Solana (SOL) treasury company SOL Strategies secured approval to list its common shares on the Nasdaq, according to a Sept. 5 announcement.

The company expects trading to commence on Sept. 9, under the ticker symbol “STKE” while maintaining its Canadian Securities Exchange listing under “HODL.”

Shares will no longer trade on the OTCQB Venture Market, and existing shareholders will be automatically converted to the Nasdaq listing without requiring any action.

CEO Leah Wald said:

“Joining Nasdaq aligns us with the world’s most innovative technology companies and positions us to attract institutional investors who recognize the transformative potential of Solana’s infrastructure.”

She added that the listing provides shareholders with enhanced liquidity, while giving the firm access to deeper capital markets.

SOL Strategies completed its transformation from a diversified crypto holding company to a Solana-first investment vehicle after unanimously approving the strategy shift at its shareholder meeting on July 30, 2024.

The rebranding coincided with the appointment of Wald as new CEO in early July, which accelerated the company’s accumulation of SOL tokens and ecosystem investments.

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The green light marks a significant milestone for the Toronto-based company following its strategic rebrand from Cypherpunk Holdings and pivot to Solana-focused investments.

Institutional interest in Solana treasuries grows

The approval arrives amid broader institutional interest in Solana exposure, with Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seeking approximately $1 billion to assemble the largest dedicated SOL treasury through a public company vehicle.

Cantor Fitzgerald serves as lead banker for the effort, which contemplates acquiring a listed entity to create an institutional-grade Solana treasury.

Other companies also operate SOL treasuries through public 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 growth through institutional partnerships, enhance operational scalability as demand for Solana staking increases, and strengthen its position as the leading institutional gateway to the Solana ecosystem.

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Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking about $1 billion to assemble a Solana treasury through a public company vehicle, according to Bloomberg, with Cantor Fitzgerald engaged as lead banker and a takeover of a listed entity contemplated for the structure.

The effort, described as ongoing talks, would create what the report characterizes as the largest dedicated SOL treasury.

The contemplated wrapper mirrors familiar corporate-treasury mechanics, using public equity and financing tools to scale crypto exposure that can later be supported by converts or PIPEs.

Recent activity around Cantor-backed crypto treasuries shows the pathway exists in traditional markets, including a Nasdaq listing plan for Bitcoin Standard Treasury Company through a Cantor-affiliated SPAC, which if completed would list a balance sheet with more than 30,000 BTC.

Timing remains a key variable. Bloomberg’s account, as relayed in same-day trade press summaries, points to an early September closing goal and a green light from the Solana Foundation, while noting that details could change and the parties declined to comment. These elements underline that the plan is pre-closing and subject to market and regulatory execution risk.

The choice of Solana aligns with how on-chain trading has shifted this year. OKX’s State of DEX 2025 found Solana accounted for roughly 48 percent of decentralized exchange volume, with activity skewed to smaller retail trades, while Ethereum and its Layer 2s continued to dominate tickets above $50,000. That split helps explain why an equity-listed SOL aggregator might target breadth and liquidity on Solana while acknowledging that institutional block flow often retains an ETH bias.

The firms named in the Bloomberg report already have touchpoints with the ecosystem. Galaxy launched Solana index-tracking funds in 2021 alongside the Bloomberg Galaxy Solana Index, establishing an early institutional product set tied to SOL pricing.

Multicoin has publicly articulated a multi-year Solana thesis focused on throughput and vertical integration. These histories provide context for why they would coordinate on a larger balance-sheet approach today.

The prospective vehicle would also enter a field of emerging SOL treasuries. Upexi disclosed purchases of discounted locked SOL and said its holdings surpassed $100 million this spring, part of a pivot toward a SOL-centric treasury strategy that includes validator operations and financing via equity and convertibles.

DeFi Development Corp., which has framed itself as a SOL accumulator, reported crossing 846,000 SOL and reiterated its intent to compound via staking yields. These moves signal how listed companies are operationalizing SOL on balance sheets.

If the Cantor-advised SOL vehicle closes on the timeline described, it would formalize a public-markets route for consolidated SOL acquisition, potentially creating an equity proxy for investors that cannot hold the token directly and a repeatable template for future altcoin treasury structures.

For now, the initiative sits in the discussions stage, with the size target, banker role and public-company takeover framework outlined in Bloomberg’s reporting.

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Several hedge funds are profiting big after their bet that gas giant Chevron would successfully acquire competitor Hess Corporation in a $53 billion deal.

Firms that specialize in merger arbitrage are looking at billions of dollars in windfall after a 20-month court arbitration finally concluded on Friday, Bloomberg reports.

Merger arbitrage is a trading strategy that involves betting on the outcome of a merger or acquisition, typically by taking long and/or short positions in the stocks of the companies involved.

According to a Morgan Stanley calculation, shares of Hess were the most widely held position for merger arbitrages in the US, collectively amounting to $10 billion worth of positions.

Notably among those betting on the acquisition were Ken Griffin’s Citadel Advisors, Adage Capital and HBK Investments.

