DeFi Development Corp. has significantly increased its investments in Solana cryptocurrency by acquiring over 407,000 SOL valued at roughly $77 million. This consolidates their position as one of the largest institutional holders of SOL.
Details of the 407,247 SOL Acquisition
The recent acquisition by DeFi Development was fueled by fresh capital raised in a recent equity round. Now their total holdings exceed 1.83 million SOL, approximately $371 million. This purchase increased the company's treasury by 29%, bringing them close to the leading position among corporate SOL holders.
Changes in DeFi Development's Activity
Prior to this purchase, DeFi Development already held 1.42 million SOL. The new haul raised their exposure by nearly a third, pushing their Solana-per-share (SPS) ratio to 0.0864, equating to $17.52 worth of SOL per outstanding share. Currently, the company has around 21 million shares circulating, but they noted that this number could rise to roughly 31 million when factoring in the warrants from the equity raise.
Competition for Leadership in Solana Treasuries
DeFi Development's aggressive expansion coincides with a surge of interest in building Solana treasuries among public companies, which now collectively hold over $800 million in SOL. Notable players include Upexi, SOL Strategies, and Torrent Capital. Major funds like Pantera Capital and Galaxy Digital are also looking at billion-dollar commitments into Solana infrastructure and ecosystem projects.
DeFi Development's investment strategy may provide shareholders with exposure to SOL's upside but also comes with risks related to price volatility of digital assets.
