DeFi Dev Corp has made a significant investment in Solana cryptocurrency by acquiring over 153,225 SOL totaling $23.7 million. This purchase is part of their strategy to expand their assets in Solana.
Major SOL Purchase
DeFi Dev Corp announced the acquisition of 153,225 SOL, sharply increasing their total holdings to 846,630 SOL, worth over $133 million at current market prices. This purchase has been partly funded through a recent $9.6 million convertible note offering.
Company Strategy for Accumulating SOL
The company brands itself as a dedicated Solana treasury vehicle, aiming to stack 1 million SOL. They motivate their actions with long-term conviction in the network’s upside and stated: 'We’re stacking $SOL like it’s our job. Because it is.'
Solana Market and Institutional Investments
Institutional activity in Solana continues to rise. Recently, SOL Strategies filed a $1 billion shelf prospectus to support its investment plan, while Upexi has started building a SOL treasury. The Solana futures market at CME hit $4 billion in volume, and Hyperliquid has launched in-wallet perpetual futures trading via a partnership with Phantom. However, regulatory delays, such as the SEC’s hold-up of Fidelity’s proposed Solana ETF, introduce some caution to this bullish narrative.
In conclusion, DeFi Dev Corp is actively expanding its holdings in Solana, reflecting a growing interest in this cryptocurrency from institutional investors despite existing regulatory challenges.
