DeFi Development expands Solana holdings past 2M SOL tokens

On Friday, DeFi Development Corp acquired 196,141 SOL at an average price of $202.76 per token. The company’s latest acquisition was an 11% increase from its previous acquisition, bringing its total holdings to 2,027,817 SOL.

The treasury company’s total SOL held reached approximately $427 million, solidifying its position as the first company with a treasury strategy built to accumulate and compound Solana. DeFi Development’s key metric, Solana per share (SPS), stands at 0.0793, representing a USD value of $16.70 on approximately 25,573,702 outstanding shares.

DeFi Dev plans to hold its SOL long-term 

The Solana treasury firm aims to hold the newly acquired SOL long-term and stake it to a variety of validators, including DeFi Dev’s own Solana validators, to generate yield. According to the report, the company did not include any of the pre-paid warrants from its recent equity financing in the current figure.

DDC’s adjusted share count is roughly 31.4 million at the time of publication, including warrants from the recent transaction. The firm said its SPS will reflect the share count in future updates and the deployment of the remaining funds received from the equity financing into additional SOL asset purchases.

On August 28, the company revealed plans to launch an extension of its crypto treasury firm, DFDV UK, in the UK. DeFi Dev will form the firm through its recent acquisition of Cykel, with an approximate 45% equity stake. 

According to the former real estate financing company, its equity stake in DVD UK is also expected to provide additional upside to SPS over time. The company said its Treasury Accelerator strategy also includes five additional vehicles in the pipeline at various stages of development.

“DFDV UK is a milestone: the first Solana treasury vehicle in the United Kingdom and a proof point for our global expansion strategy. This launch underscores our commitment to growing Solana per share (SPS) and to supporting the Solana ecosystem globally.”

-Joseph Onorati, Chief Executive Officer of DeFi Development Corp.

DeFi Development shares traded lower by 7.59% in Thursday’s regular trading session to close at $15.21, and traded up nearly 1% after hours to $15.36. The company also became the top Solana treasury firm after its latest acquisition surpassed Upexi, which has around 2,000,518 SOL in its holdings.

Upexi also surpassed the 2M mark on August 5 after increasing its accretive capital raises in its Solana treasury in July. The firm raised over $200 million and grew its SOL balance sheet by over 172% to around $334 million. The treasury company said it continues to generate additional value for shareholders through an estimated 8% staking yield and discounts from its Solana purchases.

Nasdaq increases supervision of crypto treasury activities

As Solana treasury firms continue to funnel capital market proceeds into digital treasury programs, the U.S. stock exchange is also tightening its supervision of these listed companies. The Information reported Thursday that Nasdaq was increasing its oversight of U.S. publicly traded companies raising funds to accumulate digital assets. 

The source disclosed that the U.S. stock exchange has begun requiring shareholder votes for some deals and is also calling for more disclosures. The news comes as crypto advisory firm Architect Partners revealed that around 154 U.S.-listed companies are planning a $98.4 billion capital raise to purchase digital assets. Only 10 firms raised around $33.6 billion before 2025, showing the growing interest in the crypto treasury industry.

Architect Partners stated that most crypto treasury companies are listed on the Nasdaq, including DeFi Development Corp, Michael Saylor’s Strategy, Tom Lee’s Bitmine Immersion, Upexi, and more. The Bitcoin treasury company Strategy and the Ethereum treasury company Bitmine Immersion lead as the two largest DATs.

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