DeFi Development Corp Buys $9.5 Million in Solana (SOL)
DeFi Development Corporation (DFDV), a Nasdaq-listed company, bought 86,307 SOL tokens. The purchase was worth $9.5 million. The average price paid was $110.91 per SOL. This price was much lower than the market price of about $180 at the time.
With this purchase, DeFi Development Corp now holds 2.19 million SOL tokens. This is about $402 million in value. The new purchase increased the company’s holdings by nearly 5%. It is the first time in a month the company added to its SOL treasury.
DeFi Development Corp Leads Corporate SOL Treasury Growth
DeFi Development Corp started focusing on Solana as a treasury asset in April. It was the first public company to use SOL as a reserve asset. Since then, more companies have followed this strategy. Now, twenty companies hold SOL as part of their corporate treasury.
Other firms are also buying SOL. For example, SOL Strategies bought 88,433 SOL on Tuesday. This purchase cost about $193.93 per token. It was funded by a recent $30 million offering. SOL Strategies now holds over 435,000 SOL.
Corporate SOL Holdings and Market Performance
- Corporate SOL treasuries hold 20.22 million SOL in total.
- This is about 3.5% of Solana’s circulating supply.
- Forward Industries holds the most with 6.82 million SOL.
- Solana Company (formerly Helius Medical Technologies) holds 2.2 million SOL.
- DeFi Development Corp ranks third with 2.19 million SOL.
Despite the purchase news, DFDV’s stock fell 8% on Thursday. The stock has dropped over 22.8% in five days. Solana’s price also dropped nearly 5% in 24 hours. The altcoin’s weekly loss is over 16%. It remains the sixth-largest cryptocurrency by market cap.
