DeFi Development Nears 1 Million Solana In Treasury
DeFi Development Corp has acquired 141,383 Solana (SOL) tokens, increasing its treasury to 999,999 SOL after a $198 million purchase. The acquisition included spot purchases, discounted locked SOL, and staking rewards. All newly acquired SOL is staked to earn yield and secure the Solana network. Following the purchase, Solana's price rose 12% to over $202, with a 25% increase over the past week. DeFi Development Corp raised $19.2 million in net proceeds from issuing shares and has $5 million remaining for future SOL purchases, potentially acquiring an additional 24,752 SOL. The firm focuses solely on SOL due to its yield and volatility. DeFi Development Corp's stock fell 3.65% to $23.52 but slightly recovered in after-hours trading. Other firms, like Bit Mining and MemeStrategy, are also establishing Solana treasuries.