- DeFi Dev Corp increases Solana holdings to 1.83M SOL, worth $371M, after $77M purchase.
- Galaxy, Pantera, and Sharps plan billion-dollar Solana treasuries, signaling growing institutional focus on SOL.
DeFi Development Corp. (Nasdaq: DFDV) said it has purchased 407,247 Solana (SOL) tokens at an average price of $188.98. The deal cost just over $77 million and was funded with proceeds from a recent equity raise.
The new tokens bring the company’s total holdings to 1,831,011 SOL. That is a 29% increase from its earlier balance of 1,420,173. At today’s market prices, the stash is valued at about $371 million.
Updated Per-Share Numbers
The company reported around 21 million shares outstanding as of August 28. Based on that, each share is backed by 0.0864 SOL, or about $17.52 at current prices. The figure does not yet reflect shares and warrants issued in the latest financing, which would bring the total share count closer to 31 million.
Management noted,
“Based on current expectations, the Company does not anticipate SPS falling below the previously disclosed figure of 0.0675, even after full warrant impact.”
The company plans to stake the newly purchased tokens with its own validators as well as others to earn network rewards.
Institutional Interest in Solana
The Solana treasury push is not limited to DeFi Development Corp. Galaxy Digital, Jump Crypto, and Multicoin Capital are reported by Bloomberg to be raising $1 billion for a similar vehicle. Cantor Fitzgerald is advising on the banking side, with plans to acquire a public company and convert it into a Solana holding firm.
Pantera Capital is also building a Solana fund. It will start with $500 million and could scale to $1.25 billion through warrants. The goal is to list a Nasdaq product with Solana as its main asset.
Moreover, Sharps Technology is working on securing $400M in private funding from established investors such as Pantera, ParaFi Capital, and Monarq. The company is eager to publicly announce over the coming months that it holds the most extensive declared Solana treasury, further enhancing their reputation.
As of press time, Solana’s price is $206.14, with a 24-hour trading volume of $13 billion. The price is down 3% in the last 24 hours but is still nearly 12% higher when compared to a week ago.
