DeFi Development Corp Expands to UK

DeFi Development Corp., a Treasury firm based in Boca Raton and known for its Solana focus, is expanding its operations internationally. As of Friday, it announced the establishment of a new subsidiary in the UK, named DFDV UK, becoming the first U.S. crypto treasury firm to do so. DFDV UK claims to be "the first public treasury vehicle centered on Solana in the United Kingdom," and its establishment includes an acquisition of Cykel AI, which is listed on the London Stock Market under ticker CYK.L. DeFi Development Corp. holds about a 45% equity stake in the firm, while the remainder is represented by local management and board members, with the acquisition funded by a group of investors. This launch signifies the implementation of DeFi Development Corp.'s Treasury Accelerator strategy designed to proliferate Solana-related treasury vehicles worldwide. The firm has five additional projects in the works. Founded in early 2023 by former Kraken employees, DeFi Development Corp. focuses on acquiring and staking SOL and Solana-related tokens, such as Dogwifhat, and operates validator services, including those for Kraken. CEO Joseph Onorati highlighted that the UK launch reinforces the company's commitment to increasing its Solana per share (SPS) metric, which it utilizes to measure its stock performance relative to SOL prices. Currently, SOL trades around $204, showing a rise from approximately $195 earlier this year, but remaining below its all-time high of $293.31, according to price data from The Block. The company anticipates that its stake in DFDV UK will further enhance shareholder value through potential increases in SPS over time. Please note: The Block is an independent media outlet providing news and analysis on the crypto industry. It operates independently of its parent investors.