Defi Development's Solana Holdings Cross 1 Million Tokens After $77M Purchase

DeFi Development Corp. (DFDV) announced on Thursday that it has acquired 407,247 Solana (SOL) tokens at an average price of $188.98 per token, amounting to nearly $77 million.

The company was the first to pivot to a treasury strategy with SOL tokens back in April. It stated that its recent acquisition of Solana was funded by the firm's recent equity raise, and that $40 million in net proceeds are still available for future purchases. DeFi Development has accumulated over one million SOL tokens so far, cumulatively worth $371 million.

DFDV's stock gained 6% in morning trade. On Stocktwits, retail sentiment improved to 'extremely bullish' from 'bullish' over the past day, with retail chatter increasing to 'high' from 'normal' levels. The stock has gained more than 2,200% this year.

Meanwhile, Solana's price climbed 3.6% in the last 24 hours. It was the top gainer among leading altcoins at the time of writing. On Stocktwits, retail sentiment around the cryptocurrency moved higher within 'bullish' territory over the past day, with chatter trending at 'high' levels.

“The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp.'s own Solana validators to generate native yield,” the company said. DeFi Development runs its own Solana validator, acquired in May, which allows the company to earn staking rewards and fees from validating transactions-similar to how Bitcoin miners earn block rewards. This income boosts yields for both its treasury and investors.

DeFi Development markets itself as an AI-powered platform that connects the commercial real estate industry by providing data and software subscriptions. It stated that it currently serves more than one million web users annually.

Read also: Toncoin Gets Listed On Robinhood, Sends TON Price Into The Green

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