SOL Strategies Tops $1B Delegated SOL as 7,000 Wallets Back its Upcoming Nasdaq Uplisting

SOL Strategies, formerly known as Cypherpunk Holdings, has crossed a major milestone in its validator operations, reporting more than CAD $1 billion in Solana delegated to its network.

The announcement comes as the company prepares for an anticipated uplisting to Nasdaq, marking one of the biggest steps yet in its bid to cement its role as a leading public player in the Solana ecosystem.

Over 7,000 Wallets Stake With SOL Strategies Amid Record Delegations

The company disclosed that a total of 3,617,211 SOL is now delegated to its validators, a figure that includes both its internally held Solana treasury and third-party delegations. SOL Strategies currently owns a treasury of 399,907 SOL, valued at roughly CAD $110 million, representing about 11% of the overall stake.

The remaining share is composed of third-party delegations from across the Solana ecosystem. In total, more than 7,000 unique wallets are staking through SOL Strategies’ validators, an all-time high for the firm.

“Crossing CAD 1 billion in delegated SOL reflects the continued growth of our validator operations,” said Leah Wald, chief executive officer of SOL Strategies. “The combination of our own treasury stake and third-party delegations underscores the scale we have reached and the increasing participation in the Solana ecosystem.”

The milestone is underpinned by SOL Strategies’ dual focus on maintaining its own substantial Solana treasury while running revenue-generating validator operations. Its validators are SOC 2 Type 1, SOC 1 Type 1, and ISO 27001 certified, giving the company a compliance and security framework that it says helps attract both retail and institutional delegators.

By combining these validator operations with its holdings, the firm has positioned itself as one of the few publicly traded entities providing direct shareholder exposure to Solana’s network growth and staking revenues.

The progress also builds on a string of corporate updates over the summer. In July, the company’s board approved a 1-for-8 share consolidation, a move designed to align its stock price with Nasdaq’s listing requirements.

While the listing remains subject to regulatory approval, management has framed the step as a key part of its strategy to increase access to U.S. capital markets and broaden its investor base.

Just days later, SOL Strategies announced that ARK Invest’s Digital Asset Revolutions Fund had chosen the company as its staking provider, a partnership that marked one of its most high-profile institutional relationships to date.

The company also reported that validator revenues in July rose by 15.4% in SOL terms compared to June, citing higher network activity and operational improvements. Gross margins from validator operations were reported at approximately 90%, according to internal performance metrics.

Infrastructure development has been another focus. SOL Strategies rolled out open-source validator failover technology for use by the wider Solana community while maintaining its own performance standards.

Its validators reported 100% uptime on Laine for more than 500 days, with some delivering annualized yields as high as 7.7%, slightly above the network average.

The company’s Q3 2025 earnings report, scheduled for release this week, will shed further light on how these operational gains translate into shareholder returns.

In advance of the earnings call, Wald emphasized that SOL Strategies is not merely holding SOL but actively building the infrastructure that powers the network.

“We’re generating enhanced yields for shareholders while supporting the growth of the Solana ecosystem,” Wald said.

SOL Strategies is Different from other SOL Treasuries, Says CEO Leah Wald

Speaking to CryptoNews, Leah said the firm’s approach distinguishes it from other institutions racing to build large Solana treasuries.

“Crossing CAD 1 billion in delegated SOL underscores the deep trust we’ve earned across both institutional and retail communities,” Wald noted. She explained that by compounding holdings through validator commissions, the company is “not just generating yield but building a sustainable revenue engine.”

Wald added that with SEC approval of its Form 40-F and a completed stock consolidation, SOL Strategies is preparing for a potential Nasdaq uplisting that would expand investor access and strengthen its role as a bridge between traditional finance and Solana.

Her remarks come as competition among institutional Solana holders accelerates. Upexi, a supply chain firm turned crypto player, remains the largest corporate holder, with more than 2 million SOL worth roughly $391 million. Upexi has boosted returns through staking yields and discounted locked tokens, signaling confidence in Solana’s long-term growth.

DeFi Development Corporation follows with 1.27 million SOL valued at $248 million, after raising $122.5 million in debt financing led by Cantor Fitzgerald in July. The firm has added nearly 292,000 SOL in the past month, making it one of the most aggressive buyers on record.

Pantera Capital is also weighing a major entry, with plans to raise up to $1.25 billion to transform a Nasdaq-listed entity into a dedicated “Solana Co.” vehicle, potentially one of the largest treasury plays yet in digital assets.

By comparison, SOL Strategies holds about 370,000 SOL ($72 million). Though smaller in raw numbers, its validator-driven model offers an operational revenue layer that treasury-focused players lack.

According to CoinGecko, the five largest institutional holders, Upexi, DeFi Dev, SOL Strategies, Torrent Capital, and Exodus Movement, now control over 3.7 million SOL ($726 million), with Upexi and DeFi Dev accounting for more than 87% of that total.

Against this backdrop, Wald insists SOL Strategies’ validator-driven model makes it unique.

Rather than relying solely on price appreciation, the company is building recurring yield from Solana’s core infrastructure, a strategy she believes will set it apart as the competition for Solana dominance intensifies.

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