DeFi Development Corp. adds 17,760 SOL to stockpile, bringing total solana holdings to $96 million
Quick Take DeFi Development Corp. purchased 17,760 SOL at an average price of $153.10 per coin or approximately $2.72 million total. This brings the Solana treasury firm’s stockpile to 640,585 SOL, worth about $96 million at current prices.
Solana treasury firm DeFi Development Corp. (ticker DFDV) disclosed its latest round of token purchases, adding 17,760 SOL to its stockpile, according to an announcement on Thursday. This brings the firm’s holdings to 640,585 SOL, worth about $96 million at current prices.
DDC began purchasing Solana tokens in April after being acquired by former Kraken executives. On Wednesday, the firm disclosed it had secured a $112.5 million private placement to partially fund additional SOL purchases. It previously raised $42 million in financing and secured a $5 billion line of credit.
As part of its latest funding round, DDC set aside $75.6 million of the net proceeds to fund a "prepaid forward" stock purchase transaction, which will absorb some of the risk for buyers of DDC’s convertible notes. The remaining funds will go towards corporate operations and SOL purchases.
DeFi Development Corp. is one of many firms pursuing a Solana acquisition and staking strategy, alongside SOL Strategies and Upexi, amid a rising trend of so-called crypto treasury firms . While the vast majority of businesses are adding Bitcoin to their balance sheets, many others are adding proof-of-stake tokens like ETH and BNB, which will allow firms to earn revenue through staking rewards.
DDC’s latest SOL tranche was purchased at an average price of $153.10 per coin or approximately $2.72 million total. It maintains a “SOL per Share” ratio, used to measure the performance of its holdings relative to its equity value, of 0.042 as of July 3.
Solana is currently trading near $150, according to The Block’s price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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