Solana sees slight decline despite DeFi Development Corp's $11.2 million and SOL Strategies' $18.2 million SOL purchases

• DeFi Development Corp has purchased 82,404 SOL for $11.2 million.
• SOL Strategies acquired 122,524 SOL for $18.2 million after a $20 million convertible note sale.
• SOL declined nearly 2% following the announcement, dropping to $142.

Solana (SOL) dropped to $142 on Tuesday despite DeFi Development Corporation's latest purchase of 82,404 SOL, raising its total holdings above 400,000 SOL. Likewise, Toronto-based company SOL Strategies also acquired $18 million worth of SOL at an average price of $148.96 per token.

DeFi Development Corp, SOL Strategies increase Solana holdings

DeFi Development Corp revealed it has purchased 82,404 SOL for $11.5 million at an average price of $135 per token. Since it restructured its board and rebranded from Janover in April, the company has bought 400,091 SOL.

Part of the acquired SOL came from locked tokens purchased through BitGo's over-the-counter (OTC) desk, which enables transactions with institutional sellers under time-based unlock agreements. The company will hold and stake these tokens to earn native yield.

Locked SOL refers to tokens restricted by contracts — such as vesting or project lockups — that can't be moved on-chain until unlocked, but can still be traded OTC by qualified parties.

DeFi Development Corp stated that the new purchase is part of its crypto-forward treasury strategy, which allows it to continue allocating capital to buy SOL.

The company also mentioned that the newly acquired SOL will be staked immediately on its recently purchased Solana validator business. On Monday, the company announced it acquired a validator business — which holds a delegated stake of up to 500,000 SOL — for $3.5 million.

Similarly, SOL Strategies, a Toronto-listed digital asset firm dedicated to Solana, disclosed the purchase of 122,524 SOL for $18.25 million at an average price of $148.96 per token.

The acquisition follows the company's recent closing of a $20 million tranche from its planned $500 million convertible note facility with ATW Partners.

"With the closing of our initial $20 million tranche from the ATW facility, we're executing exactly as promised – strategically acquiring SOL to expand our validator operations and ecosystem position," said Leah Wald, CEO of SOL Strategies.

"These purchases directly strengthen our three-pillar strategy of enterprise-grade validators, strategic SOL holdings, and Solana technology innovation," Wald added.

Despite the announcement, SOL is down nearly 2% in the past 24 hours. The decline has stretched its loss in the past week to over 3%.