SOL Strategies Begins Trading on Nasdaq Under STKE with $94 Million in Solana Treasury Assets – Is a SOL Surge Imminent?

SOL Strategies has begun trading on the Nasdaq Global Select Market under the ticker STKE, holding $94 million in Solana treasury assets.

This Canadian company is the first publicly traded entity focused on Solana to secure a U.S. listing, while also maintaining a dual listing on the CSE under the symbol HODL.

The Nasdaq launch comes after several months of preparation, which included a one-for-eight share consolidation that reduced the number of outstanding shares from 176 million to 22 million to comply with exchange regulations.

We accomplished it
This serves as validation for the entire Solana Ecosystem! pic.twitter.com/bKGCyZBwV7

— SOL Strategies (@solstrategies_) September 9, 2025

Virtual Bell Ceremony Connects Traditional Finance with Blockchain

SOL Strategies conducted an innovative on-chain bell ringing ceremony at stke.community, enabling participants to commemorate their involvement through permanent transaction memos on the Solana blockchain.

The event featured live discussions on X Spaces with industry partners and company executives.

The firm operates as a “foreign private issuer” according to SEC regulations, which exempts it from certain U.S. regulatory obligations, such as proxy solicitation rules and Section 16 filings.

This designation allows the company to continue functioning under Canadian governance standards without the necessity of a majority of independent directors.

The current capital structure consists of 22 million common shares outstanding, 12 million warrants, and 5.3 million stock options following the consolidation.

The company rebranded from Cypherpunk Holdings in September 2024, fully redirecting its focus to Solana blockchain infrastructure and investment.

Currently, SOL Strategies manages 3.62 million SOL under delegation, which includes 402,623 SOL from its treasury, valued at C$111.7 million.

Record participation includes 8,812 unique wallets staking with the firm, and Cathie Wood’s ARK Invest transferred 3.6 million SOL, approximately valued at C$888 million, to SOL Strategies infrastructure in July.

Institutional Solana Treasury Arms Race Intensifies

SOL Strategies is encountering heightened competition as institutions strive to amass substantial Solana treasuries.

Forward Industries has announced a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital to create a digital asset treasury strategy focused on Solana.

Kyle Samani from Multicoin Capital will assume the role of Chairman at Forward Industries upon completion of the transaction.

Galaxy Digital provides institutional infrastructure, including trading, lending, and staking services, while Jump Crypto offers technical expertise through initiatives such as the Firedancer validator client.

DeFi Development Corporation possesses 1.27 million SOL valued at $248 million after securing $122.5 million in debt financing led by Cantor Fitzgerald. The firm has added nearly 292,000 SOL in recent months.

Upexi remains the largest corporate holder with over 2 million SOL valued at approximately $444 million, according to CoinGecko.

Source: CoinGecko

Today, QMMM Holdings reported a 1,736% increase in stock value after announcing plans to establish a $100 million crypto treasury targeting Bitcoin, Ethereum, and Solana.

The Hong Kong-based digital media firm’s “crypto-autonomous ecosystem” integrates artificial intelligence with blockchain technology.

The five largest institutional holders now control over 3.7 million SOL valued at $726 million, with institutional ownership accounting for approximately 1.55% of the total circulating supply.

Technical Analysis Indicates Imminent Breakout

SOL is currently trading at $216.24 within a clearly defined ascending channel that has guided its rise from $152 to present levels.

Several horizontal resistance levels are identified at $185.78, $204.58, $209.79, and $218.60, with projected targets set at $245.06.

Source: X/@CryptoGodJohn

The 4-hour chart reveals SOL positioned just below the $218.60 resistance, testing a crucial breakout level after recent advancements through multiple resistance zones.

The ascending trendline offers essential support around $210-212, sustaining the bullish channel structure.

Stage Theory analysis suggests SOL remains in a “Stage 2 Uptrend” following an extended “Stage 1 Basing” phase.

$SOL
Clearly in stage 2 uptrend
Now testing local resistance
Phantom indicator turned bullish pic.twitter.com/fNzk0vQqtO

— Wick (@ZeroHedge_) September 10, 2025

The Phantom indicator displays bullish signals despite recent consolidation, indicating that underlying momentum remains favorable for further advances.

Weekly charts confirm SOL’s position well above the 200-day moving average at $158.43, affirming the integrity of the long-term uptrend.

Notably, some analysts have identified a “slow grind higher” pattern that consistently respects ascending trendline support, suggesting institutional accumulation is providing support during downturns.

This steady progression with minimal volatility often precedes significant movements as resistance levels are surpassed.

Based on technical evidence across various timeframes, SOL appears poised for continued bullish momentum toward the $245 target.

The immediate focus is on decisively breaking above the $218.60 resistance, which would likely initiate momentum-driven buying toward measured move objectives, with support sustained around the $210 – $212 ascending trendline.

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