DeFi Development Corp. has announced a significant increase in its assets in Solana (SOL), acquiring an additional 47,272 tokens.
Acquisition of New SOL Tokens
DeFi Development Corp. purchased an additional 47,272 SOL tokens valued at approximately $7.03 million, bringing its total SOL and SOL-equivalent holdings to 690,420 tokens worth an estimated $102.7 million. This purchase is part of the company’s strategy to increase its holdings in Solana.
> "The purchase of SOL is a key part of our ongoing strategy to grow our holdings in Solana and capitalize on the blockchain’s potential," the company stated in its press release.
ETF Optimism Around Solana
The rise in institutional accumulation comes amid growing optimism surrounding potential Solana ETFs. According to sources, the odds of a Solana ETF being approved have risen to over 90%, attracting major players like DeFi Development Corp. to increase their exposure ahead of possible institutional inflows.
Expansion of DeFi Development Corp.'s Portfolio
Last month, DeFi Development Corp. raised $112.5 million to build up its Solana treasury, allowing the company to be more aggressive in acquiring tokens. This strategy is part of a broader trend where other firms like ReserveOne and Upexi are also unveiling their Solana treasury strategies.
DeFi Development Corp.'s increase in Solana holdings reflects the growing interest of institutional investors in this asset, especially amid the prospects of ETF approvals.
