3 hours ago
Solana (SOL) treasury institution SOL Strategies won support to database its communal shares connected the Nasdaq, according to a Sept. 5 announcement.
The institution expects trading to commence connected Sept. 9, nether the ticker awesome “STKE” portion maintaining its Canadian Securities Exchange listing nether “HODL.”
Shares volition nary longer commercialized connected the OTCQB Venture Market, and existing shareholders volition beryllium automatically converted to the Nasdaq listing without requiring immoderate action.
CEO Leah Wald said:
“Joining Nasdaq aligns america with the world’s astir innovative exertion companies and positions america to pull organization investors who admit the transformative imaginable of Solana’s infrastructure.”
She added that the listing provides shareholders with enhanced liquidity, portion giving the steadfast entree to deeper superior markets.
SOL Strategies completed its translation from a diversified crypto holding institution to a Solana-first concern conveyance aft unanimously approving the strategy displacement astatine its shareholder gathering connected July 30, 2024.
The rebranding coincided with the assignment of Wald arsenic caller CEO successful aboriginal July, which accelerated the company’s accumulation of SOL tokens and ecosystem investments.
The greenish airy marks a important milestone for the Toronto-based institution pursuing its strategical rebrand from Cypherpunk Holdings and pivot to Solana-focused investments.
Institutional involvement successful Solana treasuries grows
The support arrives amid broader organization involvement successful Solana exposure, with Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seeking approximately $1 billion to assemble the largest dedicated SOL treasury done a nationalist institution vehicle.
Cantor Fitzgerald serves arsenic pb banker for the effort, which contemplates acquiring a listed entity to make an institutional-grade Solana treasury.
Other companies besides run SOL treasuries done nationalist markets, including Upexi, which has holdings surpassing $100 million, and DeFi Development Corp, reporting 846,000 SOL with plans to compound via staking yields.
SOL Strategies expects the Nasdaq listing to accelerate validator maturation done organization partnerships, heighten operational scalability arsenic request for Solana staking increases, and fortify its presumption arsenic the starring organization gateway to the Solana ecosystem.
The station SOL Strategies secures Nasdaq support arsenic organization giants program billion-dollar Solana treasury appeared archetypal connected CryptoSlate.
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