DeFi Dev Corp boosts Solana holdings to $273m
DeFi Development Corp. is expanding its Solana holdings with the latest 110,000 SOL purchase.
- DeFi Development Corp. has increased its Solana treasury holdings to $273M
- Lastest acquisition amounted to 110,000 SOL, worth about $22 million
- The company’s Solana per share metric rose 9%
DeFi Dev Corp is rapidly accumulating Solana ( SOL ) as its treasury asset. On Friday, August 15, DeFi Development Corp. announced the purchase of another 110,000 SOL, worth about $22 million. The latest acquisition put its holdings at 1,420,173 SOL, currently valued at around $273 million.
As a result, the firm’s key metric, Solana per share, rose 9% to 0.0675 as of August 14. Moreover, the metric has risen 48% over the past 30 days, showcasing the firm’s aggressive accumulation strategy.
The Solana per share metric represents the value of Solana holdings divided by the number of the company’s shares. Critically, the metric also represents investors’ exposure to Solana, which is the main reason why investors buy the stock.
The company will immediately stake its Solana holdings to generate yield. This positions it to passively increase its holdings further, alongside other yield-generating activities.
DeFi Dev Corp is rapidly increasing SOL holdings
DeFi Development Corp is one of the most aggressive players among crypto treasury firms. On July 22, the company held just under 1 million SOL tokens, while its holdings are now at 1,420,173 SOL.
The firm is increasing its balance sheet through a combination of debt and equity financing. On June 12, the firm secured a $5 billion line of credit to accumulate SOL tokens when market conditions are favorable.
This means the firm has access to enough capital to massively expand its Solana treasury reserves. At current prices, $5 billion is equivalent to about 27 million SOL, while the company still holds only 1.42 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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