DeFi Development Corp (DFDV) has significantly expanded its Solana holdings by purchasing 407,247 SOL tokens worth approximately $77 million. The acquisition, funded through a recent equity raise, increases the company's total SOL treasury to 1,831,011 tokens valued at around $371 million, representing a 29% increase from their previous holdings.
The purchase was executed at an average price of $188.98 per SOL token and immediately impacted both the company's stock price and Solana's market value. DFDV shares surged 7.93% to close at $16.47 on the Nasdaq, with after-hours trading pushing the price to $16.60. Simultaneously, Solana's price increased to $211.45 following the announcement.
The company plans to stake the newly acquired SOL tokens across various validators, including its own Solana infrastructure, to generate native staking yields and enhance participation in the Solana ecosystem. This move positions DFDV as having one of the largest public Solana treasuries among publicly traded companies.
Notably, DFDV retains over $40 million in net proceeds from the equity raise for future SOL acquisitions. The company's Solana-per-share (SPS) metric now stands at 0.0864, translating to $17.52 per share based on current SOL prices—higher than the stock's closing price, suggesting potential undervaluation.
Beyond its crypto treasury strategy, DFDV operates a technology platform serving the commercial real estate sector with SaaS solutions used by over 1 million annual web users and more than 10% of U.S. banks.