Toronto-based Solana treasury firm Sol Strategies ($CYFRF) is eyeing a U.S. market debut with its Form 40-F filing to list common shares on the Nasdaq under the ticker STKE. Often dubbed the “MicroStrategy of Solana,” the company has rapidly positioned itself as a key institutional player in the SOL ecosystem and the broader digital assets market. With over 420,000 SOL worth roughly $60 million on its balance sheet, a newly secured $500 million convertible note facility, and a $1 billion shelf prospectus, Sol Strategies has emerged as one of the most compelling crypto treasury plays in the market. Even Wall Street heavyweight Cantor Fitzgerald has initiated coverage, calling Solana treasury companies the “next wave of digital finance.” The firm rated CYFRF Overweight, citing a potential 65% upside, and flagged it as one of the best crypto stocks to buy. Sol Strategies Eyes US Market Entry With Nasdaq Listing, Are Solana Treasuries The Next Big Crypto Play? MicroStrategy’s success has opened the door for a new generation of crypto treasury companies. However, in a recent research note to its institutional clients, investment banking firm Cantor Fitzgerald highlighted that Solana treasury companies could be a more profitable bet than their Bitcoin and Ethereum counterparts. Cantor analysts cited Solana’s developer growth, higher network throughput and rapid adoption as the key reasons why SOL “makes sense” as a treasury asset over Ethereum. ⚡️ NEW: Cantor Fitzgerald analysts say $SOL "makes sense" as a treasury asset over Ethereum despite ETH's broader adoption, citing developer growth on $SOL has surpassed $ETH as one of the reasons. pic.twitter.com/ICISdVS7an — Cointelegraph (@Cointelegraph) June 17, 2025 Meanwhile, they highlight Solana’s staking as its biggest edge over Bitcoin, explaining that SOL treasury companies can organically grow the SOL/share ratio organically without accessing the capital markets. In no uncertain terms, Cantor Fitzgerald analysts opined, “Combining staking with treasury operations should result in Solana treasury companies growing SOL/share faster than BTC treasury companies growing BTC/share, all else equal.” Cantor’s note particularly highlighted Sol Strategies’ strong push for acquiring more validators. The company recently secured a $500 million convertible note facility from ATW Partners, with proceeds to be exclusively used for acquiring SOL purchases, staking and validator growth. New ATH in stake for @solstrategies_ at 3.6M SOL 📈 pic.twitter.com/99CK6wwqzc — Max Kaplan (@maxekaplan) June 11, 2025 It recently also filed a preliminary $1 billion base shelf prospectus with Canadian regulators. This move gives the company flexibility to raise capital quickly as market conditions evolve, further supporting its SOL accumulation strategy. Sol Strategies is now looking to establish a US market presence with a Nasdaq listing, subject to the SEC’s approval. A Nasdaq debut would pave the way for large-scale institutional inflows, higher liquidity and transparency, enhanced credibility and potential index fund inclusion. Is Sol Strategies The Best Crypto Stock To Buy? Crypto stocks are showing significant bullish strength. Buoyed by the recent passage of the GENIUS Act, Trump’s pro-crypto stance and the ongoing bull market, shares of companies like Circle and Coinbase are up significantly over the past few days. Experts also continue to give Strategy (MSTR) a buy signal. However, Solana treasury companies could be the next big play with higher upside, owing to their lower market capitalizations and the blockchain’s rapid adoption. In particular, Sol Strategies looks poised for a structural long-term breakout, especially if it secures a Nasdaq listing. The company is already receiving wall-to-wall coverage following its recent moves, with every major crypto publication, from Cointelegraph to CoinDesk , reporting on its Nasdaq filing. Meanwhile, Cantor Fitzgerald has highlighted CYFRF as an overweight stock to its institutional clients, which essentially means that it will outperform other stocks in its sector. The Sol Strategies stock price is currently trading at $1.73. Cantor analysts anticipate a 65% appreciation in the coming weeks, with a price target of $2.91, making it one of the best crypto stocks to buy. The CYFRF price chart also indicates the start of a new bull run. CYFRF appears to have completed its A-B-C corrective waves and is successfully retesting from its 200-day Simple Moving Average and the 50-week EMA. Notably, these moving averages have historically marked the bottom for Sol Strategies several times, indicating that now is the time to go long on CYFRF. Sidelined investors should continue to eye other beta bets on Solana. For instance, Solaxy (SOLX) , a prominent SOL layer-2 coin, is being viewed as the next 10x crypto after raising nearly $55 million in its presale. Whales continue to pour six figures into it just days ahead of its June 23rd launch. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
