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Sonic Community Backs $150 Million U.S. Push as Labs Puts $40 Million Behind Nasdaq Strategy

The pivot seeks to rebuild capacity after a thin treasury, with outcomes hinging on regulatory approvals.

Sonic Labs bets on ETFs, Nasdaq PIPE, and fees: Will U.S. expansion steer S?
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Sonic labs commits $40m to sonicstrategy as it eyes nasdaq listing, u.s. expansion

Overview

  • A Snapshot vote closed Aug. 31 with 99.99% approval as roughly 860 million S tokens backed the plan, clearing the 700 million quorum requirement.
  • The approved allocation includes $50 million for a regulated ETF/ETP, $100 million for a Nasdaq-linked PIPE vehicle, and 150 million tokens to launch Sonic USA LLC in New York, with custody handled by BitGo and a planned ETF partner managing over $10 billion.
  • Reworked fee mechanics aim to counter dilution by increasing burns, with FeeM transactions distributing 90% to builders, 5% to validators, and 5% burned, and non-FeeM activity split with 50% burned and 50% to validators.
  • Sonic Labs committed $40 million to SonicStrategy via a convertible note funded in S tokens, featuring a six‑month term, a $4.50 per‑share conversion price contingent on an uplisting and additional financing, a three‑year lock on any converted shares, and a four‑year lock on the token funding.
  • Tokens designated for the ETF/PIPE structures will be locked for at least three years, and immediate next steps include forming the U.S. entity, hiring a U.S.-based CEO, onboarding partners, and pursuing required regulatory clearances.