets staking to its validators.

SOL Strategies' own treasury of 399,907 SOL is valued at approximately $84 million at current prices, representing roughly 11% of the overall stake alongside significant third-party delegations, as of Aug. 25.

"Securing Nasdaq approval is a defining moment for SOL Strategies, reflecting back the trust we’ve earned from both institutional and retail delegators and the validation of our model that combines a strategic SOL treasury with enterprise-grade validator operations," CEO Leah Wald said in a statement to The Block.

The uplisting is a signal of the growing legitimacy and potential of Solana, Wald said, and the firm looks forward to "opening our doors to a wider class of investors and showcasing how blockchain infrastructure can stand shoulder-to-shoulder with traditional markets."

SOL Strategies plans to celebrate the event with a virtual bell-ringing, inviting the Solana community worldwide to participate. The firm is not the only Canadian entity to recently uplist, earlier this year Galaxy Digital listed on the Nasdaq.

Shares of CYFRF traded around $6.51 according to The Block's price data.