DeFi Development Corp. has made another bet on Solana, expanding its treasury holdings as competition among public firms heats up. The company confirmed on August 28 that it bought 407,247 SOL at an average of $188.98 each.
As per the announcement, the purchase cost roughly $77 million, lifting the company’s total holdings to 1,831,011 SOL. Consequently, DeFi Dev now controls nearly $371 million worth of Solana. The deal comes only weeks after its equity raise that left more than $40 million for future Solana purchases.
The company stressed that the newly acquired tokens will be staked across validators, including its own, to generate additional yield. With the move, the company is committed to long-term building of a treasury that compounds in quantity and value.
Key Shareholder Metrics
DeFi Dev stated that there were about 21 million shares in circulation as of August 28. At current prices, this corresponds to a Solana-per-share ratio of 0.0864, or $17.52. However, a fully diluted basis would expand shares to 31 million.
Even then, management does not expect SPS to drop below 0.0675. Hence, the company reinforced expectations of continued growth despite future warrant conversions.
Additionally, DeFi Dev shares rose sharply on Nasdaq. The stock closed at $16.86, up 10.48% in Tuesday trading, according to Yahoo Finance data. Meanwhile, Solana itself traded at $211.45, with volumes above $14 billion, based on CoinMarketCap.
Institutional Race for Solana
Competition to secure Solana exposure is still high. A Coingecko report earlier this month showed Upexi holding 1.9 million SOL, the largest among public firms. DeFi Dev ranked second then with 1.18 million tokens, but it has since narrowed the gap.
Moreover, Canadian firm SOL Strategies holds 392,667 SOL, while Torrent Capital manages about 40,039 SOL. Together, as per the report, the groups controlled over 3.5 million SOL, worth $591 million, or 0.65% of the circulating supply.
DeFi Dev’s latest purchase signals institutional conviction in Solana’s long-term value. Consequently, public companies are shaping Solana’s market dynamics.
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