SOL Strategies, a Canadian company focused on the Solana blockchain, has officially started trading on the Nasdaq Global Select Market under the ticker symbol STKE. The firm holds $94 million worth of Solana (SOL) in its treasury, making it the first Solana-focused public company to be listed in the U.S. It also continues to trade on the Canadian Securities Exchange (CSE) under the symbol HODL.

Before its Nasdaq debut, SOL Strategies consolidated its shares—reducing from 176 million to 22 million—to meet listing standards. To celebrate, the company held a unique on-chain bell-ringing ceremony at stke.community. Participants could leave permanent messages on the Solana blockchain to mark the occasion. The event also included live discussions with company leaders and industry partners on X Spaces.

Operating as a “foreign private issuer” under U.S. SEC rules, SOL Strategies isn’t required to follow some U.S. regulations, like proxy voting rules or insider filing requirements. This status allows the company to follow Canadian governance practices and operate without needing a majority of independent directors.

As of now, SOL Strategies has 22 million common shares, 12 million warrants, and 5.3 million stock options. The company recently rebranded from Cypherpunk Holdings in September 2024 to focus entirely on Solana-based investments and infrastructure.

The firm manages 3.62 million SOL through its staking operations. Of that, 402,623 SOL come directly from its treasury, valued at approximately C$111.7 million. Over 8,800 unique wallets are staking with SOL Strategies. In July, Cathie Wood’s ARK Invest also contributed to this momentum by moving 3.6 million SOL (worth about C$888 million) to SOL Strategies’ infrastructure.

Institutional interest in Solana is growing rapidly. Forward Industries announced a $1.65 billion private funding round led by Galaxy Digital, Jump Crypto, and Multicoin Capital to build a Solana-focused digital asset treasury. Kyle Samani of Multicoin Capital will take over as Chairman after the deal closes. Galaxy Digital will provide trading and staking services, while Jump Crypto brings technical expertise through projects like Firedancer, an advanced validator client.

Other major players include DeFi Development Corporation, which now holds 1.27 million SOL worth $248 million after raising $122.5 million in debt financing led by Cantor Fitzgerald. They’ve recently added nearly 292,000 SOL to their holdings.

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

Meanwhile, QMMM Holdings—based in Hong Kong—saw its stock jump by 1,736% after announcing plans to build a $100 million crypto treasury targeting Bitcoin, Ethereum, and Solana. The company is developing a “crypto-autonomous ecosystem” that combines blockchain with artificial intelligence.

Altogether, the top five institutional holders now control over 3.7 million SOL—worth around $726 million—making up roughly 1.55% of the total circulating supply.

Solana (SOL) currently trades at $216.24 and continues to follow a strong upward trend that began at $152. Key resistance levels are at $185.78, $204.58, $209.79, and $218.60, with a projected price target of $245.06 if momentum continues.

On the short-term charts (4-hour), SOL is testing resistance just below $218.60. If it breaks above this level, it could trigger a new wave of buying activity. The rising trendline provides key support between $210 and $212—critical for maintaining the bullish pattern.

Technical analysis shows SOL is in a strong “Stage 2 Uptrend” after a long period of price stabilization known as “Stage 1 Basing.” The Phantom indicator still shows bullish signals even during minor pullbacks, suggesting ongoing strength behind the rally.

Weekly charts confirm that SOL is trading well above its 200-day moving average at $158.43—a sign of long-term growth. Analysts also note a “slow grind higher” pattern, where institutional buyers step in during small dips, helping support prices and reduce volatility.

This steady climb typically leads to breakout moves once major resistance levels are broken. If SOL can move firmly past $218.60, it may quickly advance toward the $245 price target while staying supported above the $210–$212 range.

In summary, both technical trends and growing institutional support suggest Solana could see continued upward momentum in the near future.