Roy Behren, co-chief investment officer at Westchester Capital, says the firm held roughly $350 million in Hess shares in anticipation of the acquisition

“I’ve been waiting forever for this to happen. It took a year and a half, but I think the right outcome was achieved… The Hess stake was the largest position we have had in the past 15 years. The arbitration panel ruled the way our consultants and analysts expected.”

Citadel and HBK each had the equivalent of $1 billion in shares, according to the firms’ latest filings, says Bloomberg.

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Coinbase officially launched Coinbase Payments on June 18, a three-layer platform that enables commerce providers to add USDC checkout without running their blockchain infrastructure.

The stack begins with Stablecoin Checkout, a wallet-native interface that supports hundreds of wallets, delivers gas-free transactions, and records payments in USDC. 

Beneath it, an E-commerce Engine exposes application programming interfaces for authorization, capture, refunds, ledgering, and subscriptions, allowing payment service providers to integrate stablecoin flows into existing merchant dashboards. 

At the base, the Commerce Payments Protocol executes smart contract escrow and settlement on Base, Coinbase’s layer-2 network, in sub-second blocks. 

The company stated that the modular design eliminates the need for “crypto-native teams” and can settle global transactions at a lower cost than traditional card networks.

Early production use at Shopify

Shopify activated the stack last week for an early-access cohort of merchants, marking one of the first retail deployments of USDC at scale. 

Buyers pay in USDC, and Shopify receives fiat payouts unless a merchant opts to retain the stablecoin. 

Stripe helped abstract the crypto logic from sellers’ workflows, and Shopify plans to add 1% USDC cashback incentives for consumers. 

Coinbase stated that Stablecoin Checkout handles consumer interaction, the E-commerce Engine manages merchant controls through APIs, and the protocol layer facilitates smart-contract escrow and settlement behind the scenes.

Market context and adoption target

According to Coinbase, more than half of Fortune 500 firms are experimenting with on-chain tools while roughly one-third of small businesses already accept some form of crypto. 

By making stablecoin rails accessible through a single integration, the exchange aims to position USDC as a default internet payment method.

Additionally, platforms that onboard can add off-ramps to local currencies, audit trails via open-source contracts, and programmable reward systems in a forthcoming update.

Coinbase invited payment processors, marketplaces, and e-commerce software vendors to integrate immediately, noting that the same stack powering Shopify’s rollout is now available through the company’s developer portal.

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The data was compiled and published by the Russian media outlet RBC, and shows that BitRiver and Intelion alone have cornered over 50% of the market.

Intelion’s growth rate was also notable, with the firm increasing its revenues by RUB 3,948 million ($50,000) compared to 2023 figures.

BitRiver, Intelion Continue to Dominate Russian Market

The media outlet used the country’s top 10 crypto miners’ latest public declarations to compile its data.

This means that the nation’s vast illegal crypto mining sector is still largely unaccounted for. But the data also revealed how much power the country’s top crypto mining players use.

It also reveals information about where the miners have built their biggest data centers and the types of energy mixes they use to power their rigs.

The data shows that BitRiver’s revenue for 2024 was RUB 10.286 billion (over $129 million). The same company used 533 MW of electrical power in 15 data centers.

BitRiver operates more than 175,000 crypto mining rigs and provides hosting and support to B2B clients.

The firm continues to operate centers in Irkutsk Oblast, the nation’s first Bitcoin mining hub. In recent months, mining in Irkutsk has caused major strains on the Siberian grid.

BitRiver also has centers in Krasnoyarsk, Orenburg, Tuva, Buryatia, Khanty-Mansiysk Autonomous Okrug, and the Yamalo-Nenets Autonomous Okrug.

The data also shows that BitRiver is looking at alternatives to conventional power grid-based solutions.

More than 30 MW of its capacity now comes from associated gas extracted at oil drilling sites fitted with turbine generators.

Nuclear Power

Intelion, meanwhile, posted total revenues of RUB 6.218 billion ($78 million) in FY2024, using 298 MW of energy.

The company has built many of its centers outside the more typical BTC mining hubs, operating in the Tula, Nizhny Novgorod, Kemerovo, Samara, and Murmansk regions, as well as the Republic of Khakassia.

Intelion has also partnered with nuclear power providers such as Rosenergoatom, and has a center near the Kalinin Nuclear Power plant in Tver.

The firm has also expanded its gas generation operations and is now working on providing crypto mining hardware for industrial enterprises that have idle power capacities.

The media outlet compiled a top 10 of Russian industrial miners by revenue. Nine of the firms on the list saw revenue growth in FY2024, with Intelion leading in this category.

Smaller Players Also Posting Rapid Growth Rates

Several smaller firms also saw revenues climb last financial year. The most notable of these was third-paced Promminer, with revenues of RUB 4.761 billion ($59.8 million) and a capacity of 90 MW.

Unlike the “big two,” Promminer specializes in mobile data centers, which can be moved around the country as needed.

RBC noted that banks and leasing companies have shown an interest in financing the firm’s activities.

Earlier this year, Promminer announced it had brought a new data center online in the city of Voronezh.

