Solana treasury DeFi Development's holdings surpass 2 million SOL
Quick Take
- The latest buy brings the company’s total holdings to 2,027,817 SOL, worth around $409 million at current prices.
Nasdaq-listed Solana Treasury DeFi Development Corp. announced Thursday the acquisition of 196,141 SOL at an average price of $202.76 per token, bringing the company’s total holdings to 2,027,817 SOL, worth around $409 million at current prices.
The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Development’s own Solana validators to generate native yield, the company said in a release.
Formerly known as Janover, DeFi Development (ticker DFDV) adopted a Solana treasury policy in April. In addition to holding and staking SOL, the company operates its own validator infrastructure, generating staking rewards and fees from delegated stake.
The company has total shares outstanding of 25,573,702, as of Sept. 4. This equates to "SOL per Share" of 0.0793. This metric is used to value SOL treasuries based on their exposure to the company's share price.
"None of the pre-paid warrants from the recent equity financing are included in the current figure. Including warrants from that transaction, the adjusted share count would be approximately 31.4 million," according to the release. "SPS will fully reflect this in future updates, alongside the deployment of the remaining cash proceeds from the equity financing into additional SOL purchases."
DeFi Development does not anticipate SPS falling below the pre-financing level of 0.0675, even after full warrant impact.
Aside from acting as a Solana treasury, the company's core business is an AI-powered online platform that provides data and software subscriptions to the commercial real estate industry. Earlier this week, DeFi Development said that on top of launching an extension of its crypto treasury firm in the UK, it has "five additional vehicles in the pipeline."
The price of Solana traded down 3.5% to $202.90 at publication time, according to The Block's SOL price page. Meanwhile, DFDV shares were down 7.6% to $15.21. Earlier today, The Information reported that the Nasdaq has tightened scrutiny of companies raising cash to buy crypto.
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