DeFi Development Corp. (DFDV), a Solana treasury firm, has announced the addition of 17,760 SOL to its portfolio. This latest acquisition escalates the company’s total Solana holdings to a staggering value of approximately $96 million, based on current market prices.
DFDV began its Solana acquisition journey in April following its acquisition by former executives of Kraken. The firm recently revealed it raised a substantial $112.5 million through private placement, earmarked to partially finance further SOL purchases. Prior to this, it had gathered $42 million in financing and secured a whopping $5 billion credit line.
From the latest round of funding, DFDV allocated $75.6 million of the net proceeds to a “prepaid forward” stock purchase transaction, which is designed to mitigate risk for buyers of DFDV’s convertible notes. The remaining funds are assigned to corporate operations and additional SOL purchases.
The strategy to acquire and stake Solana has been adopted by various firms, including SOL Strategies and Upexi, amid the growing popularity of crypto treasury firms. While Bitcoin remains the preferred choice for most businesses, a significant number are now adding proof-of-stake tokens like ETH and BNB to their balance sheets, enabling them to earn through staking rewards.
The most recent batch of SOL was bought by DFDV at an average price of $153.10 per coin, amounting to approximately $2.72 million in total. The firm uses a “SOL per Share” ratio to track the performance of its holdings relative to its equity value, which stood at 0.042 as of July 3.
As of now, Solana is trading near $150, as reported on The Block’s price page. This article is for informational purposes and does not constitute financial or other professional advice.
