Shares of DeFi Development Corp. (DFDV) surged 17% on Thursday after the company announced it had purchased $2.7 million worth of Solana (SOL), strengthening its aggressive crypto treasury strategy.
Key highlights:
- DeFi Development Corp bought 17,760 SOL at an average price of $153.10.
- Its total Solana holdings now stand at 640,585 SOL, valued at approximately $98 million.
- The firm plans to hold and stake the newly acquired tokens to earn additional yield.
Following the announcement, DeFi Development Corp’s stock climbed to $23.80, and extended gains in after-hours trading to finish at $24, up nearly 30% from Wednesday’s low of $18.47. Despite the rally, shares are still about 33% below their May peak of $35.53 but remain up more than 2,700% year-to-date.
The Solana acquisition comes despite headwinds: the company reported a 30% drop in net revenue and a 15.5% decline in net profit margin in its March quarter compared to last year. In a July 2 letter to shareholders, management stressed its focus on maintaining a resilient balance sheet and protecting investors from short-term risks.
Earlier this week, DeFi Development Corp also announced plans to raise $112.5 million through private placements, expected to close Monday. Of that, $75.6 million will fund a prepaid forward stock purchase, while the remainder will support corporate purposes — including more Solana buys.
Although it withdrew a proposed $1 billion Solana investment plan last month due to an SEC filing issue, the company remains committed to expanding its crypto reserves.
Sol Strategies also doubles down on Solana
DeFi Development Corp isn’t alone in its bullish stance on Solana. Canadian firm Sol Strategies, listed on the Canadian Securities Exchange and planning a Nasdaq listing under the ticker STKE, holds over 420,000 SOL.
Sol Strategies recently secured a $500 million convertible note facility to fund further Solana acquisitions and filed a $1 billion shelf prospectus in Canada to back its Solana-centric initiatives. The firm emphasized Solana’s growing role in asset tokenization and digital infrastructure as key growth drivers.
With these moves, both DeFi Development Corp and Sol Strategies are cementing their positions as institutional players in Solana’s ecosystem — signaling strong institutional confidence in the blockchain despite broader market volatility.