DeFi Development Corp has made a significant move in the cryptocurrency market by adding 196,141 Solana (SOL) tokens to its treasury, making a substantial investment of nearly $39.76 million. This acquisition has effectively doubled the firm’s holdings in Solana to over 2 million SOL, currently valued at approximately $412 million.
The company disclosed that it acquired the tokens at an average price of $202.76 and has plans to stake the entire amount to generate yield, enhancing its returns on this investment. This recent purchase follows a prior acquisition made just a week earlier, where DeFi Development Corp acquired SOL tokens worth $77 million, coinciding with the closure of a $125 million equity raise.
Despite the aggressive accumulation strategy, shares of DeFi Development Corp (DFDV) have seen a decline, dropping 7.59% to close at $15.21. However, the stock managed to recover slightly in after-hours trading, reaching $15.36. Although DFDV shares are down 57% from their peak of $35.53, they have skyrocketed 1,710% year-to-date, indicating strong overall growth despite recent price fluctuations.
As the first publicly listed company to center its treasury strategy around Solana, DeFi Development Corp has been on an upward trend throughout 2025. Back in July, the company celebrated the milestone of holding 1 million SOL after a purchase of 141,383 tokens for approximately $19 million. The firm is utilizing a $5 billion equity line of credit for these acquisitions, having accessed only 0.4% of this fund so far.
The company’s financial performance has been noteworthy, with its June quarter report highlighting a remarkable 350% year-over-year revenue increase alongside a 525% jump in net profit margin. Investment firm Cantor Fitzgerald recently began coverage of DFDV, assigning it an “overweight” rating and setting a price target of $45.
As interest in Solana continues to grow, other major players in the crypto space are also positioning themselves. Notably, Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly in discussions to raise around $1 billion to form a significant Solana treasury, with Cantor Fitzgerald serving as the lead banker. This initiative, supported by the Solana Foundation, aims to take over a publicly traded company and convert it into a dedicated digital asset treasury vehicle focused on Solana.
In a similar vein, Pantera Capital is preparing to raise up to $1.25 billion to establish a company specifically for accumulating SOL as a treasury asset. Their strategy involves an initial $500 million fundraising effort, followed by an additional $750 million through warrants, potentially marking one of the largest public undertakings to create a Solana treasury vehicle.
Solana’s trajectory has been impressive; it reached a $100 billion market cap in under five years, outpacing well-established tech firms like Google and Meta. With SOL rising 26.2% in the past 30 days and up 54.5% year-on-year, bolstered by staking yields and corporate interest, the ecosystem shows no signs of slowing down as it navigates the continuing evolution of the cryptocurrency market.
