DeFi Development Corp Expands Solana Holdings to Over $400 Million
DeFi Development Corp has significantly increased its Solana (SOL) treasury, acquiring $39.76 million worth of SOL tokens on Thursday. This latest purchase raised the company’s total SOL holdings to more than 2 million tokens, valued at approximately $412 million. The acquisition was made at an average price of $202.76 per token.
This follows a previous acquisition of $77 million in Solana on August 28, coinciding with the closing of a $125 million equity raise. Since July 21, DeFi Development Corp has effectively doubled its Solana holdings, underscoring a strategic focus on expanding its crypto treasury.
Staking Plans and Market Performance
The company intends to stake its SOL tokens to generate yield, aligning with its broader DeFi strategy. Despite the substantial increase in its Solana assets, shares of DeFi Development Corp (ticker: DFDV) declined 7.59% to close at $15.21 on Thursday, with a modest recovery to $15.36 in after-hours trading.
Year-to-date, DFDV shares have surged approximately 1,710%, though they remain down nearly 57% from their May 22 peak of $35.53. The company reported a 350% year-on-year revenue increase and a 525% rise in net profit margin for the June quarter, reflecting strong financial growth.
In June, Cantor Fitzgerald initiated coverage on DeFi Development Corp, assigning an “overweight” rating and setting a price target of $45 per share.
Solana’s Rapid Market Capitalization Growth
Separately, crypto asset manager Bitwise Asset Management highlighted Solana’s rapid ascent to a $100 billion market capitalization in under five years. This milestone was achieved faster than major technology companies like Google and Meta, which took seven and nine years respectively.
According to CoinGecko, Solana’s price has increased 26.2% over the past 30 days and 54.5% over the past year, affirming its status as a leading blockchain asset.
