Solana treasury firm DeFi Development boosts SOL holdings nearly 5%, pays average of $110 per token
Quick Take
- Nasdaq-listed DeFi Development Corp. paid an average of about $110 per token to boost its Solana treasury holdings by nearly 5%.
- The firm holds over 2 million tokens worth about $426 million.
Solana treasury firm DeFi Development Corp. (ticker DFDV) has acquired an additional 86,307 SOL, worth $16 million, according to The Block’s price page.
The move increases the Nasdaq-listed firm's SOL horde by nearly 5%, totaling over 2 million tokens worth about $426 million, according to a release on Thursday.
DeFi Development Corp. purchased its latest tranche for an average price of $110.91 per SOL.
With about 28 million shares outstanding, the firm is reporting its "SOL per Share" metric is about $14.67 in dollar terms. This is down from its SOL per Share figure of $19.44, with approximately 25 million shares outstanding, recorded in September.
Founded earlier this year by a team of former Kraken employees, DeFi Development executes a strategy of buying and staking SOL and Solana-related tokens, like the Dogwifhat memecoin. It also offers validator services, including for crypto exchange Kraken.
DeFi Development is one of the five largest public Solana holders, according to The Block’s data. That said, Forward Industries (FORD), backed by Galaxy, Jump Crypto, and Multicoin Capital, is the largest SOL treasury with nearly 7 million tokens, more than the next three largest treasuries combined.
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