Making up the rest of the list were Location (80 MW), R7miner (33 MW), Stella (120 MW), Mining Cluster (70 MW), CryptoReactor (75 MW), GIS Mining (53 MW), and BitCluster (80 MW).

The latter has revealed that it is developing crypto mining infrastructure in Ethiopia and Paraguay.

Sergey Bezdelov, the Director of the Industrial Mining Association, noted that Russia now “ranks second in the world in terms of mining volume, and first in terms of growth rates.”

The post Russian Crypto Mining Giants BitRiver, Intelion Post Combined $200M Revenue for FY2024 appeared first on Cryptonews.

Bitcoin could climb as high as $250,000 by the end of this year or 2026, according to blockchain entrepreneur Charles Hoskinson.

The Cardano founder indicated he believes adoption by major technology companies and clearer regulations will drive the next wave of growth in the cryptocurrency market.

Speaking to CNBC during the “Beyond the Valley” podcast, Hoskinson said investors are likely to adjust to the current macroeconomic environment, including rising geopolitical tensions and shifts in US trade policy. He added that once markets stabilize and the US Federal Reserve lowers interest rates, capital would start flowing back into digital assets.

“The markets will stabilize a little bit, and they’ll get used to the new normal, and then the Fed will lower interest rates, and then you’ll have a lot of fast, cheap money, and then it’ll pour into crypto,” he said.

Hoskinson Remains Bullish Despite Volatility and Sharp Market Swings

Hoskinson made the comments before US President Donald Trump announced a temporary pause on a new round of global tariffs. The move came after days of volatility in equity and crypto markets.

Bitcoin dropped below US$77,000 earlier in the week but rebounded above $82,000 following the pause. Despite the recovery, the assets remains well below its record high above $100,000 in January.

Hoskinson, who also helped launch Ethereum and now leads Input Output, pointed to several reasons for his bullish view. This includes the growing number of cryptocurrency users around the world. Data from Crypto.com shows ownership was up 13% year on year in 2024 to 659m.

Hoskinson Predicts Big Tech Will Turn to Stablecoins for Global Payments

He also argued that global instability is pushing countries away from traditional systems and making decentralised options more attractive. “If Russia wants to invade Ukraine, it invades Ukraine. If China wants to invade Taiwan, it’s going to do that. So treaties don’t really work so well, and global business doesn’t really work so well there. So your only option for globalisation is crypto,” Hoskinson said.

Legislative efforts in the US could also play a key role. Hoskinson expects new bills on stablecoins and digital asset market structure to pass in the coming months. These laws could provide clarity for investors and open the door for mainstream adoption.

Hoskinson believes that the largest technology companies may soon explore stablecoin integration. The so-called Magnificent 7, which includes Apple, Microsoft and Amazon, could use blockchain-based tokens for cross-border payments or microtransactions. He said this would reduce costs and increase efficiency.

While he expects the crypto market to remain quiet for the next few months, Hoskinson sees a turning point later this year. He predicted a new wave of investor interest starting around August or September that could continue into 2026.

The post Charles Hoskinson Predicts Bitcoin Could Hit $250,000 as Tech Giants Eye Stablecoins appeared first on Cryptonews.

Traditional financial giants Bank of America and PayPal are making bold moves in the stablecoin sector, signaling the rising institutional interest in the sector, which is worth over $200 billion.

On Feb. 26, reports emerged that the Bank of America would introduce a stablecoin once the US regulatory landscape became apparent.

At the same time, PayPal revealed that it was working to expand the role of its PYUSD stablecoin within its payment ecosystem.

Bank of America’s stablecoin ambitions

Brian Moynihan, President of Bank of America, has hinted at the bank’s potential entry into the stablecoin market.

He acknowledged that stablecoins function similarly to money market funds or bank accounts with check access. According to Moynihan, regulatory approval remains the primary barrier to launching a USD-pegged stablecoin.

He reportedly said:

“If they make that legal, we will go into that business.”

His statement reflects the bank’s readiness to enter the sector once regulations permit. He also suggested that a future “BofA coin” could be tied to dollar deposit accounts, though he questioned its broader utility.

Moynihan’s statement is unsurprising, considering he had previously said that the US banking industry would embrace cryptocurrencies for payments if regulators allow it.

Bank of America is the second-largest bank in the United States, with total assets of $2.57 trillion.

PayPal’s PYUSD expansion

On the other hand, PayPal is actively working to integrate PYUSD into its payment ecosystem to boost its adoption.

Michelle Gill, a PayPal executive, detailed plans to embed the stablecoin deeper into its platform by enabling merchants to use PYUSD for vendor payments through PayPal’s network.

Beyond that, the company would also focus on incorporating PYUSD for international payments.

The executive explained that PayPal aims to eliminate currency conversion complexities and reduce transaction delays that plague the traditional system by integrating PYUSD into its cross-border payment system.

According to Gill:

“A lot of the payments we’re expecting are going to be cross-border because merchants in the US are seeking to pay vendors and suppliers abroad. The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?”

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