Solana treasury DeFi Development Corp's stockpile grows to $263 million in SOL
Quick Take
- With the purchase of approximately $22 million worth of Solana, digital asset treasury DeFi Development Corp.’s stockpile of SOL tokens has swelled to roughly $263 million worth of the cryptocurrency.
- The company is one of the leading publicly traded firms pursuing an aggressive Solana purchasing program.
Solana digital asset treasury (DAT) DeFi Development Corp.'s said its stockpile of SOL tokens has swelled to roughly $263 million worth of the cryptocurrency, according to a statement from Friday.
The company said it "holds approximately 1,420,173 SOL and SOL equivalents on its balance sheet, inclusive of rewards generated through staking and onchain activities," according to the statement. "The increase follows the Company’s acquisition of 110,000 SOL at an average price of $201.68, representing a total value of approximately $22 million."
DeFi Development's roughly 1.4 million SOL tokens were worth nearly $263 million on Friday. Solana was down about 4% to $184.00 as of 12:20 p.m. ET on Friday, according to The Block price page.
The Solana-focused DAT is one of the leading publicly traded firms pursuing an aggressive Solana purchasing program. The firm, previously known as the real estate tech firm Janover, also stakes SOL for itself and others, offering a revenue line not unlike Bitcoin mining.
Other SOL treasuries include Upexi and Sol Strategies.
DeFi Development closed a $122.5 million convertible debt raise in July. The notes carry an interest rate of 5.5% per annum, payable semi-annually, and will mature in 2030. The notes will also feature a 10% conversion premium to the $21.01 closing price on July 1, 2025.
The DAT uses an “Annualized Organic Yield” metric to measure the performance of its validator and staking business. According to a release from earlier this week, the firm estimates it has an AOY of 10%, implying about $63,000 per day in SOL-denominated revenue based on its 1.3 million SOL stockpile.
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