Solana treasury company shutters its SOL accelerator as a $27 million quarterly reversal forces deep cuts
DeFi Development Corp., a Solana treasury holder, reported a $27 million Q2 loss and said its net loss on digital assets was $21.5 million versus a $21.2 million gain a year earlier. Excluding fair-value changes, operating expenses plus COGS fell 22.6% year over year to $4.6 million, and management expects further cost declines starting in Q3. The company repurchased about $3.5 million of July 2030 convertible-note principal for $2.3 million, bringing cumulative repurchases to about $7.9 million of principal for $5.0 million and cutting future interest expense. It also issued about 478,000 shares for $1.4 million through its ATM program to fund operations, partly offsetting the benefit of debt retirement. As of Aug. 12, DFDV held 2.31 million SOL and equivalents, with fully converted SOL per share at 0.066, up from 0.053 a year earlier. Leverage remains high, with debt at 216% of market cap and net debt at 104% of SOL holdings. The Treasury Accelerator is closed to new deals.
