DeFi Development Corp has significantly increased its Solana (SOL) holdings by acquiring $39.76 million worth of SOL tokens, elevating its total treasury to 2 million SOL. This latest purchase contributes to a cumulative $117 million spent on Solana over the last eight days.
The company announced that it bought 196,141 SOL at an average price of $202.76 per token on Thursday. Notably, DeFi Development Corp plans to stake these tokens to generate additional yield, enhancing their investment returns.
Prior to this, the company purchased $77 million worth of SOL on August 28, coinciding with the closure of a $125 million equity raise aimed at accelerating the growth of its Solana treasury.
Following this recent acquisition, DeFi Development Corp’s Solana treasury now holds over 2.02 million SOL, with an estimated valuation of approximately $412 million. This effectively doubles the amount it held as of July 21.
Related: Solana treasury race intensifies as firms compete for staking rewards
DFDV Stock Performance Update
The shares of DeFi Development Corp (DFDV) saw a dip of 7.59% on Thursday, closing at $15.21. However, the stock rebounded slightly in after-hours trading by nearly 1%, ending at $15.36, according to Google Finance data.
Despite the recent volatility, the stock has surged 1,710% year-to-date, although it remains 57% below its record high of $35.53 reached on May 22.
In the June quarter, the company reported a 350% year-on-year rise in revenue and a 525% increase in net profit margin, showcasing robust financial growth.
Additionally, Cantor Fitzgerald initiated a coverage on DeFi Development Corp in June, assigning it an “overweight” rating and setting a price target of $45 per share.
Solana Hits $100 Billion Market Capitalization Milestone Fastest
Crypto asset manager Bitwise Asset Management highlighted that Solana reached the $100 billion market capitalization mark in less than five years, faster than tech giants Google and Meta, which took seven and nine years respectively.
Over the past 30 days, Solana’s price has increased by 26.2%, and in the last year, it surged by 54.5%, as reported by CoinGecko.
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