Polar reports 5,100,000 STKE stake incl. 2,550,000 warrant shares

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. filed a Schedule 13G reporting beneficial ownership of 5,100,000 Sol Strategies Inc. common shares, representing 9.99% of the class as of the event date. The firm reports sole voting and dispositive power over these securities, with no shared power.

The position includes 2,550,000 shares issuable upon exercise of warrants. These common share purchase warrants are subject to a 9.99% blocker, meaning they are not exercisable to the extent an exercise would lift beneficial ownership above 9.99% of outstanding common shares. The filer is the investment adviser to Polar Multi-Strategy Master Fund and certifies the holdings are in the ordinary course and not for influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Sol Strategies Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

83411A205

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83411A205

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,100,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,100,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sol Strategies Inc.
(b)	Address of issuer's principal executive offices: 217 Queen Street West, Suite 401, Toronto, Ontario, M5V 0R2, Canada
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 83411A205
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 5,100,000 (including 2,550,000 shares issuable upon exercising the warrants)
(b)	Percent of class: 9.99 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,100,000 (including 2,550,000 shares issuable upon exercising the warrants)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: A total of 5,100,000 shares, which consists of 2,550,000 common shares and 2,550,000 common share purchase warrants (each warrant entitles the warrant holder to purchase one common share upon exercising the warrant), may be deemed to be beneficially owned by the Reporting Person. The common share purchase warrants are subject to a 9.99% blocker whereby they are not exercisable to the extent that following such conversion, taking into account all other shares of common shares beneficially owned by the Reporting Person, the Reporting Person would beneficially own in excess of 9.99% of the Issuer's outstanding common shares.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	11/14/2025

FAQ

What stake in STKE did Polar Asset Management Partners report?

Polar reported beneficial ownership of 5,100,000 Sol Strategies common shares, representing 9.99% of the class.

Does the reported stake include warrants for STKE?

Yes. The total includes 2,550,000 shares issuable upon exercising common share purchase warrants.

What voting and dispositive power did the filer report over STKE shares?

The filer reported sole voting power of 5,100,000 and sole dispositive power of 5,100,000, with no shared power.

Is there a blocker on the STKE warrants held by the filer?

Yes. The warrants are subject to a 9.99% blocker, preventing exercises that would push ownership above 9.99%.

Under what capacity did Polar Asset Management Partners file the 13G?

It filed as an investment adviser and certified the position is held in the ordinary course, not to influence control.

Which fund is associated with the reported STKE holdings?

The filer advises Polar Multi-Strategy Master Fund, which directly holds the reported securities.