DeFi Development Corporation confirmed the investment of 172,670 Solana (SOL) tokens into its expanding crypto treasury this week. The Nasdaq-listed firm bought the new SOL batch with an average price of $136.81 and paid around $23.6 million.
This is the company’s tenth Solana investment, seeing it grow its overall holdings up to 595,988 SOL, valued at around $102.7 million.
The company executives noted that this investment formed part of a general transition toward cryptocurrencies following a significant change in leadership. The previous Kraken executives took over the company in April and led the company towards a departure from real estate software development services.
Since the change in leadership, the company has redirected its focus towards blockchain technologies, particularly the potential growth of the Solana ecosystem.
DeFi Development recently closed a $24 million private placement intended for financing continued Solana-related buys. Execs outlined intentions for using the proceeds for general corporate purposes and further Solana accumulation in the long run.
DeFi corp advances Solana staking plans
In its Solana growth strategy, the company agreed last month to purchase an undisclosed validator business with a value of $3.5 million.
The transaction will enable the company to self-stake its holdings of SOL, thereby improving its earnings from the staking reward framework of the blockchain. The validator agreement is a long-term play that is intended to further establish DeFi Development Corp’s positioning within the Solana ecosystem.
The company has amassed one of the largest institutional treasuries of Solana over time with consistent investments following its strategic rebranding.
Earlier last month, DeFi Development Corporation switched its Nasdaq ticker symbol from JNVR to DFDV in a reflection of its transition.
The company’s stock closed up 2.53% on Tuesday and a further 5.67% in after-hours trading.
Meanwhile, the market price of Solana increased by 6.7% to $180.3 as it received sustained interest from investors.
