The acquisition brings DeFi Development's total position to 2,195,926 Solana and SOL-equivalent tokens, valued at approximately $426 million.
Solana News
DeFi Development Corp. has acquired 86,307 $SOL tokens worth $16 million, expanding its Solana treasury holdings by nearly 5%. The Nasdaq-listed firm purchased the tokens at an average price of $110.91 per Solana, according to a Thursday announcement.
The acquisition brings DeFi Development's total position to 2,195,926 Solana and SOL-equivalent tokens, valued at approximately $426 million. The Boca Raton-based company holds approximately 28 million shares outstanding as of the purchase date.
The firm's Solana per Share metric currently stands at 0.0760 tokens, translating to $14.67 in dollar terms. This figure reflects a decrease from the September SOL per Share reading of $19.44, which was calculated with approximately 25 million shares outstanding.
DeFi Development plans to hold the newly acquired Solana long-term and stake the tokens to various validators, including the company's own Solana validators, to generate native yield. The treasury strategy focuses on accumulating and compounding Solana holdings through staking and related token investments.
Founded earlier this year by former Kraken employees, DeFi Development executes a strategy of buying and staking SOL alongside Solana-related tokens like the Dogwifhat meme coin. The company also provides validator services, including for crypto exchange Kraken.
The share count reported includes 2,803,058 pre-funded warrants that have been exercised, with 2,978,578 warrants remaining to be exercised. Including all warrants from that transaction, the adjusted share count would reach approximately 31.9 million shares.
DeFi Development ranks among the five largest public Solana holders, according to data. Forward Industries, backed by Galaxy, Jump Crypto, and Multicoin Capital, leads as the largest Solana treasury with nearly 7 million tokens, exceeding the combined holdings of the next three largest treasuries.
The company expects to deploy remaining cash proceeds from equity financing into additional SOL purchases. Based on current projections, DeFi Development does not anticipate SOL per Share falling below the pre-financing level of 0.0675, even after full warrant impact.
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