Solana treasury firm DeFi Development Corp expands to UK, plans further global launches

Solana treasury firm DeFi Development Corp. (ticker DFDV) is expanding overseas. The Boca Raton-based firm will become the first U.S. crypto treasury firm to enter the UK with a new subsidiary, according to an announcement on Friday.

Dubbed DFDV UK, the company also claims to be "the first Solana-focused public treasury vehicle in the United Kingdom." The company is being formed by an acquisition of Cykel AI, a firm that was listed on the London Stock Market under the ticker CYK.L.

DeFi Development Corp. says it holds approximately a 45% equity stake in the firm, with "local management and board members" comprising the rest. The acquisition was executed by a "group of investors."

"The launch marks the first execution of DeFi Dev Corp.'s Treasury Accelerator strategy, which is designed to expand Solana-focused treasury vehicles across global markets," the firm wrote. According to the announcement, DDC "currently has five additional vehicles in the pipeline."

Founded earlier this early by a team of former Kraken employees, DeFi Development Corp. executes a strategy of buying and staking SOL and Solana-related tokens, like Dogwifhat. It also runs validator services, including for Kraken.

CEO Joseph Onorati said the UK launch underscores the firm’s commitment to growing its Solana per share (SPS) metric, which it uses to judge the performance of its stock relative to the price of SOL.

SOL is currently trading around $204, up from around $195 year-to-date, though not far off from its all-time high of $293.31, according to The Block’s price data .

"The Company expects its equity stake in DFDV UK to provide additional upside to SPS over time, further enhancing long-term shareholder value," the company wrote.