DeFi Development Corp. Stock Rallied After Recent Announcements
Summary
DeFi Development Corp. increased its stock price by 17% after purchasing $2.7 million in Solana, acquiring 17,760 SOL tokens at an average price of $153.10. The company's total Solana holdings reached 640,585 SOL, valued at approximately $98 million. DeFi plans to hold and stake these tokens for yield generation. The stock rose to $23.80, up 30% from a low of $18.47 in two days, despite being down 33% from its May peak of $35.53. The company reported a 30% decline in net revenue year-on-year for the March quarter and aims to raise $112.5 million through private placements, with $75.6 million allocated for a prepaid forward stock purchase transaction and the remainder for general corporate purposes, including further SOL acquisitions.
