DeFi Development Corp resumes Solana acquisition after purchasing over 86,000 SOL

Solana (SOL) declined 5% on Thursday despite DeFi Development Corporation's (DFDV) purchase of 86,307 SOL at $110.91 per token, expanding its holdings above the 2.1 million SOL threshold.

SOL treasury firm DeFi Development Corp acquires $9.5 million SOL

Nasdaq-listed DeFi Development Corp. has added 86,307 SOL to its holdings in a transaction valued at $9.5 million, according to a Thursday statement. The firm said it made the purchase at an average price of $110.91 per SOL, a huge discount to the altcoin's market price of about $180 at the time of publication.

The purchase has boosted the company's total stash by nearly 5%, bringing its overall holdings to 2.19 million SOL, worth roughly $402 million. 

The latest acquisition marks the first time in a month since the firm purchased SOL, continuing its effort to expand its treasury position.

DeFi Dev Corp pivoted to a Solana treasury strategy in April, becoming the first public company to adopt SOL as its reserve asset. Since its shift to a crypto treasury, more firms have adopted its altcoin model, with the total number of corporate SOL treasuries now at twenty.

The company's latest purchase comes as other SOL treasury companies have also resumed stacking the altcoin. SOL Strategies acquired 88,433 SOL on Tuesday, funded through proceeds from its recently concluded $30 million offering. The purchase was made at an average cost of $193.93 per token, raising its total holdings above 435,000 SOL.

In total, Solana treasury firms hold a combined 20.22 million SOL, roughly 3.5% of the altcoin's circulating supply. Forward Industries leads the pack with 6.82 million SOL, followed by Solana Company, formerly Helius Medical Technologies, with 2.2 million SOL and DeFi Dev Corp in third place.

DFDV declined 8% on Thursday despite the announcement, extending its loss by over 22.8% in the past five days.

The decline aligns with SOL's recent performance, as the sixth-largest cryptocurrency dropped nearly 5% in the past 24 hours, stretching its weekly loss by over 16%.