DeFi Development Corp, a Nasdaq-listed firm, has overwhelmingly incorporated stocks in Solana, now purchasing close to a million tokens. It purchased a current block of 141,383 Solana tokens in spot trades as well as through locked discount options from the period July 14 through July 20.
This puts the total Solana treasury for the company at 999,999 tokens after an addition of 867 SOL received in validator rewards and other on-chain revenue. All newly received tokens are automatically staked for native yield generation as well as network security reinforcement.
Sunday’s buy for the firm coincided with a positive market move as Solana surged 12% on Monday above the $202 mark. According to data provided by Nansen, the jump forms part of a larger weekly appreciation of over 25% for the value in Solana.
DeFi Development Corp has emphasized non-diversification into other digital currencies in the short term. CEO Joseph Onorati reaffirmed the policy in a podcast on June 25. He articulated reasons for the selection of Solana based on volatility and native yield consistent with the firm’s model for treasury growth.
DeFi Corp May Buy More Solana (SOL)
Through mid-July, the company raised $19.2 million in proceeds from the sale of 740,000 common stock. With a further $5 million in reserve, the company can acquire an estimated 24,752 more Solana with prevailing market prices. It could do so effortlessly beyond the one million token mark.
Despite positive crypto movement, the stock price dropped 3.65% throughout the day on Monday, closing at $23.52. It bounced back slightly in after-hours action, though, to $24.55, according to Google Finance.
DeFi Development Corporation, previously known as Janover, started out with AI-based real estate funding until it switched over to the crypto space. It started buying into Solana in early April with an initial purchase of 2,858 coins.
Other businesses are joining the Solana fray as well. Bit Mining recently announced intentions to raise $300 million in order to construct a massive SOL treasury. In the meantime, MemeStrategy, based in Hong Kong, increased in share value by 28.5% after buying into 2,440 Solana coins during last month, making it the first public company in its area to do so.
