DeFi development Corp hits 999,999 SOL, Solana soars 12%

Nasdaq-listed firm DeFi Development Corp is now just one token away from crossing a million Solana in its treasury after its latest $198 million buy.

In a statement on Monday, DeFi Development Corp said its purchase of 141,383 Solana (SOL $198.21) between July 14 and July 20 had grown its treasury to 999,999.

The recent acquisition included spot purchases, discounted locked SOL, and 867 tokens earned through staking, validator revenue, and “other onchain activity,” according to DeFi Development Corp.

“All newly acquired SOL is being staked immediately, earning native yield while helping secure the Solana network,” the firm said in an X post on Monday.

Source: DeFi Development Corp

DeFi Development Corp’s latest Solana acquisition came on Sunday and has already paid off as of Monday, with Solana jumping 12% to over $202, Nansen data shows.

In the last seven days, the token is up over 25%.

More purchases likely incoming

Month-to-date, DeFi Development Corp said it raised $19.2 million in net proceeds by issuing 740,000 shares of common stock. The company said it still had $5 million available for future SOL purchases.

At current prices, $5 million could purchase at least another 24,752 SOL.

In a June 25 episode of the Thinking Crypto podcast, DeFi Development Corp chairman and CEO Joseph Onorati said the company has no plans to expand to any other crypto for “the foreseeable future.”

He added that they chose SOL for the treasury because of its native yield and volatility, which he said is the “key ingredient”  to the success of treasury strategy companies because “ultimately the volatility gets monetized for the benefit of the shareholders via convertible debt financing.”

DeFi Development Corp, formerly Janover, was mainly a real estate financing company that used an AI-powered online platform connecting lenders and commercial property buyers. The firm made its first SOL purchase of 2,858 tokens on April 8.

The latest acquisition and Solana’s rally failed to boost the price of DeFi Development Corp’s stocks which fell 3.65% on Monday to trade at $23.52. However, it recovered slightly in after-hours trading to $24.55.

DeFi Development Corp’s stock was down during the regular trading session but recovered slightly after hours. Source: Google Finance 

Other firms are creating Solana treasuries too

Bitcoin mining firm Bit Mining announced on July 10 that it was making a strategic shift into the Solana ecosystem, with plans to raise up to $300 million to build a Solana token treasury.

Meanwhile, on June 16, tech investment firm MemeStrategy soared 28.5% after becoming the first publicly listed company in Hong Kong to invest in Solana, snapping up 2,440 tokens and committing to support the broader Solana ecosystem.