DeFi Development Corp Expands Solana Holdings

DeFi Development Corp (ticker DFDV) announced on Monday that it successfully raised $19 million through an equity line of credit, allowing the firm to purchase 141,383 SOL at an average price of $133.53. This acquisition increases the company’s total Solana holdings to 999,999 SOL, all of which are staked on-chain, and valued at approximately $192 million at current prices. Notably, DeFi Development earned 867 SOL organically between July 14 and July 20. At the time of reporting, the company’s stock had risen by 2.8%, trading at $25.10 per share, with a market capitalization of approximately $475 million, as per Yahoo Finance data. After a corporate rebranding, DeFi Development began buying Solana tokens following its acquisition by former Kraken executives. This move is part of a larger trend of corporate interest in bitcoin and altcoin treasuries, spurred by the success of companies like Strategy. Other firms are also making moves in this space, with Upexi planning to raise $200 million to increase its treasury to 1.65 million SOL, and BIT Mining aiming to raise up to $300 million in a pivot towards Solana. Meanwhile, Mercurity Fintech has entered into a $200 million equity line of credit agreement with 'Solana Ventures Ltd.' to establish its own Solana treasury. In the last 24 hours, the price of SOL saw an increase of 8%, trading at $195.95, making it the fifth-largest non-stablecoin cryptocurrency, with a market cap of $105 billion, according to The Block's data dashboard. Disclaimer: The Block remains an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block and engages in crypto investments. Bitget serves as a key LP for Foresight Ventures. The Block continues to operate independently to provide objective and timely information on the crypto industry. Here are our current financial disclosures.