DeFi Development Corp. has made a new investment in Solana, increasing its assets in the cryptocurrency and strengthening its position among public companies.
Recent Purchases by DeFi Dev
The company confirmed on August 28 that it bought 407,247 SOL at an average price of $188.98 each. The purchase cost around $77 million, bringing the company's total holdings to 1,831,011 SOL. As a result, DeFi Dev now controls nearly $371 million worth of Solana. The newly acquired tokens will be staked across validators, including its own, to generate additional yield.
Key Shareholder Metrics
As of August 28, there were about 21 million shares in circulation for DeFi Dev. At current prices, this corresponds to a Solana-per-share ratio of 0.0864, or $17.52. However, on a fully diluted basis, shares would expand to 31 million. Nevertheless, management does not expect the share price to drop below 0.0675, reinforcing expectations of continued growth despite future warrant conversions.
Competition for Solana
The competition to secure Solana exposure is still high. A Coingecko report showed that Upexi holds 1.9 million SOL, the largest among public firms. DeFi Dev ranked second with 1.18 million tokens but has since narrowed the gap. Additionally, the Canadian firm SOL Strategies holds 392,667 SOL, while Torrent Capital manages about 40,039 SOL. Together, these groups controlled over 3.5 million SOL, worth $591 million, or 0.65% of the circulating supply.
DeFi Dev's latest purchase signals institutional conviction in Solana's long-term value, highlighting the influence of public companies on the market dynamics of this cryptocurrency.
