DeFi Development Corp’s Solana treasury exceeds $400M after latest buy

Solana treasury company DeFi Development Corp has bought $39.76 million worth of Solana, bringing the company’s total holdings of SOL to 2 million.

The company stated on Thursday that it purchased 196,141 Solana (SOL $203.40) at an average price of $202.76 per token with the intention of staking the SOL to generate yield.

The company had bought $77 million of Solana just last week, on Aug. 28, the same day that its $125 million equity raise was set to close.

After the latest acquisition, DeFi Development Corp’s SOL treasury holds more than 2.02 million SOL, worth approximately $412 million, doubling the amount it had on July 21. 

DFDV stock price dips

Shares of DeFi Development Corp (DFDV) ended Thursday’s trading at $15.21, a decline of 7.59%. However, the stock saw some respite, as it increased by nearly 1% to close the after-hours trading session at $15.36, according to Google Finance.

The stock is up 1,710% year-to-date, but is still down nearly 57% from its May 22 high of $35.53.

During the June quarter, the company reported its revenue was up 350% year-on-year, while its net profit margin was up 525% during the same period.

In June, analysts at Cantor Fitzgerald initiated coverage of DeFi Development Corp, assigning DFDV with an “overweight” rating with a price target of $45.

Solana fastest asset to reach $100 billion market capitalization

Crypto asset manager Bitwise Asset Management posted that Solana has achieved the $100 billion market capitalization milestone in less than five years.

Solana outpaced tech giants like Google and Meta, which took seven and nine years, respectively, to achieve the milestone.

Solana has been up 26.2% in the past 30 days and 54.5% in the past year, according to CoinGecko.